The Most Common Cyber Attacks on Businesses

In a constantly evolving and digitally dependent world of commerce, many businesses face risks around every corner. From data breaches to malware, virtually no business is completely safe from the harm of cyber attacks. According to CNBC, a survey of small business owners showed that only 13% of respondents thought they had been victims of some form of a cyber attack. In reality, the number was a whopping 58%.

Companies in all industries, and of all sizes, should be aware of all the different types of threats that they can face. Along with investing in a solid cyber risk insurance plan, having an awareness of what those threats are and what’s at stake is the first line of defense against cyber attacks. Here are the most common types of cyber threats that can affect businesses.

Malware

A lot of people know that clicking on a suspicious email attachment or pop-up is like rolling the dice. Doing this opens up the computer used to a number of issues including malware, which comes in various forms. Call it viruses or ransomware, this kind of cyber breach is an effective way for hackers to mine information and gain control of a computer by monitoring keystrokes, monitoring actions, and even sending out certain information to the attacker’s home base.

Businesses can invest in ransomware/malware protection software to keep these threats at bay, and in turn relay information to authorities about the origin of the attack.

Password Phishing

Password phishing attacks are sneaky little threats that manage to swim their way into a company’s computers without a lot of notice. About 70% of email businesses get can be counted as spam, and most of these emails are just phishing attacks waiting to trick users to get their login credentials. A primary step to block this is to have logons that cannot be given away. A two-factor authentication, biometrics, and text message authentication are just some of the methods that can be used to beat password phishing.

Social Media Threats

It’s no secret that as a business, having a solid online and social media presence is basically essential. From getting the word out about latest products to keeping followers up to date on company news and information, social media platforms are a vital way to boost overall credit. But the news surrounding social media interaction hasn’t been positive in light of the 2016 election with fake accounts being created in Europe to Facebook mining user data.

Social media threats can come in the form of a friend request from an unknown page, but in reality they are corporate hackers doing their best to exploit corporate social media accounts. To combat this, businesses should make sure all employees are not sharing corporate passwords with any other foreign website. And installing a two-factor authentication for logons is also a big help to guard against fake accounts.

 

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.