Hackers breach computer systems to steal sensitive information or wreak havoc on business operations. It’s a cat-and-mouse game with financial, reputational, and legal risks.

Let’s dive into the economic impacts of cyberattacks and how to prevent them. 

Types of Cybersecurity Threats that Businesses Face

Cyberattacks can strike at any moment. These are some of the most prevalent cybersecurity threats businesses must prepare against:

Password Attacks

Password attacks can take on a variety of forms. Brute-force attacks use sophisticated software to guess passwords until one works. Attackers may also use stolen passwords to access other accounts in credential-stuffing attacks. 

In January 2021, a quiz website suffered a hacking attack. It compromised 13 million accounts. The hackers accessed plaintext passwords, email addresses, and IP addresses. Even more alarming is that the hackers put this information for sale on the Dark Web. 

Malware Attack

Malware is a term that sends shivers down the spine of computer users. This software harms computer systems, networks, and devices. It can take many forms – from viruses and Trojans to worms and ransomware. Malware can steal sensitive data, damage systems, or demand ransom payments. 

One high-profile malware attack happened in 2021. A devastating ransomware attack hit one of America’s biggest fuel pipeline operators. This attack resulted in fuel shortages and price increases across the eastern part of the US. 

In a desperate move to restore operations, the company paid the attackers a ransom of $4.4 million. The company suffered an estimated $5 million in damages. 

Zero-Day Exploits

A zero-day is a vulnerability in a system’s software or hardware. It’s like a wormhole nobody knows about; therefore, there’s no way to fix it yet. Malicious actors can exploit this loophole to infiltrate a system. They can swipe valuable data or wreak havoc in various other ways. 

Advanced Persistent Threats (APTs)

APTs use social engineering and malware to infiltrate a system and evade detection. And it’s not just some run-of-the-mill hackers pulling off these stunts. We’re talking about nation-state hackers who prowl for valuable intellectual property.

Deep Panda is an APT group targeting government agencies and defense contractors. They’re responsible for cyber espionage campaigns, stealing sensitive data and intellectual property. They were behind the massive 2015 breach of the US Office of Personnel Management.

Supply Chain Attacks

Supply chain attacks involve hacking vendors to worm your way into a bigger network. The infamous hack of a Texas-based software company is an example. 

Hackers managed to get sensitive data from government agencies and private companies. The cost of all this damage? A whopping $100 billion! And that’s not counting all the legal fees and lost revenue the company and its customers had to deal with. 

What are the essential cybersecurity solutions for every business?

A cybersecurity breach can be catastrophic, causing customers and partners to lose trust. Every business must focus on cybersecurity and invest in these solutions:

Password Manager

There are several reasons why individuals and organizations should use a password manager:

1. Security. Password managers help create strong, unique passwords for each account. Attackers who hack one account will have a harder time breaking into other accounts.

2. Convenience. Password managers can generate and fill in passwords. You won’t need to memorize passwords or write them down on paper.

3. Time-saving. With a password manager, users can access their passwords from anywhere. It makes it easier to log in to accounts and websites.

4. Collaboration. Enterprise password managers allow secure password-sharing among team members. They make collaborating on projects and tasks easier.

Firewall

Hardware firewalls are physical devices that block dangerous incoming traffic. They stand guard and prevent malware attacks. Hardware firewalls are best for businesses. They come with a heftier price tag than software firewalls.

Software firewalls are programs installed on individual computers or servers. They check incoming and outgoing traffic and use filters to block harmful activity. Software firewalls are often less expensive than hardware firewalls. They can be an excellent choice for home users or small businesses.

Encrypted Cloud Storage

Cloud storage secures your data transfer by encrypting your data as it travels to the cloud. The system also encrypts your data at rest, even if a server breach occurs.

Encrypted cloud storage can include fancy measures like 2FA and role-based access control.

It’s got your back in case of disaster, like a trusty sidekick. Encrypted cloud storage provides a data backup. Restoring your data after a ransomware attack or other cyber incident will be a walk in the park.

Intrusion Detection Software (IDS)

IDS is a watchful eye that looks at events and traffic patterns on the network. It sniffs out any suspicious behavior or security policy violations. And if it detects anything that smells like trouble, it’s got tricks up its sleeve to keep your system safe. 

IDS can send an alert to a security administrator. Or, it can block or quarantine the suspicious traffic or activity on its own, like a bouncer at the door of a club. You can think of IDS as a trusty guard dog ensuring only authorized users get in.

Final Words

It’s so important to integrate cybersecurity into your business strategy. By doing so, you’re protecting your business from financial ruin. You also ensure compliance with all regulatory requirements, business continuity, and competitive advantage.