The average data breach costs over $4 million. This is impossible for many companies to overcome, especially those new to their industry. Data breaches can also cause permanent damage to your company’s reputation.

Understanding cyber risks can protect your company from cyber attacks in the future, but not everyone knows common cybersecurity threats to watch out for.

We’ve put together a brief guide on the most important threats to consider. Let’s dive in.

Ransomware

This is one of the most important to keep in mind. As the name implies, ransomware is a type of malicious application that holds sensitive data for “ransom.” It functions by encrypting important information and demanding payment.

Hackers ask for payment in the form of cryptocurrency. These transactions are anonymous and can’t be traced. This means the hacker can get away undetected.

The main issue with ransomware is there’s no guarantee the hacker will decrypt your data. There’s a good chance they’ll take your money and run. Even the FBI recommends against paying ransoms during these attacks.

Distributed Denial-of-Service (DDoS) Attacks

These are malicious operations that aim to flood networks with false requests. When they succeed, entire websites become inaccessible. Left unchecked, DDoS attacks can make it impossible for customers to use your website for days or even weeks.

These strategies are particularly effective since they use multiple systems at once. It’s worth noting that DDoS attacks don’t result in lost data. Responding to them quickly or preventing them can help you avoid complications.

Malware

This refers to any code or program that’s designed to harm a network, computer, or server. Since this term applies to so many different scenarios, it’s the most common type of cyberattack.

Hackers frequently use keyloggers, worms, trojans, and spyware. Let’s look at these closer below.

Keyloggers

These are tools that record everything someone types on a device. When hackers install them undetected, they gain access to every keyboard input a user makes.

This includes email content, usernames, passwords, and other sensitive information. Hackers can then use this data to compromise accounts.

Trojans

Trojans appear to be legitimate software but are malware in disguise. Hackers often include them in compromised installation files. For instance, a criminal might modify a download on a website to include a trojan.

When people download and run this application, the trojan gets access to data on the device. Some trojans are advanced and difficult to detect through conventional means. It’s imperative to remain vigilant when opening files from third-party sources.

Spyware

When spyware infects a device, it gives the hacker detailed information about the device’s usage. They can see your web history, which applications you run, and details about similar activities. Not only can spyware be difficult to detect, but it can also be difficult to remove.

Worms

Worms are some of the most dangerous malware available due to their self-replication. Worms duplicate and infect other devices on the same network.

They can delete/modify files and run malicious software. This malware can also make copies of itself to take up device resources until the computer can’t handle its presence.

Phishing

This attack uses text messages, emails, and social media messages to get victims to share sensitive information.

Someone might pose as an official source and send an email, for example. A common scenario involves a hacker pretending to be a representative from a financial institution.

They often instill a sense of urgency by telling the victim to take immediate action. The end goal is to get them to enter their login credentials on a false version of a trusted website.

Insider Threats

Insider threats are a bit different from the other attacks on this list. They involve current or former employees acting maliciously. For instance, a worker who was recently fired may still have access to a company’s systems.

They might procure valuable information and sell it to competitors. They might also try to cause as much disruption as possible by deleting key files. Some insider threats aren’t malicious, though.

Negligence can sometimes lead to data compromise. This includes actions like storing passwords inappropriately or making them easy to guess. Using the same password for multiple accounts can lead to the same outcome.

Identity-Based Attacks

When a hacker gains access to login credentials, they can commit an identity-based attack. On the surface, it appears as though authenticated users accessed the data.

This makes them particularly difficult to deal with. Imagine for a moment what would happen if someone compromised a CEO’s login credentials. The hacker could do almost anything they want with highly valuable information.

One of the most common types of identity-based attacks is a brute force attack. Hackers use specialized software to systematically guess username and password combinations.

Protecting Yourself

Dealing with cyber threats can be overwhelming. The steps to protect your company are straightforward and should be taken as soon as possible.

Keep all of your software properly updated. If developers discontinue support for certain applications, find alternatives. Hackers are always developing ways to gain access to sensitive data.

Implement policies at your organization regarding password sharing and storage. These can drastically reduce data breaches that stem from human errors.

Periodically conduct a cyber security risk assessment to identify areas of concern.

Hiring a professional who offers cybersecurity solutions is a reliable way to take your security to the next level. Look for a cyber security services provider that has extensive experience in the industry. Their cyber solutions should be reasonably priced and have plenty of stellar feedback from their previous clients.

They should also be easy to get in touch with. Communication goes a long way when it comes to keeping your data safe.

Don’t Overlook These Cybersecurity Threats

Even a single security breach can be catastrophic. That’s why it’s so important to keep these cybersecurity threats in mind and protect yourself in the future.

Facet Technologies has been proudly meeting our clients’ security needs since 1989 and have many years of combined IT experience across our professional staff.

Reach out to us today to see how we can help. Our team is ready to take your company’s defenses to the next level.