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 it 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 is 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 be 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.