By Mike Penn, Senior Content Developer, Magna5
Cyberattacks
are such a big problem that the future of most businesses now hinges on how
they decide to mitigate them. In many cases, this means an in-house or managed
security team trained to detect and respond to cyber-attacker methods. In this
post, we look at the five most common and how to stop them.
The average cost of a data breach is $3.86
million. For many businesses, that's game over. To make matters worse, the
costs keep growing every year.
In 2021, the
global cybercrime industry is expected to reach $6 trillion - up $3 trillion from 2017. That's a 200% increase
in money stolen from users and businesses in less than a decade.
For organizations
of every size, the stakes have never been higher. Yet so many businesses find
themselves unprepared for modern security threats. You only have to look back
to 2018 to see that 95% of the breaches that occurred that year could have been prevented.
The good news
is that every business can secure its network and protect itself from attacks.
But preventing cyberattacks requires
an in-depth knowledge of the methods attackers use to target a business
network. So, with that in mind, here are the five biggest cyberattacks and how
to fight them.
Phishing
What it is: Phishing
attacks are messages-typically emails-that disguise as emails from trusted
sources. Sometimes the email is as simple as a fake email from your CEO asking
for your phone number for an urgent call. Often, they're more sophisticated,
trying to trick users into clicking links to access portals or downloads.
How to prevent it: A
strong phishing cyber defense will
prove vital. A common approach is to have a detection system that flags suspicious
emails as potentially harmful. This is effective because it unmasks phishing
emails for what they really are.
But in
addition to having strong defenses in place, educating employees on avoiding
these deceptive attacks goes a long way in preventing successful attacks.
Password Attack
What it is: Weak employee
and network passwords pose a major vulnerability to security. They provide
attackers with an easy pathway into your network. Using a variety of tactics,
they can force their way through login portals to access your network and all
your valuable, mission-critical data.
Password
attacks employ a variety of approaches. During a dictionary attack, the hacker
runs a "dictionary" of common passwords against each username. In contrast,
brute force attacks use programs to generate massive quantities of passwords to
force their way in. The generated passwords start as simple, weak passwords and
graduate towards complex character strings.
How to prevent it: These attacks
prey on the fact that many people use simple, easy-to-remember passwords.
Requiring employees to create stronger passwords goes a long way in eliminating your organization's
vulnerability to password attacks. Additionally, utilizing programs to detect
and prevent these types of attacks as they happen is vital to containing the
threat, should the stronger passwords fail. Use two-factor authentication and
credential management to revoke unauthorized logins to sensitive data.
Man-in-the-Middle Attack
What it is: A man-in-the-middle
attack is when an attacker intercepts messages between parties and relays
messages with them. While the parties think they are communicating with one
another, the attackers are monitoring, filtering and altering the data. They
can also steal important information.
How to prevent it: Encryption
secures communications so that the attacker can't access messages and sensitive
information. Security monitoring and detection also helps to identify when this
attack occurs.
Malware
What it is: Malware,
which stands for malicious software, is unwanted software that attackers
install on user devices without user consent. In 2018, 92% of malware was
distributed by email.
Malware comes
in many forms. There's keyloggers, which track the keystrokes of a computer to
obtain login credentials and other sensitive information. Trojan horses, as
their name's origins suggest, present as legitimate software and infiltrate
systems with malicious intent. Cyber hackers use Trojans to steal, alter and
destroy data while impairing the performance of hardware and networks.
How to prevent: Utilizing a comprehensive
anti-malware program and continually monitoring your network.
Ransomware
What it is: Ransomware is a
form of malware, but its unique and aggressive approach to hijacking data and
hardware deserves special mention.
The stakes are
high. Businesses that fall prey to ransomware must decide between paying a low
ransom or enduring huge damages. A common scenario is a $40k ransom against $1
million in damages.
How to Prevent it: Like
other types of cyberattacks, securing your network with IPS and firewalls is a
must to prevent ransomware. But there are a few additional measures you can
take to minimize your business's exposure in the case of a breach. Backing up your data is
crucial, as it makes the damages from lost data negligible. Additionally,
setting up equipment logs, staff protocols and ransomware insurance will keep
you prepared for when an attack occurs.
Managed Security and
Cyberattacks
Cyberattacks
change constantly. Hackers continuously create new strains of attacks to stay
ahead of the defensive measures businesses implement. Ransomware, for example,
comes in hundreds of variants, including
Jigsaw and the infamous WannaCry. Keeping up with the latest cyber threats is
challenging and time consuming, but it's also essential to keeping your
defenses up to date.
Additionally,
ongoing security monitoring is a critical component of network security. To
identify and thwart an attack as it happens, you'll need IT personnel and
detection systems in place to monitor your network 24/7/365.
Few
organizations have the time or personnel to combat modern threats. Expertise in
emerging technologies, security intelligence and best practices requires a lot
of time and experience. Because of this, many businesses are outsourcing
their cyber security to managed services providers for a managed
security solution.
Conclusion
The
cyber-attack threat to businesses has never been greater. Fortunately,
businesses of every size can protect themselves by deploying an in-house or
managed security team that's ready to protect your network.
Worried about ransomware or
other cyber threats hitting your business? We can help. Contact
us right now to discuss
options.
##
ABOUT THE AUTHOR
Mike Penn, Senior Content Developer, Magna5
Mike Penn joined Magna5 as Senior Content Developer. His role
is to bring to life stories that inspire or inject clarity in how managed
services and emerging trends can be applied to help organizations operate
better and more efficiently.