In the online world of business, modern organizations are hugely concerning themselves with an ever-increasing number of cyber and security threats, lurking on the internet. E-commerce businesses plan their cyber security strategies, monitor the latest cyber threat trends, and are trying to cope with the ever-evolving cyber-crime.
The problem is very simple – while 74% of companies are fully aware of the importance of cyber security, many businesses still fail to actually implement robust procedures and processes that are supposed to keep their valuable data assets safe and sound.
Here’s a reality check – in 2019, 43% of businesses dealt with some form of a cyber security threat, attack, or breach. And the goal of these threats was pretty much always the same – they were after valuable data.
Data security for business has never been more critical if we consider the fact that data is the newest currency and is of vital importance for every business online. Let’s delve deeper into some of the most common data security threats that modern companies are facing today.
Three Categories of Cyber security Threats
There are many types of data security threats out there, but the most common ones fall into three categories:
- Human behavior/error – the most common threats. They are enabled by the human factor. These threats occur when a weak spot in the system is created. Hackers exploit these weak spots as they allow them to perform cyber security breaches. These threats commonly happen because they fail to safeguard important passwords or click on unsolicited links. The best protection against these errors caused by the human factor is to develop a healthy digital safety culture within your organization.
- IT cyber threats – these data security threats occur due to outdated software and security procedures. Criminals use the latest hacking tools to find their way around such procedures and software and gain access to vital business data they can use for many purposes.
- Third-party cyber security threats – it’s not rare that partners, or any third parties related to your business, try to use your business data against you. Since they have access to your valuable data, nothing prevents them from taking advantage of it. Fortunately, you can protect your business from these threats by implementing the latest cyber security measures.
Cyber Threats Modern Businesses Face
Now that you have a basic understanding of data security threats, here are the most common cyber security threats that modern businesses are exposed to daily.
Probably the most common cyber threat of them all, phishing attacks are mostly targeting small business organizations, as they are the easiest to breach. In the grand order of things, 90% of threats to business data are phishing attacks. The number of these attacks is increasing with each passing year.
These threats occur when a hacker or a cyber-criminal pretends to be a partner, or a trusted third-party, to get access to credentials, account details, or sensitive business data. They get access by enticing employees to either give them access, download a malicious file, or simply click a corrupted link.
Phishing, in its essence, isn’t a complex form of a cyber threat. Its efficiency lies in its sophistication and ability to evolve with the latest cyber security solutions. This makes them extremely resilient to countermeasures and challenging to fight against.
Instead of targeting tech weaknesses, phishing attacks are more focused on employees. These attacks continuously evolve, using social engineering to become more focused and advanced. If these attacks breach your business security, they can steal vital information from the highest executives and use it to request payments and more.
There isn’t a business in this world that hasn’t faced a malware threat, at least once. This is the second most prevalent cyber threat that is plaguing the world of business online. While there are countless forms of malware attacks, the most common ones are viruses and threats like Trojans.
Malware is a form of malicious code, created by hackers, that masks itself as a part of standard system code, to either destroy data, steal information, or gain access to system/networks.
Malware finds the way to your system through establishing a connection with other infected devices or machines, spam email, or malicious downloads. If left untreated, it won’t stop at data only.
Malware attacks can destroy entire systems and networks, corrupt vital data, and cripple devices. In the best-case scenario, the target will end up paying for repairs and replacements. In the worst-case scenario, they can kiss their entire organization goodbye.
Aside from exposing your data and employees to risk, malware attacks can also endanger your customers, partners, and any third-party that has ever come across your organization.
As of late, ransomware has become one of the most common data security threats in an online business landscape. It hits thousands of companies, while the number is still increasing. Due to their very lucrative nature, ransomware has become quite attractive in the eyes of cyber criminals.
A ransomware attack puts a business in a very tricky position – it targets particular sets of valuable data, encrypts it, and then tries to blackmail the target to give it back for a handsome payment.
During that time, a business can’t access or use the said data sets. A company can choose to either go with the loss of valuable data that could cripple their organization or expose themselves to the risk of experiencing a massive loss of money.
Data Entry Outsourcing Helps Protect Your Data
Since modern businesses depend on big data to go about their daily operations and maintain their organizations, they need an effective way to protect valuable information. This is where data entry outsourcing can help.
It helps implement the most effective cyber security measures to identify security breaches, threats, and more, while helping a business reduce cost, time, and effort. Data Entry Outsourcing allows a company to collaborate with the latest security intelligence systems and content-aware firewalls to ensure maximum protection. This helps:
- Prevent malware attacks
- Analyze vast chunks of data to discover any potential weak spots
- Perform threat detection and elimination in real-time
- Assess potential cyber security risks
- Gain access to the most advanced data security technologies
- Monitor workflow to reduce human error and prevent breaches caused by the human factor
Gain control over your business once more by implementing the latest cyber security solutions to ensure maximum safety and protection for valuable data and employee information.