The Importance of Cyber Security in Business

The importance of cyber security is truly appreciated by those who have been targeted and suffered from a cyber-attack. As a business, the repercussions of a cyber-attack could be devasting. It can be hard sometimes to even know you’re a victim of cyber security until the consequences of the attack come to light later down the line. So, we can all agree that it’s essential for everyone in the business to understand and be aware of the different types of cyber security attacks and how they can prevent them.

Here are a few types employees need to be aware of:

1. Ransomware

This form of cyber attack occurs when your device’s system has malware installed to encrypt all of its data and deny the user access to all files and folders, essentially stealing all the data and information for the device. To get the data back, the cyber criminals require you to pay a ransom, hence the name of the attack, ‘ransomware’. However, as a business, there are many other concerns you have as a result of ransomware, as downtime and losing customers are potential possibilities. Ransomware attacks can occur to any vulnerable business, no matter the size. Usually, ransomware infiltrates a business via a phishing email – one click on a link within the email and the ransomware is unfortunately installed on your computer. To find out the best way to prevent and protect your business from ransomware, take a look at our blog post that explains all.

2. Phishing

Usually presented in email form, phishing attacks occur when you unknowingly click links that give cybercriminals your credentials and the information they need to gain access to information and data on your computer. For example, the link could prompt you to enter your login details. Or, you could click the link, and it installs malware such as ransomware on your computer. Either of these positions can leave your business extremely vulnerable. Phishing emails are usually presented in disguise and appear to have been sent by a brand or company you may know or recognise. For example, ‘Microsoft’ asks you to log in to fix a problem or ‘Amazon’ sends you a delivery tracking link. So, how do we prevent these cyber criminals from breaching the system? In two ways: – Spam Filters Make sure the settings in your spam filters are updated and include emails from anyone outside your company or regular customers/clients email addresses. You can also purchase additional protection for popular email systems, with the recommended protection for Microsoft 365 emails systems being the Advanced Threat Protection (ATP). – Cyber Security Basics Training It is key to know what to look for, so you can avoid these attacks should they filter through to your employee’s inboxes. It can be hard to spot the difference between real communication from a big brand and a phishing attack, as these criminals invest time into ensuring they present themselves in exactly the same way to try and reel people in. Training provides employees with the tools to be able to identify a phishing attack email, so you don’t need to worry about rolling out emergency damage control following a link click. For a step-by-step breakdown on preventing attacks once a phishing link has been clicked, please read our guide.

3. Impersonation Fraud/Spear Phishing

For employees in businesses, impersonation fraud is usually presented in the form of a CEO, managing director or someone senior within the company. As a spear phishing attack, this type of cyber attack involves communication (usually an email) to be presented as bait. For example, an employee in the payroll or finance department may receive (what appears to be) an urgent email from a senior member of the business asking them to pay a large sum of money into a fake account. Unknown to the recipient, this account belongs to the cyber-criminals To the untrained eye, the email would appear to be legitimate and authentic based on the research done by the attackers on the sender. Even the email address would be almost identical with perhaps characters in the wrong place or a letter or number missing, which, when you’re checking your emails quickly or trying to complete what appears to be an urgent task set by the company’s CEO, can easily go unnoticed.