Information security is one of the top priorities for businesses of all sizes and industries. However, many businesses still fall prey to cyber-attacks and data breaches despite investing in advanced security measures.
According to a study by IBM, the average data breach cost is around $4.35 million. Clearly, this staggering amount causes irreparable damage to a business’s reputation and finances. In this blog, we discuss the top information security threats facing businesses today and how to mitigate the risks.
Top 5 Types of Information Security Threats to Keep in Mind
Security threats range from insider threats to advanced persistent threats, and they are capable of bringing an organization to its knees unless its in-house information security professionals are aware of them and ready to respond.
1. Phishing Attacks
Phishing attacks are one of the most common methods used by cybercriminals to gain access to a business’s sensitive information. Basically, phishing attacks come in the form of emails, phone calls, or text messages that appear to be from a legitimate source. The attacker’s goal is to trick the recipient into providing sensitive information such as usernames, passwords, and credit card numbers.
To mitigate the risk of phishing attacks, businesses need to provide regular security training to their employees to help them identify and avoid phishing scams. Additionally, some businesses invest in anti-phishing software that detects and blocks phishing attempts.
2. Ransomware Attacks
Ransomware attacks are another common threat that businesses face. In this case, cybercriminals break into a company’s systems during a ransomware attack and encrypt the data, making it useless. After then, the attackers demand a ransom in return for the decryption key.
To mitigate the risk of ransomware attacks, businesses need to regularly back up their data to an offsite location. Companies also invest in anti-malware programs that recognize and prevent ransomware attacks.
3. Insider Threats
Insider threats are another significant risk to businesses’ information security. Commonly , insider threats come from employees, contractors, or other individuals with access to a business’s sensitive information. Insider threats take many forms, including stealing sensitive data, sharing confidential information with unauthorized individuals, or intentionally damaging systems.
To mitigate the risk of insider threats, businesses must implement strict access controls to limit access to sensitive information to only those who need it. Additionally, businesses conduct regular security audits to identify and address potential vulnerabilities.
4. IoT Security Threats
With the increasing number of Internet of Things (IoT) devices being used in businesses, IoT security threats are becoming more common. These devices include everything from smart thermostats to security cameras, all of which are vulnerable to cyber-attacks.
To mitigate the risk of IoT security threats, businesses sometimes implement strong authentication mechanisms, such as two-factor authentication, for IoT devices. Additionally, businesses regularly update and patch IoT devices to address any security vulnerabilities.
5. Social Engineering Attacks
Cybercriminals frequently employ social engineering tactics to get sensitive data belonging to a company. Attacks using social engineering take a variety of shapes, such as assuming another person’s identity, playing on people’s emotions, or abusing their trust.
To mitigate the risk of social engineering attacks, businesses need to provide regular security training to their employees to help them identify and avoid social engineering scams. Additionally, businesses often invest in anti-social engineering software that detects and prevents social engineering attempts.
Overall, one of the most important aspects of any company’s operations is information security. Therefore, is imperative to count on the best information security professionals in your team. As cyber-attacks become more sophisticated and frequent, businesses need to be vigilant and proactive in their approach to information security. By understanding the top information security threats facing businesses today and implementing the appropriate security measures, businesses are able to mitigate the risks and protect their sensitive information.
Regular security training, access controls, anti-malware and anti-phishing software, and two-factor authentication are just some of the measures that businesses take to strengthen their information security posture and avoid costly data breaches.
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About Phaxis
Founded in 2002, Phaxis is now one of the country’s leading recruitment firms. Specializing in healthcare, information technology, accounting, financial services recruitment, office support, legal, HR and marketing, Phaxis partners with highly qualified talent and top employers to create rewarding career opportunities that result in long-term success for candidates and employers. Visit us at www.phaxis.com.
