Cybersecurity Challenges Businesses are Facing in 2020

Hand touching CYBERSECURITY inscription, Cybersecurity concept

Although all businesses are facing increased challenges in cybersecurity, 2020 has been a particularly challenging year. Cyber criminals are capitalizing on the current state of unrest, fear, and distraction to target your data. Companies of any size are at risk, but 2020 has shown that small businesses with under 100 employees, and medium businesses, with under 1000 employees have the highest risk. The majority of these businesses expect to be breached or have a breach attempt before the year is over.

Top Cyber Threats

There are many ways that cybercriminals will target your business. Phishing and social engineering prey on the fact that your employees are working remotely, out of their routine, distracted, and unlikely to be as cautious with security. Clickjacking, botnets, and Denial of Service (DoS) are other threats that are reported often. All of these cyberthreats can be catastrophic for your business if data is compromised or stolen.

Top Data Types at Risk

Although all data is at risk of a cyber security breach, the top types of data at risk are:

  • Research and Development (R&D) information
  • Financial information
  • Company-confidential information
  • Customer accounts.

If your business cannot detect attacks immediately, the chance for data loss to become catastrophic is much higher. Compromised customer data is a risk that a business cannot take lightly. Customers trust your business to protect the information they entrust to you. Losing that trust can cost your business in many ways.

Why Businesses are at Risk

IT is an ever-changing business. Small and medium businesses may find that a lack of spending on recruiting and retaining IT security personnel can put their information at a much higher risk. Small and medium businesses may often not invest enough time educating and training their employees about cyber security. Negligent, or worse, malicious, insiders are always a top security risk. Small and medium businesses are also more likely to have outdated servers and security hardware.

What are the Possible Ramifications of a Cyberattack on your Business?

Cyberattacks pose a real threat to your business. There is a monetary cost associated with response and recovery. There will be disruption and damages to your critical infrastructures. You will have the added cost of bringing in outside consultants and experts. There may be stolen or damaged equipment, and stolen intellectual property. You will undoubtedly have a decline in productivity while you address the threat. Finally, there is a cost with your clients. They may lose confidence in your business to keep their information safe, and regaining this trust can take time.

What Your Business Can Do

Businesses need to begin by evaluating their current vulnerability. What information would be valuable to cyberattack? Have you put protection in place? Is your technology up to date? Do you have a plan to respond to a cybersecurity breach? Cybersecurity is a fast-changing landscape and partnering with the right organization can help your business stay safe in 2020 and beyond.

Cyberthreats will not be going away, and this is something your business cannot afford to ignore until it becomes an issue. If you wait until your data is compromised, you’ve waited too long. Being proactive and aware of cyber security best practices are the best way to keep your company information secure. If you are concerned about the level of your cybersecurity, contact AccuShred for the tools to do a self-assessment of your current security measures, suggestions on how you can strengthen it, and proactive tips for securing your information against potential threats in the future.