Top 5 Cybersecurity Threats Faced by Businesses in 2020

Top 5 Cybersecurity Threats Faced by Businesses in 2020

While the world is in the midst of a pandemic, a similar sort of disease is plaguing our world- Cyberattacks! In the past few years, cybercriminals are attacking personal and professional systems and databases, unleashing threats the likes of which the world has never seen.

Big firms, with all their resources and cybersecurity infrastructure in place, have not been able to defend themselves against attacks. Small firms or normal individuals sitting at home too have not been spared. According to experts, a cyber attack has taken place every 16 seconds in 2020!

In this article, we are going to discuss the top five cybersecurity threats faced by businesses in 2020. In addition, we speak to leading security experts in the domain and ask them about some ways that businesses can use to protect themselves.

List of Top 5 Cybersecurity Threats faced by Businesses in 2020

2021 is here and we are yet to take hold of cybersecurity threats and stop them, a threat that is being faced by businesses all around the globe. Here's the list of top cybersecurity threats of 2020:

1. Phishing Attacks

The list begins with perhaps the most unsuspecting, yet serious of all threats, Phishing Attacks. Criminals will send you spam emails with links. Sometimes, these are promotional in nature and offer you discounts, coupons, and other freebies.

People click on the links only to see some nefarious virus get downloaded to their systems. This download can help them gain access to sensitive data and files stored on your system, which they can then use for their evil ends.

2. Ransomware Threats

Imagine someone gaining access to your company files and data and shutting them down for your own use. The criminal then sends you a message that he would need one million dollars to give you access again to your files and data and one example is the sodinokibi ransomware attacks.

This is how ransomware works and kits for the same are easily available for a few hundred dollars on the darknet. Ransomware attacks are growing as companies, especially smaller businesses that are trying to make the digital transformation in an unsecured manner.

3. Malware on Cell Phones

As smartphones continue to rise in prominence and become an integral part of our lives, cybercriminals are coming up with specialized malware solutions for cell phones. Any time you visit the site on the internet, malware can be injected into your system.

It can hamper payments, drives, and other details, which we store on our mobile phones. The main intention is to get into banking apps, digital wallets, and exhaust the same, right from your cell phone. This kind of threat is on the rise and is expected to grow even further in 2021.

4. Deepfakes and Identity Attacks

If you have been following the news of the American Presidential Elections, a number of experts pointed out how deepfakes were being used to manipulate voters on the internet and on other digital platforms. Even we witnessed many services for such activities.

A Deepfake can be created using Artificial Intelligence or Machine Learning and allows a criminal to create a new identity impersonating a real person. You get the same ID proofs, social security and they pull the image from your social media profile.

5. Cloud Attacks

Attacks on the Cloud or Cloud Jacking is one kind of cyberthreat, which is likely to increase in 2021. The simple reason behind the same is how businesses of all shapes and sizes are increasingly relying on the cloud for their day-to-day functioning.

While the security systems of the cloud continue to be one of the topmost ones, it allows hackers to invest and use sophisticated techniques, because the output (if they are successful) is immense. Data and files of thousands, if not millions can be exposed at one go.

How should Businesses Protect themselves in 2021 against Cyberattacks?

According to the top cyber experts, businesses should look to use the best certificate management tool to improve encryption and levels of security. This tool allows for a private and public key and complete authentication to ensure that data is protected at all times. You can also look into cybersecurity services that offer managed SIEM. This can help to monitor and detect threats, ensuring an incident response plan is in place should an attack occur.

Looking at the human aspect is very important too and businesses should invest in regular employee training modules for cybersecurity. Using encrypted passwords across the different access points will allow you to add a layer or two to your existing security infrastructure.

With more and more of us relying on the ‘Internet Of Things’ or IoT in a much bigger way in 2021 and beyond, one weak chain in our connected world can likely spell doom for all activities.