5 Top Cybersecurity Threats for Businesses in 2020

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If the headlines of 2019 have taught us anything, it’s that our data isn’t really ever completely safe. In November, research firm Risk Based Security called 2019 the “worst year on record” for data security breaches.

Marriott, Facebook, and Capital One were just a few of many of the names topping out the data-breach hall of shame.

And not only do these data breaches affect thousands of consumers, but they also tarnish each company’s reputation.

So, if you want to stay ahead of the curve and keep your business’s name off any data-breach lists, check out the top cybersecurity threats for businesses in 2020.

5 Top Cybersecurity Threats 2020

top cybersecurity threats

1# Cryptojacking

Although cryptocurrency has a reputation for being secure, nothing is foolproof. And as this form of currency gains popularity, so do the methods of crypto-theft.

Cryptojacking is a trend where cyber-criminals actually hijack work (and sometimes home) computers to mine for cryptocurrency. And even if your business doesn’t deal in cryptocurrency, you could be susceptible.

Mining takes a great deal of computer processing power, so hijackers will piggyback onto business networks, which inevitably slows your business down to a crawl.

To keep your business’s system safe from cryptojacking, be sure to remain current on all security patches and updates.

And if you haven’t already, install a high-level full-service internet security suite. This isn’t a time to skimp on security.

2# IoT Attacks

Not only do Internet of Things (IoT) devices help save companies money by streamlining data and business processes, but they are becoming synonymous with increased risk.

If a hacker can control your IoT devices, they can overload networks or lockdown business-critical equipment for their own financial gain.

To protect your business from IoT attacks, be sure to keep your devices on their own network and keep them current with all security updates.

Always use secure passwords with a secure password manager to prevent hackers from gaining access to your devices.

3# Social Engineering

It’s amazing how quickly hackers respond to changing technology, but now they’re becoming more clever and using psychological methods to infiltrate systems.

Social engineering allows hackers a way to exploit the biggest weakness in every company: Its people. Naive employees are a major threat to a company’s cybersecurity, and they may be the biggest threat businesses face in 2020.

Imagine a hacker calling your office to find out information they could use against you. Would they be able to learn which software programs you use?

Or, if they were posing as a concerned customer, could they find out the exact security measures, including brands and versions, you’re taking to secure their information? If so, you could be more vulnerable than you think.

Phishing scams also fall into the category of social engineering threats. Do all of your employees know not to click on suspicious links? Because when one computer in the network is compromised, it can spell disaster for your entire network.

Make sure you’re clear on what employees can and cannot share with people outside of your organization. And outline a clear policy for handling suspicious emails. This way, you can keep your network safe from intruders.

4# Ransomware Attacks

As cryptocurrency attacks become less lucrative, hackers are relying more on ransomware attacks than ever before.

Ransomware works when a hacker infects a system with a piece of malware that encrypts all their data. The business is then asked to pay a ransom for the hacker to release their data.

To reduce your business’s risk of being attacked with ransomware, use strong perimeter security measures (like firewalls) and install an email security program that blocks people from opening suspicious links from email messages.

5# Internal Attacks

For the most part, you should be able to trust your employees, but that’s not always the case. If you have someone who can access sensitive information, it pays to do a background check. But even then, there are no guarantees that someone won’t sell your information to a competitor or third party.

To protect your business’s sensitive information, have employees sign a Non-Disclosure Agreement (NDA) and only allow access to sensitive information to people who absolutely need it. This will limit your business’s exposure and keep the information safer from potential harm.

When you’re running a business, cybersecurity has always been an issue. But as we rely on IoT devices and artificial intelligence to run our businesses, security breaches become more of a threat.

Final Words

To protect your business, stay abreast of security issues, and keep your systems up-to-date and protected with the highest level of protection. And don’t forget to guard your most unpredictable asset: Your employees.

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Author: Abdul Mateen