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Your business may be at risk every day from cyber threats and attacks, even when you are asleep. Attackers can automate attacks to target hundreds of businesses at once effortlessly. Cybersecurity threats are a worry for businesses of all sizes. There are businesses with less stringent technological defenses and less awareness of these threats, making them an easier target.

All industries have been taking significant steps to improve their data security and acquire Denver Cyber Insurance to protect their business. However, the most vital is having an awareness of the threats and how to stop them.

To protect your businesses, here are common cyber threats you should watch out for.

Phishing

Phishing attacks are reported to be the most significant, most damaging, and most widespread cyber threat. It accounts for 90% of all security breaches that businesses face and is responsible for over $12 billion in business losses. Phishing attacks happen when an attacker pretends to be a trusted contact and encourages the user to open a malicious link, download a malicious file, or access sensitive information carried by the company’s system.

In recent years, attacks have grown much more sophisticated as they become more convincing and legitimate. Robust systems like email security gateway, post-delivery protection, and security awareness training are essential to deal with phishing attacks.

Malware Attacks

The second biggest threat is malware attacks, which involve trojans and viruses. It usually comes from malicious downloads, spam emails, or from accessing other infected machines or devices. This type of attack can damage devices and machines resulting in the need for expensive repairs or replacements.

Malware attacks can be avoided by implementing a robust technological defense in place to secure your business.

Ransomware

Another common and lucrative cyber threat hitting hundreds of businesses is ransomware. This involves encrypting the business’ data so that it cannot be used or accessed. Afterwhich, forcing the business to pay a ransom to unlock the data. As a result, businesses are often left with a tough choice. This is to either pay the ransom and lose a significant amount of money or hamper their services due to data loss.

Small businesses are often the target for ransomware attacks since attackers know that they are more likely to pay for the ransom. The typical reason for this is because these businesses don’t often have their files backed up, and they need to be up and running as soon as possible.

Businesses should have strong endpoint protection across all business devices to prevent these attacks by halting data encryption on devices and machines. Additionally, an effective cloud back-up solution should also be in place to help mitigate any potential data loss.

Password Attacks

Easily guessed passwords are another common cyber threat. Cybercriminals have several methods of cracking passwords. One typical way is using a password dictionary attack that will attempt to log on to the company’s system using every username and password loaded to its database. If an employee uses a common password, this can easily be hacked using the password dictionary method.

There is also the “brute attack” for cracking passwords. This method is more sophisticated and leaves no stone unturned. To prevent these attacks from happening, ensure that your employees are discouraged from using familiar and easily guessed passwords.

Businesses can use password management tools to ensure that employees can safely and securely generate and store various passwords for multiple accounts in one encrypted vault. Additionally, a multi-factor authentication tool is also another level to protect your company’s system.

Insider Threats

Realistically, your employees can also be a potential cyber threat. The leading cause for company data breaches results from the employee’s privilege abuse. Many have been tempted by the lure of cybercrime and the promise of a big payday. However, this is not mainly caused by employees alone. Former employees, business contractors, and business associates may also be the culprit and potential insider threats. Limiting access to sensitive data to as few people as possible is an effective way to prevent this.

At present, there is a wide range of cyber threats businesses should be looking out for. It is a common threat in the business world, but your business doesn’t have to be the one to suffer. Coming up with cybersecurity solutions starts with having a greater understanding of these online threats, what they entail, and how to detect them. Preventing these kinds of attacks is all about careful and continuous monitoring of your security system.

About Mountainside Insurance Management

Mountainside Insurance Management, LLC is a multi-state insurance brokerage and management specialist. We are an independent brokerage and work with over 150 A+ carriers to secure comprehensive coverage for our clients. Our brokerage is committed to providing the highest quality insurance and risk management services at the most competitive premiums with hands-on services tailored to our customers’ needs. For more information about reducing your risk, contact us today at (720) 800-9495.