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The Top Cybersecurity Risks Endangering Businesses in 2022

The threat of cybercrime grows each year, with the world expected to lose $10.5 trillion annually to this menace by 2025, up from $6 trillion in 2021. It’s an alarming statistic, considering that more people are now choosing to work remotely.

One of the most worrying realities about cybercrime is that it evolves rapidly. A solid cybersecurity campaign thus takes into account not only the existing cybersecurity risks but emerging ones as well.

Owners of small businesses especially need to evaluate their cybersecurity strategies. That’s because 43% of cyberattacks target these enterprises. Surprisingly, only 14% can defend themselves against these attacks.

But which cybersecurity threats should you be worried about in 2022? Read on to learn more.

Cloud Vulnerabilities

In recent years, there has been an explosion in the number of cloud users worldwide. This year, the explosion is expected to continue, with 85 percent of organizations adopting a cloud-first strategy by 2025. By 2021, over 95% of all new digital workloads will be deployed on cloud-native platforms, up from 30% in 2021.

But with more reliance on the cloud, comes a greater risk of data breaches. Cloud services face a large number of cyber threats, from unauthorized access to hijacking and denial of service (DoS).

You need to identify these vulnerabilities early enough. After that, you should implement the necessary online security steps to eliminate them.

Ransomware

Ransomware has been one of the biggest cybersecurity challenges for years now, and that’s set to continue in 2022. This type of malware blocks access to your data or threatens to publish it unless you pay a ransom.

2021 was a particularly breakout year for ransomware, with a ransomware attack happening every 11 seconds. Overall, experts predicted that the world would lose $20 billion to ransomware activity.

Perhaps the biggest worry when it comes to ransomware is that it’s no longer the preserve of sophisticated hackers. Less accomplished hackers can now easily access ransomware in the form of ready-made kits that they can purchase and use against businesses.

One of the best ways to guard against ransomware is to opt for professional cybersecurity services from a reputable provider. Such a provider can evaluate your network and identify any vulnerabilities that need to be dealt with. They can also recommend foolproof cybersecurity tips to help ensure that you’re not easy prey for attackers.

Social Engineering

Social engineering is a type of cybercrime that exploits social interactions to gain unauthorized access to valuable personal or business data. The foundation of social engineering cybercrime is deception. The attacker tricks and manipulates you into taking a particular action, such as disclosing sensitive information or bypassing IT security measures.

What makes social engineering attacks so dangerous is that no IT security system is powerful enough to stop them. That’s because the target is the one who lets the attacker into the system. Once the hacker is inside the system, they can exploit it to their advantage.

Social engineering crime is fast on the rise. That’s why you need to take practical steps to guard against it in 2022. The best way to do so is to stay on high alert, especially when asked for personal information and passwords.

Third-Party Exposure

Businesses throughout America use third parties for a variety of services, including payment processing. One mistake these businesses make is thinking that they’re completely safe from third-party data breaches. The fact is, however, that using third-party vendors doesn’t absolve you of responsibility for breaches.

A third party can put your sensitive information at risk. This information includes your staff’s or clients’ credit card and social security numbers. Beware of working with service providers who are negligent when it comes to handling sensitive data.

Keep in mind that even if the attack originates with a third party, your company will still be held liable in the event of a data breach. The resulting penalties and fines can be huge, so it’s best to take proper preventive measures early enough.

Outdated Hardware

While most cyber threats originate from software, sometimes the culprit is your hardware. Software updates are usually released rapidly, which can make it challenging for your hardware to keep up. The exposure resulting from this can put your data at risk.

If your hardware is becoming obsolete, you need to realize that it may be your fault for not downloading the latest updates that contain the latest security measures and patches. That forces you to use older software in your company, which increases your susceptibility to attacks.

The most practical solution here is to monitor your hardware and take prompt action the moment your devices start to get old. Just like you’re careful to update your software regularly, do the same with your hardware.

Untrained Employees

Employee errors account for 88 percent of all data breaches, making them the leading cause of successful cyber attacks. Phishing attacks are especially common, with unsuspecting employees falling prey all too often.

The biggest problem is that many employees lack the skills to spot and stop attacks, which are always getting more advanced. Poor IT security discipline among employees is also a massive challenge.

The best way to deal with this issue is through employee training. Take the time to equip your staff with information about potential cyber threats and how to combat them. Take an extra step to make sure that everyone follows the set security protocols.

Keep Your Business Safe From Cybersecurity Risks

Cybersecurity risks are constantly evolving, and ignoring them is a recipe for disaster. The best way to keep your network secure and protect your data is to identify what threats you face as a company. This way, you can institute measures to deal with each of these threats.

Would you like to read more great content like this? Keep visiting our blog.

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