Cyber Security Trends

5 cyber security threats that every business should be aware of 

2020 has certainly been a year of unprecedented changes, both in our professional and personal lives. With the impact of Covid-19 set to be felt for a long time to come, it has changed the way businesses will operate in the future. 

And, perhaps, that’s no bad thing. A massive, unplanned rise in remote working, enabled by cloud technology and enforced by lockdown, has highlighted the critical importance of cyber security for businesses. 

Businesses must prioritise cyber security 

For too long, those making the decisions in business have viewed cyber security as too expensive, or too complicated, or that a cyber attack is not something that will happen to them. 

Is 2020 the turning point that will make those at the top of business finally take cyber security seriously? 

We certainly hope so. These are the top 5 cyber security threats businesses are facing this year, and our advice for how you can better secure your business against an information security breach.  

1.The long-term cyber security implications of remote working as a result of Covid-19 

Remote working has significantly changed the cyber security landscape. 

When lockdown was first announced on 23 March 2020, businesses had no choice but to scramble to deploy their staff to work from home almost overnight. The usual planning and understanding of the security implications were sidelined, leaving networks incredibly vulnerable.  

Cyber criminals immediately sought to exploit the situation and a dramatic rise in cyber attacks was reported across all industries in the following months. 

Now, with the overwhelming majority still working from home, and likely to be doing so for the foreseeable future, if not forever, businesses need to finally take the time to assess their information security, consider the long-term implications and come up with a sustainable plan. 

2.Cloud technology’s role in digital transformation

Even before Covid-19 accelerated remote working, businesses were well on their journey to digital transformation. Organisations of all sizes are now routinely incorporating cloud technology, such as Salesforce, Microsoft 365 and Slack, to move their business processes – and data – online.

While cloud technology no doubt improves efficiency, business leaders must ensure the security of their data is not compromised as a result. The more reliant organisations are on cloud computing, the bigger the impact a security breach will have on their business. 

Before investing in any new technology, businesses must consider the cyber security risks. Never assume security is built in by default and always ask what measures have been taken to ensure your organisation’s data remains secure.

Still in its infancy, cloud technology is continually evolving and the cyber security implications are not yet fully understood. While developers are working hard to secure their products, hackers are working just as hard to find any weaknesses, which they are quick to exploit. 

Where previously confidential data was stored on-site only, now that it is stored remotely, via the cloud, your business network is considerably expanded, leaving it more vulnerable to an information security breach. 

In addition, multiple entry points and the opportunity to access these apps via any internet connection, secured or unsecured, further increases the risk of a data breach.  

3.Security breaches

As long as data continues to be a valuable commodity on the black market, cyber criminals will continue to do everything they can to steal it. As more and more of our lives take place online, the amount of personal data companies hold on us continues to grow. 

Any business that holds personal data relating to their customers is at risk of a cyber attack, but those holding financial data, which is just about every company, are particularly susceptible. 

Rigorous new data protection regulations, notably the introduction of the European Union’s General Data Protection Regulation (GDPR) in 2018, have been put in place to protect customer’s data and hold businesses to account for failing to do so. 

With the threat of financial penalties for failing to protect customer data, information security has become a priority for businesses, one which has forced them to invest in cyber security over recent years.

4.Lack of cyber security knowledge  

While cyber security experts are continually working to prevent cyber attacks, for the average person, little is known about cyber security, unless a particular data breach makes the news.

Most people will recall Facebook’s data breach, which was detected in 2018 and put at least 50 million users’ data at risk, or, more recently, Virgin Media’s security breach in March 2020, which impacted almost one million customers.

It’s this lack of knowledge that sees millions of people falling victim to phishing emails every year. These same people could well be the weak link in your organisation’s cyber security efforts. Have you ensured they are properly trained to recognise, and respond to, a potential cyber attack?

Business owners must educate themselves in cyber security and take the threat seriously. They must train their staff effectively to lessen the threat, and employ technology to minimise the impact of an inevitable cyber attack. If you fail to do so, the reputation of your business is at stake.  

5.The exploitation of machine learning by hackers 

Just like cloud technology, artificial intelligence (AI) and machine learning are evolving fast, and as with the cloud, cyber criminals are taking advantage of this new technology to launch ever-more sophisticated cyber attacks.  

While machine learning is helping hackers, businesses can equally make use of automation to better secure their data. 

With expanded networks, as a result of remote working, the cloud and the Internet of Things, data is becoming harder to secure, requiring more investment in cyber security. However, there is currently a shortage of cyber security professionals, which is where machine learning comes into its own. 

AI can learn to spot patterns or discrepancies that could signal a cyber attack, but conversely, hackers can use the same technology to disguise their cyber attacks. While cyber attacks are continually evolving to be more effective, so too is the technology that can thwart these attacks, such as MELCaaS (Melius Cyber Security as a Service). 

MELCaaS’s cyber monitoring solution gives businesses peace of mind that their cyber security needs are being taken care of, protecting them from cyber attack and the reputational and financial hit that comes as a result of such a breach.

Why choose MELCaaS?

Our pioneering vulnerability-scanning technology is easy to use, requires no technical knowledge or specialist installation, and costs less than the price of a coffee per staff member per day.

Get in touch with us today to learn how MelCaaS can protect your business from the near-certain threat of an information security breach and receive your free mini Cyber Audit on your company URL and email. This will show if there are any security vulnerabilities on your website and what to do if there are. It will also show if there is any activity around your email address on the dark web.

Why not learn more about our current special offer for a years subscription of MELCaaS

5.Implement the usage of a password manager across the whole organisation

The use of strong, hard-to-guess passwords is even more important now that more employees are working from home or using additional devices to access your organisation’s networks, such as mobile phones and tablets. 

There are two schools of thought when it comes to passwords. The most important rule is that a password should be impossible to guess, so a truly random string of letters, numbers and characters, a minimum of six characters long, is non-negotiable. 

Whether you should get your staff to change these passwords on a regular basis or not, however, is the subject of much debate in the industry. 

Traditionally, IT departments encouraged this from their employees, however, many experts now believe that forcing people to constantly change their password is counterproductive. People hate having to remember yet another complex password and so, the more they are required to change them, the more likely they will fall back on easy-to-guess combinations or write their passwords down. 

The prevailing theory now is that a complicated, random password is the safest. But how can you help your staff to remember these? Implement a company-wide policy of using a password manager. There are several free password managers on the market, all with built-in encryption, such as LastPass, 1Password or Keeper.

6.Test and practice your response to a cyber attack 

Cyber threats are constantly evolving. Once you have cyber security measures in place, you must regularly test their effectiveness against new threats and practice your organisation’s response should a breach take place. 

Melius Cyber Security’s pioneering vulnerability-scanning technology, MELCaaS, automatically works in the background of your operational systems to carry out a daily simulated penetration test. This checks your network for any vulnerabilities and offers recommendations for eliminating potential risks.

MELCaaS is easy to use, requires no technical knowledge or specialist installation, and costs less than the price of a coffee per staff member per day.

Get in touch with us today to learn how MelCaaS can protect your business from the near-certain threat of an information security breach and receive your free mini Cyber Audit on your company URL and email. This will show if there are any security vulnerabilities on your website and what to do if there are. It will also show if there is any activity around your email address on the dark web.

Why not learn more about our current special offer for a years subscription of MELCaaS