“Is your business at risk from a cyber attack?” is a common concern for organizations. According to recent cyberattack statistics, since 2018, cybercrime has cost the global economy nearly $1 trillion. Any organization that doesn’t make cybersecurity a priority is risking legal action, their reputation, and their very survival.
The following information will help you decide what your organization’s cybersecurity risks are and the steps to take to prevent cyberattacks from occurring.
Is Your Business At Risk From A Cyber Attack?: What Is Cybersecurity Risk?
Cybersecurity risk is the overall probability that an attack will occur and that you may lose sensitive information or critical assets. The following are a few cybersecurity threats your business needs to know about.
- Inside Risks: Cybersecurity risks from inside an organization are one of the biggest threats a company faces. If your employees fall for phishing schemes or spoof accounts on social media, this can open the door to a major cyberattack.
- Third-Party Vendors: Outsourcing business operations may reduce costs, but this can increase security risks. All entities within your network require complete visibility at all times. Cybercriminals are increasingly able to identify weak links through third parties.
- Weak Security Measures: When asking “what is cybersecurity risk?”, examining security measures is a crucial step. For example, information such as intellectual property must have specific security measures to maintain the highest levels of safety.
- Ransomware: This is a variant of malware that once in your system prevents access to specific functionalities until your company pays a ransom.
Is Your Business At Risk From A Cyber Attack?: Who Is Most at Risk for Cyberattacks?
Determining what the risk of cyberattacks is involves knowing and understanding your specific business. While nearly every type of company is vulnerable to cyberattacks, there are several types of businesses that are more often targets.
- Small Businesses: Big companies receive most of the media attention, but small businesses are often targets for cybercriminals. Criminals may assume that smaller businesses will not have a strong security system.
- Healthcare Organizations: Hospitals and other medical establishments are targets because they maintain large amounts of personal data.
- Financial Institutions: These institutions are obvious targets because they often have large sums of money as well as personal information.
- Government Agencies: Foreign entities are many times looking for classified information to barter or sell.
- Energy Companies: Potentially knocking out power for thousands or even millions of people make energy companies a prime target for ransomware.
Is Your Business At Risk From A Cyber Attack?: How Can Cyber Attacks Be Prevented?
The following steps can help reduce cybersecurity risks and prevent cyberattacks.
- Strengthen Internal Controls: This includes limiting access to critical information to the least amount of individuals as possible.
- Educate Employees: Human error is one of the major causes of security breaches in companies. When determining what is cyber risk for your company, regular training is essential.
- Implement Multi-Factor Authentication: All applications that have access to the Internet in your organization need a multi-authentication process. Using only a single password is not enough.
- Keep Systems Updated: Up-to-date software is an essential element of preventing cyberattacks. This includes installing and updating firewalls and anti-virus software.
Are You at Risk From a Cyberattack?
When determining what is the risk of cyberattacks for your organization, there are several questions to ask. If you answer no to any of the following questions, you are likely at risk.
- Are you providing training several times a year for all employees?
- Are you immediately training all new hires in cybersecurity practices?
- Do you have a multi-factor authentication system in place?
- Are you using endpoint protection software to protect all types of devices?
- Are you making WiFi security a priority?
Does Your Business Need a Cybersecurity Plan?
After determining the cybersecurity risks for your organization, you’ll need to make a plan that fits the specific needs of your company. Just as you make a plan for hiring or budgeting, it’s essential to purposely create a cybersecurity plan.
Like most organizations, you likely don’t have the time or the expertise to plan and implement an effective security plan. You’ll need to consult with a managed technology service provider who can put together a personalized plan to protect your business from potential cybersecurity attacks.
How Can BrevAll Technologies Help?
BrevAll Technologies is a managed technology service provider in North Richland Hills, Texas providing cutting-edge IT services since 1987. BrevAll offers managed technology services, cybersecurity, dark web monitoring, VolP solutions, and 24/7 monitored Internet options.
We can provide infrastructure consulting, software asset management and help you meet all regulatory requirements. Contact BrevAll Technologies today for more information.