Cybercrime is on the rise, and businesses are increasingly becoming targets. While there are many different types of cyberattacks, some pose a greater risk than others. Here are some of the biggest cyber threats to businesses:

Ransomware

There is no doubt that ransomware is a scourge on businesses of all sizes. The number of ransomware attacks continues to grow, and the damage they cause can be devastating.

Ransomware is a type of malware that encrypts files on a victim’s computer, then demands a payment in order to decrypt them. Victims may not have access to their files until they pay the ransom, which can be quite costly.

In addition to causing financial damage, ransomware can also disrupt business operations. If critical files are encrypted, businesses may not be able to operate normally until the ransom is paid. This can result in lost revenue and customers, as well as negative publicity.

Clearly, ransomware poses a significant threat to businesses of all sizes. To protect themselves, businesses should take steps to prevent ransomware infections, and have a plan in place for dealing with an outbreak. Additionally, they should always keep backup copies of their files so that they can recover if they are infected.

Cryptocurrencies

A few months ago, the cryptocurrency world was rocked by news of a massive cyberattack on one of the largest bitcoin exchanges in the world, Bitfinex. The hackers managed to steal nearly 120,000 bitcoins from the exchange, worth over $70 million at the time. This was just the latest in a series of high-profile attacks on cryptocurrency exchanges and businesses.

In fact, cyberattacks have become a regular occurrence in the cryptocurrency world. In January of this year, hackers managed to steal over $500,000 worth of ether from an online wallet service. That same month, another attack resulted in the theft of $1.5 million worth of bitcoin from a Japanese exchange. In June, a South Korean exchange was targeted in a cyberattack that resulted in the theft of $30 million worth of cryptocurrency.

So why are cryptocurrency businesses such a popular target for cyberattacks? There are a few reasons. First, cryptocurrencies are still relatively new and somewhat unknown to many people. This makes them a ripe target for hackers looking to steal valuable bitcoins and other cryptocurrencies.

Second, the cryptocurrency industry is growing rapidly. With so much money flowing in and out of these businesses, hackers see them as an easy target. And finally, many cryptocurrency businesses are still not very well protected against cyberattacks. They often lack the security measures necessary to protect their data and assets from hackers.

Phishing

Phishing attacks are becoming more and more sophisticated, and they can have a serious impact on businesses. In fact, phishing attacks are now the number one threat to businesses, according to a recent report from the Ponemon Institute.

The report found that phishing attacks can cause a wide range of damage to businesses, including financial losses, data breaches, and damage to brands. In addition, the report found that the average cost of a phishing attack is now $1.6 million, which is a significant increase from the $1.2 million that was reported in 2017.

These findings underscore the importance of taking steps to protect your business from phishing attacks. One of the most important things you can do is to make sure that your employees are aware of the dangers of phishing and know how to avoid becoming a victim.

You can also take steps to protect your business by implementing security measures such as spam filters, firewalls, and anti-virus software. And, finally, make sure you have a disaster recovery plan in place in case of a data breach.

IoT Devices

The massive distributed denial of service (DDoS) attack on October 21st, 2016 that took down a large swath of the internet was launched with hijacked IoT devices. The malware used in the attack, known as Mirai, scans the internet for vulnerable devices and then enslaves them into a botnet to launch the attack.

This was not the first time that Mirai has been used in a DDoS attack. In September of 2016, Mirai was used to take down the website of security journalist Brian Krebs. The source code for Mirai was released online in October, making it available to anyone who wants to use it in an attack.

The security of IoT devices has been a concern for some time, but the massive DDoS attack on October 21st has brought the issue to the forefront. IoT devices are often not well secured, and they are easy to hack into. Hackers can use them to launch DDoS attacks, or they can steal the data that is collected by the devices.

IoT devices are becoming increasingly popular, and the number of them in use is expected to grow significantly in the next few years. The security of these devices must be improved if we want to avoid future large-scale DDoS attacks.

The cyber threats to businesses are increasing in number and sophistication. Hackers are now targeting businesses with ransomware, phishing attacks, and other types of malware. Businesses need to take steps to protect themselves from these threats. Stay tuned into Bayshore Interactive to learn more about cybersecurity!