Common Cyber Attacks Businesses Should Look Out For

A cyber attack refers to assaults that are launched by cybercriminals to gain unauthorized access to a computer system or device with the intent to cause harm. The purpose of cyberattacks ranges from blocking access to information, weakening computer systems/networks, deleting or stealing important data, altering information, and extorting the victims. Cybercriminals are always looking for weaknesses in existing computer systems, this is why businesses need to invest in cybersecurity. A cyber attack can be launched from anywhere in the world using some of the strategies we will address below.

Let’s discuss some of the most common cyberattacks that affect businesses in greater detail.

1. Ransomware

Ransomware is a form of malware attack used by hackers to infiltrate an organization or business and block access to important data. Hackers use vulnerabilities in your system as pathways to gain access to company data. To regain access, businesses are forced to pay large amounts of money as ransom. More often than not, hackers demand payment via untraceable methods like cryptocurrency. It is possible that even after paying the stipulated amount, the affected business may still not be able to regain access to its data and this has devastating consequences. Ransomware attacks target both big and small businesses and financial institutions have been hit the hardest. Hackers also target businesses or organizations with sensitive data they don’t want to be leaked. Another common target is organizations that provide critical services like healthcare. 

Ransomware attacks that targeted businesses rose from 55.1% in 2018 to 68.5% in 2021. This rise in ransomware attacks was the highest figure reported in the past years and some experts believe that the pandemic contributed to this unprecedented increase. 

2. DoS and DDoS Attacks

The purpose of DoS attacks is to disrupt the normal running of a business by flooding the business with false requests and traffic and making it next to impossible for employees to perform routine tasks like accessing emails and websites. The flood of traffic causes the targeted system to crash, which stops operations in their tracks. DoS attacks are not initiated with the goal to extort money from the victim, they are just meant to disrupt business operations. Disrupting business operations for even just 24 hours can be devastating for any business. More downtime translates to more lost revenue. DoS attacks usually target high-profile organizations that are likely to be hit hard by even just a few hours of downtime. This includes banking, health, or government organizations. 

The difference between DoS attacks and DDoS attacks is the source. DoS attacks originate from a single source and they are easier for a business to contain. Downtime with DoS is usually way less than that experienced with DDoS. DDoS attacks or Distributed Denial of Service attacks originate from multiple sources and are, therefore, very difficult to contain. 

3. Phishing

Phishing attacks are one of the most common types of cyberattacks. This is mainly because they come through emails, SMSes, and calls and every organization uses these communication channels. Employees tend to be lax when it comes to cyber hygiene. Most click on emails without checking the source. Phishing emails redirect the user to phishing sites where users are coaxed into sharing personal information such as passwords or account numbers. If an employee visits a phishing site using a company device or shares passwords, this could put your business at risk and provide pathways for hackers to attack your business. It is essential to train your employees on cybersecurity best practices and cyber hygiene to reduce the chances of your business falling victim to phishing attacks. 

A phishing email has the following characteristics:

• It attempts to entice the recipient or cause panic.
• It comes with attachments to tempt users to download.
• It asks for sensitive information like passwords and account numbers.
• The URLs will not match.

Phishing emails have one or more of the characters highlighted above. Train your employees to look out for these red flags and invest in email security scanning.

4. Malware

Malware, or malicious software, includes but is not limited to ransomware, Trojans, spyware, worms, viruses, and more. By 2020, the known number of malware types had reached 678 million. The purpose of malware is to harm a computer system in one way or another. Malware can slow down your computer system, delete files without authorization, and weaken your system to make it easier for hackers to infiltrate. Malware attacks are continuously evolving and hackers are constantly trying to find ways around the existing defenses. Cybercriminals have turned to using fileless malware to attack businesses. This malware works by embedding corrupted code into a native scripting language such as JavaScript or Python. Fileless malware can also be written straight into memory. 

In some instances, hackers are hired to conduct malware attacks on a chosen target. This is called Malware as a Service (MaaS). It is a type of organized crime that is growing in popularity. This type of attack usually targets big organizations where the gains are likely to be massive. Malware as a Service can be accurately described as the criminal version of Saas. 

Protect Your Business From Cyberattacks 

Cyberattacks are a neverending struggle that businesses have to contend with. Investing in antivirus software will protect your business but it can only do so much. Train your employees on cyber hygiene and contact experts that will help you to design a cybersecurity plan that is best suited to your needs.