7 Biggest Cybersecurity Risks

16 May

Cybersecurity Risks and Threats

Cybersecurity is in the news lately for all the wrong reasons, and business owners in SA are joining their international counterparts in worrying about the invisible online threat that can cost companies a fortune.

Dealing with an invisible enemy means that you’ll need to be aware of the specific risks on the internet before they appear and take steps to protect your business accordingly.

In this article, we outline the biggest online threats affecting companies across the country and give you some helpful tips in preventing and dealing with them.

1. Ransomware

The first threat on our list is probably the most common type of cybercrime.

Ransomware infects your business IT network or device, takes your data hostage, and demands payment – usually in untraceable cryptocurrency – before the data is released.

  • 60% of South African organisations reported a ransomware attack in the past 12 months, a significant increase from 47% in 2020.

2. Malware

Malware is any form of malicious software specifically designed to cause disruption to a computer or network, interfering with both the user’s computer security and privacy.

One of the most common methods of spreading malware is through phishing emails where employees are tricked into clicking on links or downloading a malicious file.

3. Distributed denial of service attacks (DDoS)

This type of attack essentially locks or slows down your website by flooding it with server requests from multiple computers at once.

Once the website is down, it remains unusable until a “fee” is paid to the perpetrators, costing the business both a ransom and lost sales.

  • SEACOM released a shocking report in 2021 citing a 300% increase in denial of service attacks in Africa since 2019.

4. Trojan viruses

These invisible bits of virus software often enter your computer via suspicious email attachments or download links.

Once they’re in the system, they can corrupt your entire computer network or transmit sensitive information to cybercriminals using your Internet connection.

5. Insider threat attacks

Disgruntled employees or those who have been dismissed often have access to sensitive information, including passwords and access protocols.

If they decide to team up with hackers to infiltrate your company’s computer system, you may find that many of your usual cyber defences don’t work to repel the attack.

6. Password attacks

Simply having a password attached to your computer, email, or network login isn’t enough.

  • If hackers are able to guess or decode your password, they could have free reign of your company information – and even your internet banking.
  • Choosing a strong password and changing it frequently is an excellent strategy to reduce this risk.

7. Social engineering attacks

The people and businesses we interact with online are not always who we think they are.

  • Social engineering attacks are carried out by cybercriminals posing as clients or members of the public – and this type of attack is responsible for most data leaks in South Africa.
  • It’s essential to train your team to be highly suspicious of any unsolicited communications and maintain a strict data policy to prevent leaks and breaches triggered by third parties.

Keep your data safe and encrypted for ultimate risk management

No matter what steps you take, statistically, speaking your business may still fall victim to a cybercrime in the near future.

Even if the worst happens, having a complete backup of your important data, safe and encrypted in the cloud, will help your business to survive the attack.

To learn more, browse our range of secure cloud storage packages for businesses today.

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