A new report from the World Bank has found that cyber-attacks cost the global economy $600 billion in 2021. Another report by Cybersecurity Ventures suggests that cyber attacks will cost the world over $10 trillion annually by 2025.
These are worrying numbers, and what’s more frustrating is that cybercriminals are getting smarter with their tactics.
Modern Cyber Attack Methods
The modern cyber attack is a coordinated effort to disrupt, misdirect, or destroy data and systems. The purpose of a cyber attack can be as simple as stealing a company’s proprietary information or as complex as taking down a country’s power grid.
The most common type of cyber attack involves the use of malware, which is malicious software that can infect computers, phones, and other devices. Malware can steal data from victims’ machines and enable hackers to access those machines remotely. Hackers also use malware for denial-of-service attacks, which overload systems with requests, so they cannot handle legitimate requests from users.
Another common type of cyber attack is phishing, when an attacker sends emails that trick users into clicking on links or downloading attachments containing malicious software. Phishing emails are often disguised as messages from banks or other trusted sources asking users to confirm their account information or log in again due to security issues.
Then there is the growing trend of ransomware attacks, where hackers restrict access to crucial data/systems and demand a ransom to restore access. Of all the entities who are targets of such attacks, businesses are by far the most at risk.
Why Businesses Need to Improve Their Cyber Security
With the average cost of a data breach exceeding $3 million and some breaches costing as much as $300 million, cyber security should be a top priority for any business. Cyber security is a growing concern for businesses large and small. With more and more data being stored online, the risk of cyber attacks is increasing. In fact, there were over 1.7 billion data breaches in 2018 alone, and experts predict that the number will continue to rise.
So, how do you protect yourself and your business from these attacks?
How Businesses Can Improve Their Cybersecurity in 2022
There are many ways you can improve the cybersecurity of your business. Let’s look at some of the most feasible and efficient ways to do so.
Business document verification is important in cybersecurity because it helps prevent fraud.
The more accurate and secure your business documents, the safer you are from cybercrime. One way that businesses can ensure their documents are secure is by using document verification software. This software creates a digital signature based on the information included in a document; it also helps detect fraudulent activity that could lead to identity theft or credit card fraud.
Using an electronic signature service can also prevent fraudulent documents from being exchanged with your clients and other stakeholders. A digital signature is nearly impossible to duplicate as it uses different encoding features and parameters (such as IP addresses) to sign the documents. That makes it impossible for hackers to duplicate the signatures and documents.
There are several ways to prevent malware at your workplace.
First, you should make sure that all devices are running up-to-date operating systems and software. Second, you should have a firewall installed and configured properly on each device. Third, you should ensure that any user accounts have a strong password that is changed regularly. Finally, it’s important to keep your antivirus software up-to-date with the latest definitions.
Employee training on malware and how to prevent its spread is vital too. Aberdeen Group reported that cybersecurity training could lower cyber risks by up to 70%.
Use Cloud-Based Systems
Cloud-based systems are a great way to help your company’s cybersecurity. When you use cloud-based systems, you can keep the data that is most important to your business in a remote location, which means it is not stored on any devices that are connected to your network. This protects against breaches and loss of data because all of the information will be stored in one place.
Also, when you use cloud-based systems, it is easier for employees to access documents and files because they are stored on a server rather than on individual computers. This allows employees to work from anywhere with an Internet connection and provides them with more productivity at work.
In conclusion, cybersecurity is a top priority for businesses. While the threat of cyberattacks is always present, there are many steps that companies can take to protect themselves and their customers.
The first step is to identify which assets are most important to them and then ensure that they have a plan to protect them. It’s also important to ensure that employees are educated on identifying and responding appropriately when they see suspicious activity on their computer screens or other devices.
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