Understanding 5 Cybersecurity Risks for Businesses

In the age of the internet, we do everything online. People have become dependent on the internet now more than ever because of the Coronavirus pandemic. Countless businesses have opted to work remotely but smooth collaboration requires a high-speed internet connection, like the one offered by Spectrum internet plans. With the pandemic, entire businesses are shifting online and many companies have become weary of the ever-evolving cyber threats.

Cybercriminals or hackers attack businesses in several ways to steal important information, corrupt databases, shut down business websites, and so on. With automated processes, software, and AI, etc. the information security can counter and prevent these attacks. With continuous developments in the tech industry, it has become crucial to be on high alert and save your business from such attacks.

Understanding the Concept of Cybersecurity

Cybersecurity deals with the protection of entire computer systems and data. Several kinds of security measures are taken to protect them from theft, damage of software or hardware, disruption of services, misdirection or malfunction, etc.

A company is prone to cyber-attacks if it doesn’t take measures to protect its system and data. Awareness of such issues must be raised among all employees, and they should also be trained to spot or counter such issues. Some of the most common cybersecurity risks are described below.

#1. Exposure to Third-parties

It is common for retailers and other businesses to use third-party vendors or sources. An example of a third-party service is using payment processing platforms. The catch is that third-party resources typically hold you responsible for any kind of data breach that may occur to their platform. You are legally required to officially notify all clients and regulators, as well as pay the liable fines even if the attack actually originated at the third-party’s end.

#2. Ransomware Threats

Ransomware attacks are becoming more and more common. Hackers typically infect your systems or databases with malware that allows them to use hold your databases and systems hostage until you pay their ransom. Dealing with ransomware is not easy. Whether you agree to pay the ransom or counter the attack and win, the reputation of your business gets smudged either way.

Businesses make the mistake of simply meeting the legal standards of data compliance. It is crucial to take the initiative and secure business data as the legal guidelines are not tailor-made to protect each business.

#3. IoT-Internet of Things

Internet of Things utilizes the internet to connect all kinds of devices from anywhere in the world. This forms a network of several devices that is capable of sending, receiving, storing, and sharing data. This facility allows businesses to conduct numerous operations with convenience. The dilemma is that the same technology is exploited by hackers to cause harm by stealing information and sensitive data.

#4. Not Using Up-to-date Hardware and Software

Not using updated software and hardware is another thing that leaves businesses vulnerable to cybersecurity risks. Many businesses try to cut costs by using outdated hardware or software in their computer systems. The obsolete technology cannot possibly be used to counter the cyberattacks that keep evolving with technological advancements. Businesses must ensure using the latest software and hardware to stay safe from such security risks.

#5. Threats of Mobile Security

Mobile technology is very valuable to businesses because people are as dependent on their smartphones as they are on the internet. However, using smartphones with a company’s internal network can make it vulnerable to security breaches. Hackers can launch malicious software by gaining access to a company’s Wi-Fi network. Or, they may hack and corrupt the data stored on cloud services.

Security Measures Businesses Can Take

Hackers may cause your internet networks to crash. This is done to disrupt the entire communication network and take advantage of the chaos to steal sensitive information. However, every time your network goes down does not mean your business is being attacked. Sometimes, it just decides to give you trouble. Working in a company that uses Spectrum’s services, my standard protocol is to call Spectrum phone number (1-855-837-6837) and get the issue resolved with their help.

Businesses need to take a holistic approach to protect the company from all kinds of attacks. Companies can take the following steps to ensure their safety.

• Get insurance against such attacks.
• Create a cyber-risk management and protection plan.
• Raise awareness among employees about various forms of cyberattacks.
• Recruit and train a cybersecurity team.
• Use updated software and hardware.