The Four Types of Cyber Security Threats That Can Affect Your Local Business

Cyber security threats have become increasingly common, and different types of cyber security threats can have devastating consequences for businesses of all sizes. According to recent studies, cybercrime damages are expected to reach $10.5 trillion annually by 2025, up from $3 trillion in 2015.

Small businesses are particularly vulnerable as they often lack the resources to implement robust cybersecurity measures. This vulnerability is evident in the fact that 43% of cyber attacks are targeted at small businesses.

The consequences of a cyber attack can be severe and long-lasting, including loss of revenue, damage to reputation, and even legal liabilities. Besides financial losses, cyber attacks can also result in losing sensitive customer data, leading to identity theft and fraud.

NTM’s cybersecurity solutions are designed to help businesses of all sizes protect themselves against cyber threats by providing comprehensive security measures, such as real-time threat detection and response, data encryption, and employee training programs.

4 Common Types of Cyber Security Threats

Understanding the four most common types of cyber security threats is crucial for any business looking to protect itself from potential attacks and minimize their impact.

1. Malware

Malware (malicious software) is designed to harm or exploit computers, networks, and devices. Malware can include viruses, worms, trojans, and spyware, and it can be installed on a system through email attachments, infected websites, or software downloads.

Around 51% of businesses experienced a malware attack in the past year, with the average cost of an attack being $2.6 million. To prevent malware attacks, businesses can implement anti-virus and anti-malware software and keep software and systems up-to-date with patches.

2. Phishing

Phishing is a social engineering attack that uses deceptive tactics to trick people into giving away sensitive information, such as passwords and credit card numbers. This is typically done through an email or website that appears legitimate but is fake.

According to a recent study, 91% of data breaches involve phishing attacks, making it one of the most common types of cyber security threats.

Businesses can prevent phishing attacks by educating employees on recognizing and avoiding phishing attempts, implementing multi-factor authentication, and regularly monitoring and scanning for suspicious activity.

NTM’s security awareness and phishing training offer businesses a comprehensive approach to mitigating cyber threats by providing employees with the knowledge and tools necessary to identify and prevent potential security breaches.

3. Ransomware

Ransomware is a type of malware that encrypts a victim’s files and demands payment in exchange for the decryption key. From 2018 to 2022, ransomware attacks cost the U.S. government over $70 billion in IT downtime. Data shows that over 230 million people were affected by these attacks with a loss of around 5,642 days of downtime for the period.

To protect against ransomware attacks, businesses can implement regular backups, use anti-virus and anti-malware software, and provide employee training on how to identify and avoid ransomware attacks. At NTM, we provide businesses with dedicated ransomware rollback services to protect them from unwanted ransomware attacks.

4. Weak Passwords

Weak passwords are a significant security risk for businesses, with 80% of data breaches being caused by weak or stolen passwords. To protect against password attacks, businesses can use a managed IT services provider that implements multi-factor authentication, requiring users to provide multiple forms of identification before accessing a system.

Employee training on password security best practices is essential, including how to create strong passwords, securely manage them, and recognize and avoid password attack techniques such as phishing scams. Taking proactive measures to strengthen password security can significantly reduce the risk of unauthorized access and data theft.

Other Types of Cyber Security Threats

There are many different types of cyber security threats that businesses need to be aware of when developing IT strategies to protect operations. These can include denial-of-service attacks, structured query language injections, and distributed denial-of-service attacks.

National Technology Management’s cyber security managed IT solutions can help protect you against these types of attacks:

• Injection attacks: Injection attacks are a common type of attack where an attacker injects malicious code into a web application or database to steal data or gain unauthorized access. These attacks can be dangerous because they can go undetected for a long time, allowing the attacker to gather sensitive information without being noticed.
• Man-in-the-middle attacks: Man-in-the-middle attacks refer to attacks that intercept communication between two parties to steal information or install malware.
• Denial-of-service (DoS) attacks: A denial-of-service attack involves overwhelming a server or network with traffic to prevent legitimate users from accessing it. These attacks can be carried out using various techniques, including flooding the network with traffic, exploiting vulnerabilities in network protocols, or using botnets to coordinate the attack.
• Distributed denial-of-service (DDoS) attacks: Distributed denial-of-service attacks are a more advanced form of DoS attack involving multiple computers to launch a coordinated attack on a single target. These attacks are often carried out using botnets, networks of infected computers that can be controlled remotely by the attacker.
• Eavesdropping attacks: These attacks involve intercepting and stealing data as it is transmitted over a network or between devices. These attacks can be particularly effective when carried out over unsecured networks or when targeting devices that are improperly secured.
• Structured query language (SQL) injection: This type of attack involves inserting malicious code into a website’s database using SQL commands, often through a form or search bar. This allows attackers to access sensitive information, such as usernames, passwords, and credit card numbers.

Protect Your Business with the Help of National Technology Management

Cyber security threats are a real and ever-present danger for businesses of all sizes. Working with a managed IT services provider like National Technology Management can help you protect your business and prevent a cyber attack on your data.

As a full-service managed IT firm, National Technology Management offers SafeSecure® managed IT security solutions to help your business keep your data secure and attackers at bay. We train your employees on how to recognize suspicious activity and perform preventative checks to stop data leaks from occurring.

Contact us today for a free consultation to learn more about how we can help keep your business secure from different types of cyber security threats.