Written by: Jay H.
Cybercriminals use several tactics to threaten an organization’s cybersecurity, and the costs can be catastrophic. In 2019, $2 trillion in losses was attributed to cybercrimes, and by 2021, that number is expected to rise to $6 trillion. Alarmingly, around 60% of companies face cyber-attacks, including DDoS, phishing, and social engineering attacks. In 2020, organizations face various cybersecurity threats, including:
Phishing & Social Engineering Attacks
A phishing attack is a fraudulent email, text, or website posing as a legitimate entity to obtain sensitive information such as passwords, usernames, and banking and credit card details. Cybercriminals use malicious hyperlinks and attachments in phishing scams to gain access to sensitive information. As a result, the victim can find themselves subject to financial loss or identity theft.
A distributed denial-of-service attack (DDoS) is a hacker’s attempt to make a website or computer unavailable by flooding a website with an overwhelming amount of traffic. As a result, the website’s servers and networks become overloaded, rendering websites and computers inoperable. Also, legitimate traffic will be unable to access the website.
Ransomware involves an attacker infecting the victim’s computer with malware that encrypts the user’s data. Then, the perpetrator forces the victim to pay a ransom to regain access to their data — or threatens to delete their data forever. Unfortunately, an untraceable cryptocurrency such as Bitcoin is often used to pay the ransom, meaning attackers get away.
Internet of Things (IoT) Attacks
In a world connected by the Internet, hackers are always looking for security weaknesses and vulnerabilities to exploit. Moreover, companies are rolling out devices faster than security experts can develop strategies, meaning that smart devices are often vulnerable to cybersecurity threats. So everything from phones, fridges, and personal assistants are at a greater risk.
Protecting Your Business in 2020 and Beyond
Working with companies that offer security development strategies is the best way to protect your business from cybersecurity threats in 2020 and beyond. As such, securing your network from hackers, malware, and viruses will save your business tremendously should a cybercriminal attack. So consider working with cybersecurity experts to develop a security strategy for your business.
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