Cyber Security Solutions: Types of Threats, Different Ways of Impact
Cyber security is an operation that defends servers, computers, and other mobile devices, data, and networks from malware attacks. Cyber security is also known as electronic information security. Cyber threats have a dominant impact on businesses.
Therefore, these cyber security solutions are getting stronger and businesses of all scales are implementing these solutions to safeguard their operations. Cybersecurity solutions are categorized into many variations which are as follows:
- Network security is the practice of securing all computer networks from malware or other intruders.
- Information security solutions help to protect the privacy of your data from its storage.
- The application security solutions target keeping devices and software safe.
- Last but not least is operational security. It is the practice of protecting and handling different data assets.
- Disaster recovery and business continuity solutions help you to understand how a company is responding to any kind of cyber security incident. Disaster recovery dictates how an organization safeguards any kind of information for returning back to its original setup.
Top 3 Cyber Security Threats You Must Consider
Cybersecurity threats breach all data security lines of any business. To safeguard your operation, it is important to look for cyber security solutions and integrate them into your operation. However, before searching for solutions, you must know what these threats are. Here are some of the prominent cyber security threats you must know.
- Phishing Attacks
One of the most widespread threats that businesses face is phishing attacks. Among all cyberattacks, 90% of the data breaches are seen as Phishing attacks. Last year cyber-attacks grew by around 65% and around $12 billion in businesses incurred losses while generating revenue from data security breaches. This kind of attack is seen when someone pretends to be an authentic or reliable contact.
Nowadays phishing attacks have gradually become sophisticated and most of the attackers are appearing more convincing. They are visible as trusted business contact. They take the help of different business emailers to steal the email passwords of top-class executives. And then, use them when employees opt for payment requests.
- Malware Attacks
Malware is another cyber security threat that boosts different other threats such as viruses and trojans. It is a different kind of term for malicious code. Attackers tend to create these malicious codes to access networks for destroying or stealing data from devices.
This kind of malicious attackers come from spam emails, website downloads, or sometimes from malware-infected devices through connections. Malware attacks damage business operations and they can easily cripple mobile devices. Now once infected by malware, it needs replacements or repairs to fix it, which are quite costly.
This is one of the common cyber threats, that is continuously hitting almost thousands of business operations. These kinds of attackers encrypt all company data and once it is encrypted this cannot be used once again. After that, it forces the company to unlock the data in lieu of ransom charges. Small businesses are particularly vulnerable to these kinds of issues.
- According to reports, small businesses are the target of 71% of ransomware attacks, with an average ransom demand of $116,000.
- Because their data is frequently not backed up and they need to be up and running as soon as possible.
- Attackers are aware that smaller companies are much more likely to pay a ransom.
- This kind of attack particularly hurts the healthcare industry because it can easily force a company to shut down unless a ransom is paid by locking patient medical records and appointment times.
Different Ways How Cyber Threats Impact Businesses
- Operational Disruption
Companies often experience an indirect cost from different cyber-attacks. This is like an interruption to business operations. You might have to face lost revenue. Cyber attackers most of the time use numerous ways to attract a company’s usual behavioral pattern. By infecting systems these attackers tend to erase confidential information. It also blocks the user from accessing the website.
- Altered Business Operations
Companies might have to reconsider what they store and collect information to ensure that the data is not vulnerable. Most companies have stopped storing customer data such as personal and financial information. Companies sometimes shut down their online stores because they could not provide the required protection to their customers.
- Reputational Damage
Though it is sometimes a tough task to quantify, businesses targeting more serious cyberattacks experience a significant decline in their brand equity. Customers feel less secure entrusting a business whose IT infrastructure has been compromised at least once with their private data.
There is a wide range of cyber security threats that AI development companies experience and here comes the relevance of cyber security solutions. A complete set of security tools should be in place, and security awareness training should be used to make sure users are aware of security threats and how to avoid them.