The Biggest Cybersecurity Threats That Can Hurt Your Business This Year

Every year, when technology companies study data breaches and cybersecurity incidents from the prior year, they spot trends, as well as new and emerging threats.  Just like everything else in the digital realm, online threats are always evolving and becoming more sophisticated all the time.

Companies relying on protections they put in place two or three years ago, may find that they’re vulnerable when it comes to the newest attack vectors showing up.

Any good business strategy for IT security needs to be multi-layered and flexible enough to adapt to these new threats. Companies should also realize that no matter how small they are, they’re still very much a target.

43% of cyberattacks target small businesses.

There has been an increase of 424% in small business cyberbreaches. There are a few different reasons for the alarming increase:

  • Threats area always evolving, and not all businesses update their cybersecurity accordingly.
  • Hacking has now become a business and data breach/hacking “kits” are for sale online and can be used by novices.
  • Businesses aren’t always keeping up with data from the newest cybersecurity reporting.

We’ve taken a look at three different 2020 cybersecurity reports on data breach investigations, mobile security, and cyberthreat defense to bring you information on the emerging threat that could hurt your business this year.

Cyberthreats You Need to Prepare For

One of the trends you’ll see in the data is the rise in credential theft and using stolen credentials for compromising accounts. There’s also been a rise overall in cybercrime and attacks against business networks.

The three reports we’ve reviewed include:

  • Verizon 2020 Data Breach Investigations Report
  • McAfee Mobile Threat Report
  • Cyberedge 2020 Cyberthreat Defense Report

Here are the value insights you need to know to keep your Dallas-Fort Worth business protected.

Attacks are On the Rise

If it feels like there are more online dangers out there than there used to be, it’s not your imagination. Cybercriminals are more active than ever. The percentage of organizations that were impacted by a successful cybersecurity attack rose from 78% to 80.7%.

Additionally, 35.7% of companies experienced over 6 successful attacks in the same year.

Hackers are Going after Login Credentials… Big Time!

A number of statics show that your user login credentials are in danger. Hackers use them to get around ever more sophisticated antivirus and firewall systems, which means password security should be at the top of every company’s priority list.

Here are some numbers that show how passwords are in danger:

  • Password dumpers are now the #1 type of malware used in data breaches
  • Login credentials are the #1 data sought in phishing attacks
  • 77% of all cloud account breaches are due to compromised login credentials

Malicious Mobile Apps are Now Hiding

A disturbing new trend is a form of mobile malware that hides the app containing it, making it difficult for a user to uninstall a malicious app.

The apps appear to be something legitimate like a transit map or task manager, but they actually can plant spyware to steal login details or use your phone to set up fake accounts giving false reviews on the hacker’s other apps without your knowledge.

They hide by changing the way their icon looks after you install it to something like the “settings” icon, making them difficult to locate and remove.

Ransomware Is Getting More Prevalent

Both the number of companies that were victims of ransomware and the number that ended up paying the ransom rose significantly so far in 2020 as compared to last year, and these numbers have been on an upward trend.

  • Companies impacted by ransomware:
    • 2018: 55.1%
    • 2019: 56.1%
    • 2020: 62.4%
  • Victims that paid the ransom to hackers:
    • 2018: 38.7%
    • 2019: 45.0%
    • 2020: 57.7%

Of those that paid, about 67% got their data back, and the other 33% did not.

This trend shows the importance of having a solid managed backup and recovery solution that allows you to quickly recover your data in the event of a ransomware attack without needing to pay the attacker (and hope for the best).

On-Premises Assets are More Vulnerable

An interesting finding in the data breach investigations reports, which looked at 3,950 data breaches, was that on-premises data is more vulnerable than data stored in cloud applications.

The study found that cloud assets were breached in 24% of all breaches, while on-premises assets were breached in 70% of all breaches.

This speaks to the need to continue transitioning data to the cloud, which tends to be more protected due to the stringent security measures used by cloud service providers. Additionally, those that need on-premises storage, should look at improving their firewalls and network security.

How Secure is Your Data from the Newest Cyberthreats?

The IT security landscape is always shifting, so it’s a good idea to have a security checkup done regularly to ensure you’re completely protected.

Contact Cloudavize today for a free consultation to get started!