10 Major Cybersecurity Threats to Businesses in 2020

Managing cybersecurity isn’t just something for larger businesses to pay attention to. Many people believe that small businesses have a lower risk of experiencing problems with cybersecurity. However, this is a myth, and SMBs have to consider how to protect themselves against the biggest security threats. In 2018, 62% of businesses experienced phishing and social engineering attacks. Of all security breaches, 43% of victims are small businesses, and smaller organizations also have the highest targeted malicious email rate.

To protect your business from cybersecurity problems, the best thing that you can do is take preventative measures. It’s much better to aim to prevent cyber attacks than it is to attempt to react to them when they occur. By the time you start to try and take action against an attack, the damage may already be done. Choosing a preventative and proactive route will allow you to stop attacks from occurring.

Various cybersecurity threats can affect businesses in 2020. Here are ten of the most critical risks that you should be looking out for.

1. Malware

Malware is a blanket term that includes several different types of cybersecurity threats. It encompasses threats such as trojans and viruses that can cause problems for businesses and their IT systems. They can give hackers access to systems or lead to the destruction of data that can’t be recovered.

2. Phishing

Phishing attacks are an extremely common way of hackers exploiting businesses. Phishing is the practice of an attacker pretending to be a trusted contact to convince someone to open an email and click on a link or download a malicious file. The way that phishing attacks are carried out has become more sophisticated, and they can be tough to avoid.

3. Viruses

As a type of malware, viruses can cause damage to your business. A virus is a type of computer program that can modify other programs by inserting its own code. It can create corrupt files or try to steal data from your business. Removing a virus isn’t always easy, so it’s best to protect against them.

4. Ransomware

As the name suggests, ransomware is designed to hold your business to ransom. It involves encrypting company data so it can’t be accessed, with a threat to only hand back access of the data if a ransom is paid. This type of threat has become more frequent and is designed to cause panic.

5. DDoS

A DDoS (distributed denial-of-service) attack floods your web server with requests to overwhelm it. Some people think that this type of attack is a thing of the past, but it is still more common than you might realize. In fact, these attacks have become more frequent over the past few years.

6. BYOD Problems

Bring Your Own Device policies are sometimes implemented by businesses to allow employees to use their own devices, which helps the business to save money. However, as the company does not have full control over these devices, it can pose a security risk. The best thing to do is to implement BYOD policies requiring antivirus and firewall protections.

7. App Vulnerabilities

Businesses might use many different apps, which can provide many functions. However, they can also have security vulnerabilities, and many of them will access personal data that you are unlikely to want them to access. This is an issue that can be worsened by the use of personal devices, making it even more important to control them.

8. Weak Passwords

Another issue that employees could cause is the problem of using weak passwords. People often choose passwords that would be easy to guess and are, therefore, easy to hack. To protect your business, it’s essential to get employees to use strong passwords, as well as using two-factor authentication to provide an extra layer of security.

9. Lack of Employee Awareness

The level of overall awareness about cybersecurity issues from employees is essential for a business’s cybersecurity. Employees who lack knowledge about critical issues can pose a threat to the company by leaving it vulnerable. Employees should receive training surrounding cybersecurity and what they can do to help keep the business more secure.

10. Patch Management

Good IT management is a must for businesses of all sizes. One of the reasons for this is the need to keep IT systems updated and to install new patches to repair vulnerabilities quickly. Patching is one of the key ways to protect vulnerable systems and ensure stronger security.