A complete guide to 6 common cyber threats companies face

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Modern companies need modern technology; there’s no doubt about it. Without computers, the Internet, software, and hardware, no one would be able to do business.

We’re completely integrated with technology, making innovative differences, feats of engineering, and efficient systems.

However, all this technology poses risks, especially when it comes to cybersecurity risks, hacking attacks, and other novel threats.

Cybersecurity has evolved dramatically since the 1970s, when the first antivirus software emerged to combat early computer worms.

Today, the industry faces unprecedented challenges as cyber threats grow in sophistication and scale. This article will provide an overview of various cybersecurity threats that organizations face today. 

Protecting Against Cyberattacks

The importance of having a robust cybersecurity team of qualified professionals who can safeguard an organization’s operations cannot be overstated.

In this day and age, having a cybersecurity team with qualified individuals who have completed the requisite online Masters in Cyber Security and other qualifications is essential to safe and smooth company operations.

Cybersecurity professionals are the key to safeguarding an organization’s digital presence. They’re often what stands between organizations and an assortment of cyberattacks.

Now, let’s get into the meat of this article, which discusses six different cybersecurity threats that modern organizations face.

1. Social Engineering and Phishing

Social engineering is a nefarious manipulation technique that cybercriminals use to exploit human error and gain sensitive information or access to companies’ computer systems.

It often involves sneaky psychological tactics utilized to trick staff into breaking normal security procedures.

An example of this is posing as someone from the IT team to gain someone’s secure login credentials. 

Phishing, a play on words with “fishing,” is a common form of social engineering in which cyber attackers pose as legitimate sources through email, text messages, or fake websites to deceive employees into revealing sensitive data like usernames, passwords, or critical financial information.

These phishing attacks often create a sense of urgency or fear, prompting staff to take quick action without critical thinking or considering the consequences of revealing sensitive data. 

Phishing emails can be incredibly sophisticated and look like the real deal. They may contain company logos or language, making them difficult for a novice to detect.

Social engineering and phishing can be used in tandem in more elaborate schemes, such as spear phishing, whereby cyber attackers tailor dodgy messages based on specific information about the potential victim.

The success of such attacks relies more on human psychology than technical hacking skills, which makes employee awareness and education essential defences against them.

2. Internet of Things (IoT) Attacks

The Internet of Things (IoT) refers to the interconnected system of smart devices and technology that is connected to organizational networks and systems.

While primarily used by cybercriminals to gain unauthorized access to systems, some security firms and cybersecurity teams use controlled IoT attacks for vulnerability testing.

With the proliferation of smart devices used by staff in companies, IoT attacks are becoming increasingly common.

Cybersecurity experts predict that over 25% of all cyberattacks against businesses and organizations will be IoT-based by this year. 

IoT attacks tend to target connected devices, exploiting software vulnerabilities and security flaws to gain unauthorized access to networks, steal data, or disrupt operations.

These threats impact industries adopting IoT technologies, such as commercial and industrial systems. 

3. Insider Threats

Insider cybersecurity threats refer to risks posed by individuals, such as staff or even managers, within a company who might have authorized access to software systems, data, or organizational networks.

These threats can come from current or former employees, independent contractors, or even business partners who intentionally or unintentionally compromise security for personal gain or malicious intent.

Malicious insiders may steal sensitive data for their own ends, sabotage systems, or even leak confidential information to competitors or for whistleblowing. 

It is worth noting that not all insider threats are deliberate or malicious; some result from incompetence, negligence, or human error, such as staff falling for phishing scams, mishandling data, or even failing to follow company security protocols.

Insider threats are particularly dangerous because insiders already have a certain level of trust and may have levels of access that external attackers must work hard to obtain via technical hacking or social engineering, as described above.

Detecting insider threats is challenging for organizations, as insider threat actions often seem like normal user behavior.

Organizations should implement strict access controls for staff, network admins should monitor user activity, and IT teams need to promote a strong security culture to mitigate the risks associated with insider threats and protect sensitive information.

4. Malware

Various forms of malware exist, including spyware, ransomware, viruses, and trojans, and all of these remain persistent threats to an organization’s cybersecurity.

Malware is short for malicious software, and this term encompasses various types of harmful software that are designed to infiltrate and damage computer systems.

While mainly used by cybercriminals, some nation-states have deployed sophisticated malware for espionage purposes.

Malware aims to steal data, disrupt operations, or help hackers gain unauthorized access to systems and networks. It poses a threat to individuals, businesses, non-profit organizations, and even governments.

Cybersecurity companies offer a suite of software solutions for preventing and detecting malware, and any organization, large or small, should invest in protection. 

5. Distributed Denial-of-Service (DDoS) Attacks

DDoS attacks are malicious attacks designed to overwhelm target systems with large volumes of traffic from multiple sources, disrupting services and causing downtime or outages.

These attacks threaten organizations across various sectors, potentially leading to financial losses, disrupted operations, and reputational damage.

While DDoS attacks are typically used maliciously, some cybersecurity firms and teams will also employ controlled DDoS techniques for stress testing.

DDoS attacks can also serve as a smokescreen for more invasive attacks. 

Luckily, there are cloud security companies such as Cloudflare and Akamai that specialize in DDoS mitigation and prevention.

6. Supply Chain Attacks

Finally, let’s discuss cybersecurity supply chain attacks.

These are cyberattacks that target vulnerabilities in an organization’s external partners, vendors, or software providers to compromise valuable systems and data.

Instead of attacking a company directly, hackers will use nefarious techniques such as social engineering or malware to infiltrate less secure elements within the company’s supply chain, such as third-party software or hardware components. 

Once these systems are compromised, hackers will introduce malicious code or backdoors, which often go undetected until the damage is done.

Supply chain attacks can lead to data breaches, system disruptions, or even the spread of malware across organizational networks.

The prevalent nature of modern supply chains increases this risk for organizations, making it critical for cybersecurity teams to properly vet partners and enforce stringent security standards across all connection points.

Which of these six cybersecurity threats concerns you the most for your organization? Have you experienced any of these attacks firsthand, or implemented specific measures to protect against them?