In today’s digital landscape, businesses face an increasing number of cyberattacks that can threaten their systems, networks, and devices. Whether you’re a large corporation or a small enterprise, cybercriminals are constantly on the lookout for vulnerabilities. If your business operates with a bank account, then you are a potential target.
What is Cybersecurity?
Cybersecurity refers to the measures and practices that protect your computer systems and the data stored or transmitted through them. Since the early days of computing, as computers became interconnected, the need for cybersecurity has evolved. By the 1970s, with the advent of computer viruses and worms, it became clear that safeguarding systems was essential.
Although cybersecurity was initially slow to develop, the rise of widespread computing in the 1980s saw a surge in cyberattacks, highlighting the critical need for robust defenses. Today, the scale and sophistication of cyber threats have grown exponentially, ranging from malware and ransomware to IoT-based and AI-powered attacks.
Cybercrime has become a lucrative business. In fact, some estimates suggest that cybercriminals in the U.S. have a mere 0.05% chance of being caught and prosecuted, making hacking an attractive proposition for many. In 2021, ransomware attacks occurred every 11 seconds, a rate expected to rise to every two seconds by 2031. The damage from these attacks can be catastrophic for businesses, with global cybercrime costs projected to reach $10.5 trillion by 2025.
Cyberattacks are malicious attempts to compromise information or systems. Here are five common types:
• Malware: Software designed to infect a system, often spreading to other devices and collecting sensitive information.
• Ransomware: A type of malware that locks a system’s files and demands a ransom to release them.
• Phishing: A method where hackers trick users into clicking malicious links or revealing sensitive information, usually through email or messages.
• IoT-Based Attacks: Internet of Things (IoT) devices are often targets due to outdated software or weak security measures.
• AI-Powered Attacks: Hackers use artificial intelligence to automate attacks, including deepfakes, to impersonate individuals and trick users into giving up data or money.
Businesses and individuals alike face vulnerabilities such as:
• Weak Passwords: Reusing or creating simple passwords leaves your system vulnerable. Implementing strong, regularly updated passwords and two-factor authentication (2FA) can mitigate this risk.
• System Vulnerabilities: Misconfigurations in systems, outdated software, or lack of encryption can open doors to cyber threats.
• Outdated Software: Using legacy, on-premise software without the latest patches exposes businesses to attacks. Cloud-based solutions, on the other hand, offer automatic updates, reducing this risk.
Effective cybersecurity protects multiple domains, such as:
• Application Security: Safeguards to ensure your software operates securely.
• Cloud Security: Secure data storage and transmission within cloud environments.
• Data Security: Protects data through encryption and access control.
• Identity and Access Management (IAM): Ensures only authorized users have access to critical information.
• Network Security: Protects your network from unauthorized access, whether wired or wireless.
As technology advances, new cybersecurity trends emerge. Some of the most important include:
• Cloud Cybersecurity: As more businesses move to the cloud, it’s vital to integrate security from the start to protect data and automate processes securely.
• Cybersecurity for Connected Devices: The increasing number of IoT devices requires enhanced network security to safeguard against vulnerabilities.
• Supply Chain Cybersecurity: With the complexity of modern supply chains, ensuring data integrity while minimizing third-party risks is crucial.
• Cybersecurity Skills Shortage: With a global shortfall of cybersecurity professionals, many businesses rely on ERP providers to manage their security needs.
Cybersecurity is not optional—it’s a necessity. Whether you’re in manufacturing, distribution, or retail, cyber threats can bring operations to a halt. For example, in 2021, manufacturing became the most targeted industry for cyberattacks, with many attacks stemming from unpatched software vulnerabilities.
To safeguard your business effectively, focus on these three key pillars:
• People: Human error is involved in 82% of security breaches. Ensuring your workforce is educated and trained in cybersecurity practices is essential.
• Process: Having a documented and regularly updated plan to address real-time threats can minimize the impact of an attack.
• Technology: Leveraging up-to-date, secure systems with multi-factor authentication and firewalls can greatly reduce the risk of a cyberattack.
