Business Information Security and Cyber Attack Developments in 2021
According to an FBI Internet Crime Report, the harm caused by cyber attacks on small businesses in 2020 alone was valued at over 2.7 billion. Experts note that the rise in business information attack cases has skyrocketed during the pandemic era, and understandably so. While these figures continue to escalate year after year, the World Economic Forums 2020 Global Risk Report revealed that only 0.05 % of attackers are ever detected and held accountable. Crucially, most businesses are not prepared for these cyber-attacks, and this renders their effects more devastating. Let’s look at how the cybersecurity landscape evolved in 2021 with guidance on how leaders can protect their businesses.
Informational attacks on Businesses
Unauthorized access to business information often leads to disruption, destruction, and modification of same. The effects can be devastating, plunging business operations into chaos, or even forcing a business to close. From malware, to attacks on negligence-based vulnerabilities, to phishing, security experts must deal with different types of attacks daily. Consequently, there is a growing need for businesses to go beyond their means to achieve better information security. Every company should invest heavily in cybersecurity, learn about the trends on both attacks and security measures, and leverage these insights to develop a more effective security framework to protect sensitive data.
Cyber Security Developments
As businesses transition to cloud computing, attackers are busy looking for related vulnerabilities to launch malicious attacks. Another increasingly common form of attack lies within the realms of IoT, as businesses adopt its usage to secure and streamline operations. The high number of requests that a single IoT device can handle at any given moment makes the data difficult to track, which means that malicious activities can pass through unnoticed. However, experts have been forced to up their game. They are now crafting and adopting a model that inspects all traffic passing through IoT devices and can even issue alerts upon encountering questionable activities. Supply chain attacks are also becoming common, like the famous case of Solarwinds attack that saw approximately 18,000 clients unwittingly install compromised software. Similarly, ransomware which has been around for decades continues to rank among the top options for attackers.
Keeping your Business Safe from Cyber Attacks
Should you wish to prevent destructive attacks on your business, it is advisable to conduct thorough assessments of areas which are most susceptible to attack. This will allow you to understand the vulnerabilities of the system and circumvent potential threats. Measures which allow ransomware attacks to be kept to a minimum include but are not limited to, using the latest malware detection programs, secure passwords, and highly impenetrable networking components. Backing up data is essential, as it could be the determining factor between the continuation of operations and closure after an attack. In terms of protecting the credentials of your customers, leveraging multi-factor authentication is often adequate. Encrypting important information before transmitting it across the internet is also a proven protective shield. Finally, ensure your staff are educated and confident concerning cyber-security matters and uncompromising about administrative privileges.
Stephane Nappo once said, ‘it takes 20 years to build a reputation and a few minutes of cyber-incident to ruin it,’ and the importance and veracity of this statement cannot be overstated. Cyber attacks are becoming increasingly rampant globally. The situation could worsen if businesses do not implement cybersecurity game-changers such as infrastructure-based security. As more and more cybersecurity companies achieve unicorn status and join in the major dance, there is hope for solutions that will protect business information by staying ahead of potential threats.
Kontex have extensive experience in identifying threats and quantifying risks in your existing infrastructure. Contact us today if you would like to discuss your cyber security concerns with one of our experts. Email us at [email protected]