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With the advancements in technology and the multitude of options available to cyber-criminals, both small businesses and large corporations are at risk of attack. Techniques like crypto-jacking and sophisticated phishing schemes are becoming increasingly prevalent, and business owners should therefore be super vigilant with the safety of their business’ data. Here are the top five security threats you should look out for.

1. Phishing

The current champion of internal threats has to be phishing scams. the human element of phishing makes it most appealing to cybercriminals. Unfortunately, there is no one precaution that can be used to prevent phishing attacks. Most such breaches are actually caused by human error. This emphasizes the importance of user awareness and education.

2. Ransomware

Ransomware attacks are no longer only targeted at large corporations. Small businesses are as likely to have their data held hostage by cryptocurrency-demanding cyber-criminals. As the use of cryptocurrencies as a means of payment for ransomware demands increases, business owners must do everything they can to avoid falling victim. It is advisable to work with a cybersecurity specialist who can help reduce your company’s risk.

3. Spyware

Spyware gathers user data and transmits it to an unauthorized third party. Spyware works like other malware forms by exploiting software and web browser vulnerabilities. Because it is embedded and undetectable, it may appear as a legitimate program, email, or website and convince the user to click on a link or download a program to gain access. It can also be downloaded through hardware such as USB keys.

Spyware is designed to avoid detection but it usually ends up in slowed down computer performance, increased pop-ups when browsing, and frequent unexpected rerouting of browsing searches. Spyware can infect the entire network via one computer and can communicate vital information back to the attacker.

4. GDPR

Industry observers are still waiting for a GDPR breach, but until then, a host of different concerns have arisen for businesses. Companies have been forced to completely rearrange and reorganize management of customer records, said the survey. And failure to be compliant with GDPR standards can be a huge hit to businesses financially and socially, causing consumers to shy away from businesses that don't protect their data.

5. Cryptocurrency mining

Cryptocurrency mining is a relatively new trend, in which cybercriminals infect machines in order to commandeer their CPU power and steal Bitcoin, said the survey. Businesses still have some work to do to stay protected, with 29% of respondents not confident in their cryptomining protection and 24% unable to detect cryptomining activity.

These are by no means the only cyber-threats you should watch out for, but these five top security risks are ones many business owners fail to address adequately. When you make an effort to ensure your company is safe from cyber-attacks, you go a long way towards improving your business’ odds of long-term survival.

Topics: Solutions, IT, MSP