Businesses face a wide range of cyber security challenges in today’s digital age. These challenges include data breaches, phishing attacks, ransomware attacks, insider threats, IoT vulnerabilities, lack of cyber security expertise, and third-party risks. These threats can cause significant financial losses, reputational damage, and legal repercussions.
Cybersecurity is becoming a more important issue for companies around the world. Unprepared boards will face significant financial and reputational costs if they do not prepare for data breaches.
Technology is helping to improve the efficiency of organizations through innovative methods. the number of cybersecurity threats to companies has grown in number.
What are the cyber-security risks that experts will face in 2017? As we move deeper into 2017, here is a list that includes some of the most important problems organizations will face.
Top 10 Cyber Security Challenges for Businesses
The dangers of ransomware have been discussed in our blog, and the recent 2017 Threats Report from McAfee Labs said that this type of malware would continue to be a problem for companies well into the second part of the year.
Ransomware usually prevents users from accessing vital information or data on their computer networks or computers until they pay a ransom. Cybercriminals do not always release devices after the ransom has been paid. They often try to get more money from their victims.
Also read: Top 10 DDoS Protection Services for 2023
2. Distributed denial of service (DDoS) attacks
DDoS attacks have been crippling multiple big names in the last few years. These include the BBC, the cloud-based internet performance manager Dyn, and the presidential candidate Donald Trump’s campaign website.
“DDoS” attacks are expected to increase this year, not only to a terabit of data per second but to 10 million attacks in total, according to Phill Everson of Deloitte’s UK head of Cyber Risk Services.
The volume and scale would be a challenge to the defenses of organizations, no matter the size.
Cybercriminals do not all seek to profit, and the rise of hacktivism that describes the growing trend of hackers who break into computers for political or social reasons.
Hacktivists often try to make a point with these attacks, making them even more dangerous than traditional threats.
So, their actions are often very damaging to an organization’s reputation.
Hacktivists who can bypass safety measures or publish documents posing national security threats pose a significant risk to safety.
4. Internet of Things
McAfee predicts that there will be 1.8 billion devices connected to the internet in the hands of consumers by 2019. The hacking of such systems is expected to increase in the next few years. Ransomware and hacktivism are thought to be two key areas.
Cybercriminals can also pose a serious privacy risk since smart devices contain an enormous amount of sensitive data. McAfee claims that some products sold this year could already contain backdoors criminals can use.
Consumers and organizations are using drones in new and exciting ways. Cybercriminals will likely take advantage of the growing popularity and hack into this technology.
McAfee’s report stated that experts had already demonstrated how easy it was to hack local wireless networks and take control of a toy.
6. Social engineering
Criminals will use social engineering to try to get around cyber security and preventative measures as they become more complex.
It involves tricking or manipulating key individuals to divulge important financial or data information.
The Anti Phishing Working Group released figures that showed phishing attacks increased by 65 percent in 2016, compared to the previous year.
7. Insider Threats
Cyber security is not just a concern for businesses facing external threats. It can also be a problem within the company. The IBM 2016 Cyber Security Intelligence Index revealed that 60% of data breaches during the previous year were caused by insider threats.
More than two-thirds of these incidents were caused by people with malicious intentions, and the rest were due to “inadvertent agents”. Inadvertent actors are individuals who have accidentally given attackers access or failed to take security measures.
Also read: A Guide to Security Equipment for Small Business
8. Machine Learning
Machine learning algorithms help businesses to perform complex data analysis tasks with huge amounts of data at incredible speeds and minimal manual input.
This technology is used to detect fraud, predict the success of marketing campaigns, and automate product suggestions for customers, among other innovative applications.
However, McAfee predicts that machine learning will be used to commit crimes. For example, fraudsters could use it to identify high-value targets in large datasets.
9. Mobile malware
Cybercriminals are more likely to try to exploit technology flaws as people increasingly use mobile devices for everyday business.
Kaspersky Lab revealed recently that mobile malware attacks tripled from 2015 to 2016, and the company identified 8.5 million malicious installations. The organization also discovered that mobile banking Trojans, as well as mobile ransomware incidents, increased at a rate of 1,6 times in a year.
10. Fake advertisements and feedback
Consumers are frequently bombarded by advertisements Online. The proliferation of fake ads and attacks based on phishing has eroded consumer trust in marketing materials.
Meanwhile, fabricated feedback and ‘likes purchased’ are making the problem worse, leading to customers being skeptical about the effectiveness of online advertising.
Even companies that do not engage in these activities can find that fake ads and other nefarious tactics affect their legitimate marketing campaigns.
Boosting cyber security preparedness
This list of top ten cyber security threats will help you to identify the most important ones that your business faces today and in the future.
To stay ahead of cybercriminals, you need a combination of the best systems and software available, the top security professionals, and the boardroom’s buy-in to cyber security measures.
Due to the rapid pace of technological evolution, Organizations must stay on top of cyber criminals, who are always looking for ways to exploit vulnerabilities in their core business systems.