5 Reasons Your Business Is at Risk of Cyber attacks

Is your business running into cybersecurity threats frequently? Are you noticing more and more phishing attacks targeting your employees? Well, you’re not alone.

Businesses worldwide are being affected by cybersecurity attacks, and unfortunately, it doesn't seem like the issue is going away soon. According to Usherwood’s vCIO Nathan Hock, business email compromise is the biggest threat in 2021, with ransomware as a close second. Hackers are getting more advanced in their tactics to infiltrate networks making it harder and harder to detect suspicious activity. 

The most common reasons cybersecurity threats occurring in 2021: 

1. Phishing Attacks
2. Ransomware Attacks
3. Malvertising
4. Data Breaches
5. Compromised Passwords

As a managed service provider, we never stop looking into the causes of cybersecurity attacks because they’re constantly evolving. As cybersecurity threats change, our managed IT tools and services must change too.  

We find it critical to refresh cybersecurity tools to ensure our clients have the latest threat detection essential to our proactive risk mitigation strategy. We also encourage our IT team to stay updated on the most recent ways hackers are trying to infiltrate networks with continued training and certifications.

Five reasons your company is at risk of a cyber attack?

There are several reasons that your company is vulnerable to a cybersecurity attack. As a managed service provider, it is our job to know how to mitigate the latest threats.  These are some of the most common things companies aren’t doing, resulting in more frequent cybersecurity attacks. 

1. You don’t provide company-wide cybersecurity training.

When it comes to getting hacked, one of the most common causes is human error. When employees receive a phishing email, they aren’t knowledgeable enough to determine a scam from a legitimate email. If they click on a phishing email, this can open your network up to a malicious hacker, giving the hacker access to your network.

The most effective method of preventing a hack is by providing your employees with constant cybersecurity training. The methods that hackers are using to get into your system are constantly changing. 

 Employees must be up to date on the latest ways that a hacker will attempt to get into your network. The more educated your employees are on recognizing and avoiding cybersecurity threats, the safer your company is. 

1. Outdated software and equipment: 

Office equipment should have a consistent, predictable refresh cycle. When equipment goes past its warranty and becomes outdated, this can limit the device from using the latest software upgrades. Equipment outside of warranty and/or useful life may not be eligible for the latest software or firmware updates. 

Software is constantly changing to keep up with new threats.  A hardware strategy that ensures all devices are within warranty and patched continuously with the latest system updates is the best way to combat a breach through your network infrastructure. 

1. Insider threats: 

Internal threats occur when users with authorized access to an organization’s internal information, data centers, and computer systems abuse this privilege. With great intellectual power comes great responsibility.  Insiders who misuse their access privileges can commit fraud, intellectual property theft, data leaks, or release of trade secrets. The misuse or abuse of sensitive data can be a massive risk for companies.  

Whether the insider threat was deliberate or accidental, it can be equally as detrimental to a company. Insider threats can be committed by current or former employees, third parties, partners, or even contractors.  Insider threats are typically categorized as the following,  malicious insiders, negligent insiders, and infiltrators.

Malicious insiders are people who take advantage of their access and purposefully inflict destructive behavior on the company. 

Negligent insiders are people who either unintentionally make errors or disregard policies putting their organization at risk. 

Infiltrators are external actors that gain internal access and credentials without any authorization.  

1. You don’t scan your network for vulnerabilities:

Regular assessments of your IT infrastructure and network are akin to an annual physical. A network scan (assessment) can allow you to identify any vulnerabilities in your network so you can address them before they are exploited. Your network evaluation can be outsourced to another company or done by your in-house IT staff. The important thing is that when the results are in, you have a highly qualified IT professional analyze the results, identify the issues, and come up with a plan to secure any vulnerabilities. 

Network scans look for vulnerabilities such as:

• Performance inefficiencies  
• Is your network running slow? 
• Are you noticing network crashes? 
• Security issues and blind spots 
• A flaw in your network that could lead to a breach
• Sensitive information that isn’t secure enough
• Too many users with admin access 
• Network infrastructure design issues  
• Install network monitoring
• Embed security

• Server and Storage status 
• Identify why your servers are slow
• Get rid of unnecessary data that is taking up storage

1. Weak passwords- elaborate MFA 

We exist in a world where everything you do requires some form of password, whether it be getting into your online banking, logging onto social media, or entering a passcode to get into your phone. As we continue moving towards a virtual world, most of our personal and professional information lies in applications and online. Passwords must constantly be refreshed and made strong to ensure credentials and sensitive data are not leaked or stolen. Policies must be in place to ensure that passwords are changed regularly and with significant complexity.

But if you think that is enough, you’re wrong. Even more important than having a strong password is having multi-factor authentication(MFA). MFA is a layer of security that acts as a second line of defense on your accounts. 

After successfully entering your username and password with multi-factor authentication, you must provide two or more verification factors to gain access. This could be several actions, such as a push notification on your mobile device or a code emailed to the address on file. MFA ensures that if someone manages to get your password credentials, they will have to pass additional tests to get in. MFA significantly decreases your risk of a cyber attack. 

Ready to Learn How an MSP Can Enhance Your Cybersecurity? 

The best way to enhance your cybersecurity is by staying knowledgeable on the latest cyber attacks. The more aware cyber attackers’ techniques to infiltrate your network, the more prepared you can be with preventative cybersecurity. The most dangerous thing when it comes to cybersecurity is negligence. Staying knowledgeable on new threats and using proactive approaches is the best way to reinforce a secure environment.  

When you partner with a managed service provider, cybersecurity should be a priority for both their environment and yours as the client. If cybersecurity is critical to the success of your business and you would like to learn more about working with a managed service provider, check out this article: What is Fully Managed IT? (How it works and why you need it).