15 critical corporate cyber security risks

Businesses depend more on the Internet day by day and this is perfectly understandable, given the fact that the web can offer innumerable possibilities to companies for steady expansion and substantial progress over time. Corporate infrastructure has become exceptionally detailed and is now able to cover various different aspects of the company’s function.

Nowadays, businesses invest a lot of money in finding online tools and structures that can meet the growing needs of the market globally. With the competition hitting its highest point and requiring precision, as well as perfection and even harder effort day in and day out, technology is the only path to cross.

Nevertheless, corporate cyber security risks lurk in the dark and can cause severe damage to the overall operation of a business. According to several reports, cybercrime has become a major threat to individuals and businesses in the US and Europe and this phenomenon is not a random one.

Cyber criminals have been made more sophisticated and knowledgeable, leading to far better targeted cyber attacks. In an online environment that can only be characterized as hostile and full of terrors, it is only far that we are all kept up to date with what the risks are concerning web surfing – especially businesses that jeopardize not only the performance of their equipment, but also their reputation and their success.

Why is Corporate Cyber Security Essential?

In order for a company to thrive financially, it is imperative for everyone to work in absolute coordination and without any problems related to security breaches. Without the stress that derives from uncertainty regarding online protection, businesses can focus on quality and effectiveness. This in turn leads to far better results. In a different scenario, companies would have to concentrate on tackling with the threats emerging and worsening the overall performance of both the people and the equipment in the working environment.

After having addressed the fact that cyber security is of prime importance for businesses, it is now time to go ahead with identifying the major corporate cyber security risks you should beware of. Let’s start, shall we?

Top Corporate Cyber Security Risks

Below we have outlined the most important online security risks that each company should take into consideration and prepare to handle efficiently. The list consists of 15 risks, which had better offer some food for thought to every single business man out there!

  • Ransomware: Imagine trying to access the most sensitive data held on your computer and not being able to, due to the malicious intent of a cyber crook. This is what happens with ransomware, which is a dangerous type of malware that can lead to severe damage for your company. Restricted access means that you cannot find details of your clientele or details that have to do with the services and products that your business is all about.
  • The Internet of Things: Everything seems to have been connected unlike the past, where many things were different and almost all services and aspects of the business worked independently. Nowadays, with the spreading of the Internet of Things (IoT), vulnerabilities in the infrastructure of devices and the software are more frequent and powerful.
  • BYOD Policy and the Cloud: More and more people bring their own devices at work, either after being encouraged by their employers or because they can handle their work better in this way. All at once, cloud storage has become a popular option that saves money and time to companies. However, both these two policies and preferred options can result in more frequent security vulnerabilities.
  • Increase of Cyber Theft: A threat that is difficult to tackle with is the increasing occurrence of cyber theft. The risk is significant, given the fact that theft is now conducted more skillfully and therefore it is more difficult to detect the scams and avoid being intercepted critical data of the company.
  • Human Factor: Among the major security risks that companies are bound to deal with, the human factor seems like the trickiest one. You should make sure that all the employees working for your business are up to date with the dangers that lurk in the dark. Only with the proper education and with ongoing updates through seminars can companies be sure of positive results.
  • Cyber-espionage: Competition can be hard and challenging in the working field. This is why companies should always be kept on alert, when it comes to cyber espionage. Spyware of all sorts can be used for retrieving information that is crucial to the performance and success of a business. Technology is able to provide solutions not only to reasonable and innocent claims, unfortunately.
  • Insecure Passwords: Corporate security can easily be breached thanks to passwords that are easy to guess or crack. It is exceptionally beneficial to proceed with strong, solid passwords and even two-factor authentication whenever possible. When something is difficult to overcome, the chances of penetrating the sensitive data of a company diminish.
  • Non-Compliance with Cyber Security Basics: It is important to remember that the IT department needs to keep everything in place and up to date with the latest anti-virus software, additional security tools and so on. All that makes security basics and it goes without even saying that businesses are required to comply with them. Otherwise, such non-compliance can be threatening to their performance over time.
  • Cyber Security Policy: All the actions taken by the IT and the rest of the company concerning cyber security should not be random. On the contrary, they should be parts of an integrated strategy that is followed with respect and with the proper devotion. Of course, such policies ought to be structured by those who are experts in the field of cyber security.
  • Sophisticated Attacks: As we have outlined above, attacks have now become extremely sophisticated and they continue on improving their structure and effectiveness. As a direct outcome, they are harder to deal with and they penetrate your system on the spot. Along with the sophistication of the attacks, businesses should empower their systems accordingly.
  • Legislation Concerns: Proposing bills that need to be voted and focusing more on what is legal than what should be done for the enforcement of cyber security is another threat worth considering. Although some businesses seek justice in legislation, this can become a boomerang and backfire on them.
  • Zero or Flawed Information Security Training: Since people matter a great deal regarding the overall security level of a company, it is only fair that their information security training always remains top notch. Without it, there will indisputably be breaches in the security department and such breaches can even become fatal.
  • Lack of Recovery Plan: Sometimes disaster is doomed to strike. Companies should not just sit idle and keep their fingers crossed, so that it does not strike near them. On the contrary, they should be preparing for the worst and praise whoever they believe in when it does not happen. So, a full recovery plan with backup files and everything thoroughly planned beforehand is of unique and irreplaceable value.
  • Confusing Guidelines: Even though businesses may wish to comply with cyber security guidelines, they can at times be too confusing to follow. This means that conforming to the rules that lead to cyber security may not be followed (not intentionally, but by mistake).
  • Constantly Evolving Risks: Last but not least, it is worthy of attention to point out the fact that cyber security risks are constantly evolving. As technology progresses, it is only certain that new threats spring. No matter how well prepared we are about the risks that we already know, there is always room for something new to appear and threaten us once more.

Conclusion

Now that we have offered you a lot to think of in the field of corporate cyber security, it is time to sum up; of course, businesses nowadays depend on technology and the Internet to a huge extent and this cannot (or should not) change.

Being connected opens up a whole lot of doors to globalization and a greater share of the total market pie, while all procedures become easier and better controlled. However, there are two sides on every coin and thus all companies should ensure a safe environment online. The threats that emerge and the risks taken should be calculated, in order for companies to come up with the most suitable structure in cyber security.

We hope that you have enjoyed our article and we wish you all the best of luck in your corporate future (assuming that you proceed as expected and take the risks mentioned above into consideration!).

Top/Featured Image: By Geralt / Pixabay

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15 critical corporate cyber security risks

by Stella Strouvali time to read: 6 min
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