More and more businesses are increasing their online presence, and many had to do so overnight due to the COVID pandemic. Consumers enjoy the ease and convenience that online companies offer, but many are still wary of online transactions. Cyber attacks are becoming increasingly common, and the common misconception is that cybercriminals target more prominent corporations. Small and midsize companies are just as vulnerable, possibly more so than larger companies. Large companies usually have more financial capital and a bigger budget for cybersecurity. Here are some of the significant cyber risks companies face and possible solutions.
Top Cybersecurity Risks
Regardless of the cybercriminals’ target, their goal is to gain access to sensitive data that they can use for financial gain. One of the best ways to protect your business from a cyber attack is to understand the top security risks.
- Malware – Malware is an umbrella term for malicious software. Types of malware include viruses, spyware, worms, and ransomware. Malware infiltrates a system, collects sensitive data, and blocks the owners’ access to their network.
- Phishing – The attacker sends the target a message, typically an email or text, pretending to be from a trusted source so the receiver will carry out the included instructions. Phishing is one of the most common attacks and the target usually unknowingly provides login credentials or credit card numbers.
- Password Attack – Cybercriminals can use specific programs to test passwords to steal data from companies. This can frequently happen if the password is simple and can be easily guessed.
- Denial of Service Attack – A DoS attack intentionally overloads the system or network, so the owner can’t make requests or access their system. The attacker typically uses a large number of sources to flood the targeted system.
- Man in the Middle Attack – A MITM attack occurs when the attacker inserts themselves into a two-party transaction. The cybercriminal does so by installing malware that intercepts the flow of info to steal sensitive data. This is typically done by making payment transactions through an unsecured public network.
Cybersecurity Solutions To Security Risks
Once aware of the top security risks, it’s easier to prevent them from occurring in the first place. Smaller businesses tend to have less awareness of threats and the means to protect themselves. Experiencing a cyber attack can have detrimental consequences to any size of business and be extremely expensive to regain control of their network and the trust of their customers.
To help protect your business from cyber-attacks, install detection software, anti-virus, or anti-malware that can catch cyber attacks before they take place. Having a unique password and changing it often can prevent password hackers. Ensuring that your company’s network site is secure and can protect costumer’s sensitive data is a vital component of cybersecurity.
Stay Secure With TIB Insurance
At TIB Insurance, we take cybersecurity very seriously and want our customers to feel comfortable and safe when using our services. Conducting business online is always secure with TIB. Contact us today to learn more about our cybersecurity insurance services.