What are the Top Cyber Security Threats in 2020?

Over 50% of small- to mid-sized businesses experience a cyber-attack at some point. These attacks cost on average $149,000 in downtime, lost revenue, or out-of-pocket expenses such as ransom payments or recovery services.

8 Top Cyber Security Threats in 2020

With the right disaster recovery system, cyberattacks can be prevented or mitigated while financial impact can be mitigated. However, the constantly-changing cybersecurity threat environment makes it more difficult than ever to protect against these threats.

Below are some of the cybersecurity threats to look out for in 2020.

1 – Malware

The use of malware continues to be a threat to businesses. Malware encompasses a wide range of cybersecurity threats including backdoors, downloaders, worms, viruses, or trojans. In these attacks, information is stolen or destroyed while sensitive data like clients’ personal identification information, credit card data, and more are sold for profit on the open market. Not only can these types of attacks debilitate a business’s ability to operate while data backups are restored, but they can also seriously impact the company’s reputation and trust.

2 – Metamorphic/Polymorphic Malware

While traditional malware is an ever-growing threat, polymorphic or metamorphic malware makes this cyber threat even more sophisticated in 2020. This type of malware adapts or changes completely with every iteration, making them more difficult to detect and eradicate.

3 – Ransomware

In ransomware cybersecurity threats, hackers lock a company’s sensitive data or integral operations systems and demand ransom in order to unlock the data. In these types of attacks, not only is the cost of the ransom a cost to the company but so are lost operations while the system is under attack. Small businesses are particularly vulnerable to these attacks as they often do not invest in protections for these systems such as hiring a cybersecurity company to install and manage protections.

4 – AI/ML Ransomware

In 2020, the cyber threat of ransomware is becoming even more malicious with the addition of artificial intelligence (AI) and machine learning (ML) technology. As these tools become more prominently available, ransomware attacks become more efficient.

5 – Mobile Malware

Mobile devices are coming increasingly under attack. This is especially true with Android devices that often run off of older versions of Android. Since these devices tend to be less secure and often overlooked by security protocols, this makes them an easier target for cyber threats such as malware.

6 – IoT-Related Threat

The internet of things (IoT) refers to the interconnectedness of infrastructure systems. The internet of things includes smart devices that make managing almost everything more convenient. However, it’s these systems’ convenience and accessibility most susceptible to risk.

7 – Third-Party & Supply Chain Attacks

Third-party or supply chain attacks refer to attacks through an outside partner or provider. The changing on-demand and SaaS landscape in business increase these types of threats in 2020. This makes the importance of choosing reliable providers and staying on top of software updates and patches more important.

8 – Phishing Scams

While phishing scams have often been considered one of the cheapest and easiest ways for hackers to access sensitive data, these scams are becoming more sophisticated than ever. These attacks include luring and engaging with potential victims. The intent is to persuade them to provide sensitive information including passwords, identifying information, payment information, and more. As the world becomes more connected than ever in 2020 the opportunities for these types of covert threats increase.

How to Protect Your Business

As cyber threats continue to increase in number, size, and sophistication in 2020, businesses should be even more conscious about protecting their networks and databases. They should also ensure their employees are well-trained in cybersecurity best practices including software updates, avoiding phishing scams, choosing and updating secure passwords, and more.

For more information about how Network Coverage can protect your business, please reach out to our cybersecurity experts for a free consultation.

 

It can be daunting to consider outsourcing IT services for your company. After all, not only do your operations depend on having reliable systems, but so does your company’s security, compliance, and productivity.

In many circumstances, outsourcing your IT—with the right outsourced IT services company—can save you time, improve your reliability, and increase productivity. However, if you make the wrong hire, you face several risks of outsourcing IT services.

5 Risks of Outsourcing IT Services

Some of the risks associated with outsourcing IT services include inexperienced staff, misaligned software partnerships, hidden fees, or unreliable service.

1 – Inexperienced Staff

One of the risks of outsourcing IT services is risking having inexperienced staff managing your IT. When you hire an in-house IT team, you have the benefit of interviewing and getting references for every individual on the team—however, this is only effective insofar that you have the knowledge to be able to verify new hires’ experience.

Choosing outsourced IT services means you don’t get much—if any—insight into the team members managing your account. Instead, it’s important to verify the knowledge and experience of the outsourced IT company as a whole. Look for case studies, call references, and read online reviews.

2 – Hidden Costs

Another risk of outsourced IT services is hidden costs. Some IT companies will charge a monthly fee for basic IT services but will rack up surcharges for support, additional software charges, consulting on any opportunity not included in your contract, add fees for hardware maintenance, after-hours or holiday customer service, and more. This is why it’s important to read your contract carefully before signing. Make sure to ask any references whether they’ve experienced hidden fees and, if so, for what.

3 – Unresponsive Support Team

Another risk of hiring an outsourced IT company is the time it takes to receive support and troubleshoot problems. Since an in-house IT team is typically on-site, it makes it easier to seek assistance or to produce fixes in case of system problems.

Many outsourced IT companies offer remote desktop assistance which can help troubleshoot almost any problem—although this is only helpful when the support team answers. Make sure any outsourced IT company you hire is committed to fixing problems quickly, answers phones with live people, and has IT engineers available for more complicated problems—in a timely manner.

4 – Biased Software Decisions

While on the outside it may seem like software partnerships between outsourced IT companies and software companies are a good thing as they often result in a discount for the end-user (while providing a kickback to the outsourced IT services company), this is not always the case. Software partnerships often diminish the company’s ability to stay objective in picking the right software solution for you.

Any company that has tried to pigeonhole themselves into a CRM or task manager that wasn’t the right fit for their company understands the risk here. A well-aligned software is exponentially more productive than software that doesn’t actually fit your existing needs.

5 – Decreased Security

Another risk of hiring an unreputable outsourced IT company is decreased security. This may come in the form of outdated technologies, antiquated security strategies, unfamiliarity with the most recent security threats and best practices, and more.

However, this risk is pertinent to in-house IT teams as well. The best option to maintain the best network security, backup and recovery systems, and disaster preparedness is to partner with a reputable IT expert. Better-known outsourced IT companies are more in the spotlight making it even more necessary to maintain high standards of safety and security. They’re also more likely to be able to attract and maintain top IT talent.

Let’s Talk

Are you considering whether outsourced IT solutions are right for your company? We understand the decision may be difficult, and we’re here to help you make the best decision for your company.

Network Coverage offers customized outsourced IT packages. Whether you’re looking to augment your existing IT team so they can focus on what they do best or looking to replace your in-house IT needs with a dependable, trustworthy solution, Network Coverage can help.

Reach out today to speak with an outsourced IT specialist.

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