How the Rise of Cybersecurity Threats Can Impact Your Business 

Cybersecurity threats for businesses local managed service provider IT management Wilmington NC

Cybersecurity threats are on the rise and show no sign of slowing. And many businesses don’t have the resources to monitor and manage such threats on their own. In fact, cybercriminals are able to penetrate 93% of company networks to gain access to local network resources. 

In addition, a mere 50% of U.S. businesses have an active cybersecurity plan in place. Furthermore, 32% of those businesses haven’t updated their plan since operations were forced to go remote during the pandemic.  

Worse yet, cyber threats are expensive. In 2021, cybercrime cost U.S. businesses more than $6.9 billion. It’s clear that cybersecurity is a threat you cannot afford to ignore.   

In this post, we reveal the following: 

– The top cyber threats currently plaguing businesses;  

– The impact these threats can have on your business; 

– How a managed service provider can help you avoid these attacks. 

Before we dive in, let’s take a quick look at what we mean when we use the word cybersecurity. 

What is Cybersecurity? 

According to the Cybersecurity and Infrastructure Security Agency (CISA), cybersecurity is “the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information.” 

Sometimes people believe cyber threats are limited to the internet, leaving their devices and data unprotected. It’s vital to remember that your devices and data can fall victim to hackers as well. Which threats do you need to look out for? Let’s take a look at the most common cyber threats businesses currently face. 

The Biggest Cybersecurity Threats for Businesses in 2022 

Cyberattacks have become more sophisticated and damaging each year. While there are many types of attacks, let’s take a look at the most common ones impacting businesses just like yours.  

Malware 

Malware, or malicious software, is a file or code designed to disrupt, damage or gain unauthorized access to a computer system. Common types of malware include the following: Trojan Horses; Spyware; Adware; Viruses; and Worms. 

Malware attacks are spread to computer systems in a variety of ways, including…

– Email attachments that are opened and/or forwarded;

– Infected items downloaded to file servers;

– File-sharing software;

– Peer-to-peer (P2P) file sharing. 

Ransomware 

As the name indicates, a hacker locks the victim’s computer or files and holds it for ransom. To unlock the computer, the victim is asked to pay a fee or provide a trade-off. Ransomware is spread through email or if the victim unknowingly visits an infected site.  

Ransomware attacks are scary because there’s no guarantee you will regain access of the device or files by paying the ransom. Instead, your valuable information is left in the hands of the hacker. 

Phishing 

Phishing is a type of social engineering attack that happens when a hacker uses a false identity to trick someone into sharing sensitive information, downloading malware, or visiting a site containing malware.  

Electronic communications are the favored approach here. Hackers use email, text messages (smishing), instant messaging and social media accounts to conduct attacks. They often pose as your friends or colleagues to build trust. The goal: to trick you into clicking a link that infects your computer. 

Social Engineering Attacks 

As human beings, we are prone to error and misjudgement. We also rely on social interaction to make it through our days. Social engineering attacks prey on our instincts and emotions to gain access to software or data.  

The most common tactic hackers use is to make a person believe they’re helping another who’s in need. For instance, a hacker might pose as a coworker or a family member asking for access to a bank account, a document or other sensitive data. 

How Cybersecurity Threats Impact Your Business 

Your business has valuable data it needs to protect. Without any sort of protection, your business is a sitting duck for hackers looking to attack. Here are some ways cybersecurity threats can deeply impact your business. 

Halted Operations 

A single cyber attack on your business can stop operations entirely, making it possible for you to lose new business and a lot of money. 

Loss of Customer Trust 

You have a lot of sensitive customer data to protect, and they rely on you to keep it secure. A single data breach has the potential to damage trust and drive customers to the competition. 

Lost Revenue 

When customers move on to another business they take their money with them. Your former customers are also likely to share their experience with colleagues, impacting potential future revenue. Also, your bottom line will take a hit if you had to pay a hefty fine to regain access to your devices and information.  

Arm Your Business with a Local Managed Service Provider 

Regardless of size, it’s clear that every business is vulnerable to cybersecurity threats each day. However, many business owners fail to protect their most valuable information to save money and time. Unprotected networks and data are like low-hanging fruit to hackers, and that’s a risk your business cannot afford. 

If you’re ready to add greater security, it may be time to consider partnering with a managed service provider that’s local to you.  

So, not only do you gain more time to focus on your business, but you also get… 

– Constant monitoring 

– Increased security 

– Support from local techs 

– Peace of mind 

Cybersecurity threats are here to stay, so it’s more important than ever to arm your business against them. A local managed service provider, like CloudWyze, allows you to fully remove technology management from your to-do list. Their trusted experts manage it all so you can focus on growing your business and serving your customers.   

See how CloudWyze can provide your business with managed IT solutions. Click here to contact us today!