Every day, there seems to be news circulating about a big cyberattack on a major corporation. Maybe a website goes down for a few hours or a bank closes down for the day. It may seem like these attacks only affect bigger companies, but smaller and medium-sized ones are also at risk.
Recent cyber attacks have only grown more serious along with advances in artificial intelligence and increases in computing power. Your company needs to stay on top of new developments in business security to stay protected.
Here’s what you need to know about recent cyber attacks and how your IT security should respond.
The Growing Cost of Cybercrime
According to Cybersecurity Ventures, cybercrime is responsible for some of the greatest transfers of economic wealth in all of history. Gaining access to a company’s databases means gaining access to almost everything of value to them. As a result, cybercrime is responsible for these companies losing trillions of dollars every year.
Large companies that get attacked often get the most visibility on the news, but they aren’t the only ones that get targeted. The majority of cyber-attacks are aimed at small businesses through things like phishing scams, ransomware, and insider threats.
This can happen at any time if an employee opens up the wrong email or clicks the wrong link. It’s even possible for them to get tricked by scammers posing as someone higher up in their company.
When a small company is attacked, it may get run out of business. A larger company that faces a cyberattack may end up in severe legal trouble that could affect them for years.
Impact on Your Business
How does cybercrime directly affect your business, though?
First of all, there are increased costs when dealing with online threats. Not only do these criminals threaten to shut down your business, but they can easily take advantage of any customer data you’ve collected. Furthermore, your business will need to invest in IT Services for protection.
Next, your company will most likely face some level of operational disruption after an attack. You’ll need to determine what was damaged or lost, and how to protect yourself from future attacks. This process can take anywhere from days to weeks to carry out.
Finally, you’ll face damage to your company’s reputation. Falling victim to a cyberattack shows that your information is vulnerable and not as well protected as your customers and clients may have previously thought.
It doesn’t matter if you have top-of-the-line security. All that matters to your investors are the results. This can lead to lost revenue as well as a drop in market value.
Types of Information Security
Protecting your data isn’t as simple as investing in an IT service provider and expecting them to keep out all cyber threats. There’s more nuance to it, depending on what your business needs.
For example, you have the option of utilizing cloud services to not only protect your data but improve how your company functions. Team members can interact with one another quicker and more efficiently, and all your data is stored on an online server. In most cases, these servers are encrypted so that only your company can access the data.
As the name implies, network security is all about protecting your business’s network. IT services can give special access to certain employees, build firewalls, and install anti-virus software.
View here for more information on ways your company can focus on avoiding downtime and safeguarding your data.
Groups Responsible for Recent Cyber Attacks
Organized cybercrime groups are some of the biggest threats a company can face. Together, they can do anything from stealing data to shutting down websites with DDoS attacks.
Some of the most notorious organized cybercrime syndicates include:
- Cobalt Cybercrime Gang
- Evil Corp
- MageCart Syndicate
- GozNym Gang
- Syrian Electronic Army
Some of these organizations have ties to political parties, while others are more anarchistic in nature. What matters is that they are different collectives of hackers who have compiled their resources and skills to become a much bigger threat than they would be alone.
In January 2023, MailChimp fell victim to a social engineering scam. Cyberattackers gained access to a customer support tool that gave them access to all customer accounts. Unfortunately, this was the third attack MailChimp suffered in as many as two years.
Files were stolen, and phones and IT functions were shut down. In many cases like this, the company or organization is forced to pay a ransom to regain access to its databases or information.
Some of the most dangerous types of cyber attacks take advantage of poor decision-making. Many of them rely on employees clicking unknown links, sending information to the wrong people, or using weak passwords.
Improving your business security can be as simple as training your employees on what to do and what not to do.
To begin with, your employees should avoid opening suspicious emails. It’s all too easy for a stranger to impersonate someone in your company. A good way to avoid this is by using a company messaging system for important correspondence.
In addition to better passwords, your company should enable 2-factor authentication. This forces your employees to verify their identity through a mobile device after they’ve entered their password.
Most importantly, invest in IT security training courses. This can be done either online or in person. However, it’ll save you a lot of money later on if you can avoid falling victim to a cyber-attack.
Protect Your Business From Future Attacks
Recent cyber attacks have all been about targeting the weakest link in your business. Once they find an area of opportunity, they take advantage of it. It’s important to stay on top of the latest IT security trends and keep up with your employee training.
Remember that a single successful cyber attack could completely shut down a small business, so stay vigilant.
Check out some of our other articles to see if you’re interested in learning more about tech and business topics.