Ensuring your company is protected has never been more critical. The cyber threats that could impact your business are continually evolving. According to current research, hackers can penetrate a network perimeter 93% of the time. This allows them to gain access to your files and, in many cases, lock legitimate users out.
Fortunately, the more you learn about cybersecurity risk management, the easier it is to realign your priorities and refocus on business growth.
Paying the ransom to avoid downtime is out of the question. With the average cost of a data breach reaching $4.35 million this year, that’s money that most businesses just don’t have.
Plus, you aren’t guaranteed to get your data back – these are criminals you’re dealing with.
Only 4% of businesses that paid a ransom in 2021 got back 100% of their data.
Don’t want to pay a ransom?
What Happens When You Don’t Pay Attention to Your Cybersecurity
While protecting your company from the financial cost of a data breach is vital for survival, it’s not the only reason why companies should pay more attention to their cybersecurity.
Your business isn’t compliant
Companies with compromised network security are not in compliance with industry regulations. This puts them at risk for reprimands, fines, and other penalties.
You lose public trust and customers after a breach
If your company is breached, one of the first steps to remediate the situation is contacting customers to let them know their sensitive personal information was stolen. This experience significantly impacts public trust and can cause ongoing reputational damage to the companies responsible. Notification requirements differ by state and it is recommended to consult your attorney for guidance.
Remote work and hybrid work increase threats
Your company may be at risk if you’ve switched to a remote or hybrid work model in the last several years but have made no adjustments to your cybersecurity. The more devices your employees use, the more endpoints available for bad actors to exploit. There is always a balance between ease of use and security. The speed of increase in remote work due to the pandemic was rapid, and if security has not kept pace there could be gaping holes in your security posture.
4 Types of Cybersecurity Incidents You Need To Know
Unfortunately, cybercriminals grow increasingly sophisticated by the day. The methods they use to target companies are designed to look and feel just like a regular piece of communication, such as an email or text message.
If your cybersecurity is not well-designed, it’s easy for hackers to gain access to one device, infiltrate your entire system, and take control of your whole network.
Here are 4 of the most common cybersecurity incidents that could affect your business.
Malware is any malicious software designed to infiltrate your system for a nefarious purpose – like halt normal operations or steal data. Some hackers even use malware to set up cryptocurrency mining on your network, so your business unwittingly bears the cost.
Ransomware is a type of malware designed to lock legitimate users out of your system by encrypting data. Hackers leave notices and files that give information on how to contact them for the safe return of your data.
According to CISCO’s 2021 Cybersecurity Threat Trends report, phishing is one of the most prevalent cyberthreats in existence and typically comes in the form of an email.
Phishing and social engineering are both attacks hackers use against individuals in hopes of getting them to reveal personal information or other sensitive data. The criminals then exploit the information for financial gain. You pay.
4. Social Engineering
Social engineering takes various forms, including infected flash drives, internet pop-ups, or text messages. Attacks are intended to catch a person off-guard and are messages that look authentic, making it tough to differentiate between a legitimate email and a scam. Once hackers have a victim’s information, they can use it to scam other people or gain access to the victim’s bank account, credit card, or other private material.
Stay Malware-Free With Tech Squared
Since we began offering cybersecurity risk management services to businesses in the Nashville area, not a single client has experienced a malware incident. That’s because we customize our cybersecurity to Nashville businesses, working with them to identify problem areas and close network security gaps.
From there, we work proactively to create a protective network around your technology, keeping your customers and employees safe from all the latest threats.
Ready To Eliminate Cyber Risk?
One of the best ways to mitigate your cybersecurity risk is to partner with a knowledgeable and experienced cybersecurity company like Tech Squared.
Let’s make your organization safer. Book a time to chat with us today.