The top 5 cybersecurity threats facing businesses today

In today's digital age, businesses of all sizes rely heavily on technology to operate and store sensitive data. However, with this increased reliance on technology comes an increased risk of cyber threats.

According to Statista, global cybersecurity spending is expected to reach $270 billion by 2026, up from $173 billion in 2020. This demonstrates the growing investment in cybersecurity measures as businesses seek to protect themselves against threats such as phishing attacks.

Cybercriminals are constantly evolving their tactics, and businesses must be proactive in protecting themselves against these threats. Here are the top 5 cybersecurity threats facing businesses today:

1. Phishing attacks are one of the most common and effective methods used by cybercriminals to steal sensitive information from businesses. These attacks often take the form of emails that appear to be from a trusted source, such as a bank or a vendor. The email will usually contain a link that, when clicked, will take the user to a fake website designed to steal login credentials or other sensitive information.

To prevent phishing attacks, businesses should train employees on how to recognise and avoid them, implement multi-factor authentication for all accounts, and use email filters to block suspicious messages. But this recommendations should apply to all types of cyber threats.

2. Ransomware is a type of malware that encrypts a business's files and demands payment in exchange for the decryption key. These attacks can be devastating for businesses, as they can result in the loss of important data and cause significant financial damage.

To protect against ransomware attacks, businesses should regularly back up their data, keep their software up to date, and implement strong security measures such as firewalls and anti-malware software.

3. Insider threats are a major concern for businesses, as they can come from current or former employees, contractors, or other insiders with access to sensitive information. These threats can be intentional, such as a disgruntled employee stealing data to sell to a competitor, or unintentional, such as an employee accidentally emailing confidential information to the wrong person.

4. Social engineering attacks are a type of attack that relies on manipulating people into giving up sensitive information. These attacks can take many forms, such as a cybercriminal posing as a trusted authority figure to gain access to a business's network, or a hacker using personal information obtained through social media to gain access to an employee's accounts.

To protect against social engineering attacks, limit the amount of personal information available online. According to IBM, the average cost of a data breach for a business is $3.86 million, underscoring the financial damage that can result from successful social engineering attacks.

5. The Internet of Things (IoT) refers to the network of devices connected to the internet, such as smart home devices, industrial sensors, and medical equipment. These devices can be vulnerable to cyber attacks, as they often have weak security measures and are not regularly updated.

The growth of the cyber security industry is driven in part by the rising threat of cyber attacks and the need for businesses to protect themselves against them. However, the cybersecurity skills gap remains a challenge, with the global shortage of cybersecurity professionals which grew to reach 3.5 million in 2021, according to Cybersecurity Ventures.