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4 Biggest Cyber Threats for Modern Business Owners

Updated: Nov 10, 2023

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In this digital age, where everything is connected, and we rely on the internet for work, connecting with friends, and entertainment, companies face an ever-increasing need to ensure their technology is secure and compliant in the face of growing cyber threats.

According to analytics from Norton Security, around 60 million Americans have been exposed to identity theft, and by 2023, criminals will be stealing around 33 billion records each year.

Navigating the Growing Cyber Threat Landscape

Although anyone can suffer because of cybercrime, businesses are particularly at risk. Not only do companies deal with significant amounts of data regularly, but in the new world of remote work, the amount of private data being sent back and forth through the internet has increased exponentially.

Plus, organizations don't always have full control over how information moves between employees.

The result of these new business realities, in addition to the fact that cybercrime is on the rise, is that many companies are now more vulnerable to cyber attacks than ever before.

Today, we will examine some of the biggest cyber threats essential for modern business owners to be aware of.

Endpoint Security Issues

When the remote working revolution began in 2020, a lot of people assumed it would be a temporary solution to a current problem. However, experts now agree that remote work may well be the strategy of the future.

Many companies are beginning to implement strategies for hybrid work that will connect office-based and remote workers. This is increasing workplace BYOD (bring your own device) technology.

As more people continue to use their own laptops, computers, and smartphones for work, endpoint security is a major concern. There's a growing risk that insufficiently secured personal devices and home routers could lead to a higher number of data leaks.

Investing in endpoint security strategies like multi-factor authentication, anti-virus software for phones, and the use of mobile VPNs will be crucial for business leaders in the years to come.

Evolving Cyber Security Threats

Having basic protection in place from anti-virus software and firewalls isn't enough to support companies in an environment where criminals are constantly becoming more sophisticated.

For example, have you noticed that many of the scammer emails you receive now are way more sophisticated than scammer emails of years past?

Not only is the language more grammatically correct, but they are also using graphics and email layouts very similar to the companies they're trying to portray to get you to click on a link and submit personal information.

Imagine how much more complicated the schemes are for breaching the personal information being passed around in a business -- especially from remote employees to each other and back to the business.

Today's organizations need to be able to monitor cyber security threats in real time. If a breach happens, it's best to stop it as soon as possible to limit the damage and the amount of private information that gets into the wrong hands.

Plus, legal liabilities around cyber security threats are a valid concern in today's environment, where many people are prone to suing others and the companies they do business with.

Increasingly, security providers are investing in artificial intelligence solutions and machine learning technology that may assist companies in detecting cyber threats within the workforce in real time.

Intelligent solutions will be able to check for suspicious activity constantly to ensure that any threats are handled as quickly as possible.

Having an intelligent solution in place could also include using automation and smart assistants to instantly notify business leaders and security experts when a breach may be taking place.

These technologies make it possible for companies to proactively fight back against crime.

The Rise of Phishing and Ransomware

Phishing has been a persistent problem in the cybersecurity landscape for some time. The chances are that this issue will continue to plague businesses in the years to come.

The COVID-19 pandemic emerged as a popular theme for phishing campaigns in 2020, with many users being fooled by emails promising a new vaccine or a request to update details after a potential breach.

Cybercriminals have proven that there are no limits to what they're willing to do to get their hands on valuable consumer data. In the years to come, phishing strategies will only become more intelligent.

With more people spending the majority of their time online for work and play, there's no doubt that criminals will find plenty of inspiration in the digital world to help them cheat their victims out of their information.

Companies will need to put careful security policies in place to help their team members recognize the presence of a phishing attempt.

With such crimes on the upswing, investing in additional cyber security is necessary and may save the company many thousands of dollars.

Cloud Technology and Fileless Attacks

Today, more companies than ever are moving their applications and infrastructure into the cloud. As companies shift rapidly towards this new flexible environment, it will be essential for them to ensure that they're not compromising on security measures.

VPNs and private networking solutions will be necessary for employees with remote teams.

It's also crucial for companies to have strategies in place for dealing with file-less attacks and business process compromises.

These issues are increasing and tend to avoid common attack prevention and detection solutions. This means that companies may need to invest in more specialist solutions to protect against new threats.

Navigating the Ever-Evolving Landscape of Cyber Threats

One thing is clear, no organization can afford to underestimate the significance of implementing an effective security strategy. In a digital age where cyber threats and cyber security threats loom large, safeguarding your business should be a top priority. The question is, is your business fully protected against these evolving dangers? Don't leave your organization's security to chance. Ensure that your cyber defenses are robust, proactive, and well-prepared to face the challenges of the modern technological landscape. Your business's safety and resilience depend on it.

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