Ever since the onset of the COVID-19 pandemic, the rate of cyber crimes has skyrocketed, with one report demonstrating a 600 percent increase. Now, more than ever, businesses must protect themselves from digital threats by taking a proactive approach to cybersecurity.
Not sure where to start? This guide will help you learn more about cyber security in 2023.
Cyber Crime Statistics & Law
Most businesses, smaller ones, in particular, may not realize the increased prevalence of cybercrime and its detriments to the company’s finances and reputation. When businesses are attacked virtually, they can suffer from significant financial loss in terms of damages, hindered operations, and data recovery. Moreover, such companies also lose their customers’ trust, which further impacts their financial bottom line in the long run.
Here are some important cybercrimes statistics that can give you a clearer picture:
1. The type of cybercrime that costs businesses the most, as of 2022 December, is investment fraud, where each victim lost an average of $70,811.
2. In 2021, the total cost of data breaches for businesses was approximately $4.24 million and the number increased to $4.35 million in 2022.
3. A 2022 report showed that 82 percent of breaches involved some kind of human element, such as social engineering errors, attacks, or misuse of network access by an employee or a third party.
Cybercrime Laws
Essentially, hackers who commit cybercrimes are known as cybercriminals or threat vectors. These individuals rely on software programs and their own skills to conduct cyberattacks. Federal and state regulators set cybercrime laws to protect businesses and their clients. These are the following regulations are applicable in the US that all businesses should be aware of:
Gramm-Leach-Bliley Act
This act necessitates that companies offering financial services or products explain how they transmit and share information with all their clients. It also emphasizes the need to protect all sensitive data.
The Computer Fraud and Abuse Act (CFAA)
This act is a part of the 1984 Comprehensive Crime Control Act. Its laws prohibit unauthorized access to computers or networks.
Electronic Communications Protection Act (ECPA)
This act protects electronic, oral, and wire communications stored on computers or in transit. It applies to electronically stored data, telephone conversations, and email.
What Is the Biggest Cyber Security Crime?
Phishing is the most common cyber security crime, accounting for 90% of data breaches. According to the US Federal Bureau, phishing attacks may increase 400% year-over-year. These attacks usually involve a message or email that appears to be from a legitimate source but is a scam designed to steal your personal information. To protect yourself from phishing attacks, it’s important to be aware of the signs of a phishing email and avoid clicking on links or attachments from unknown sources.
What Is The Strongest Prevention Against Cyber Threats?
To ensure you prevent cybercrime and threats, it’s best to invest in powerful automated cybersecurity software that offers the full range of cybercrime prevention features. Moreover, businesses can also employ cybersecurity service providers to ensure round-the-clock monitoring and protection.
What Are The Top 10 Cyber Security Attacks?
There are several types of cybercrimes that businesses should be wary of
1. Malware
This malicious software is created with the intent to damage or disable computers. Some examples include viruses, spyware, Trojans, worms, and other types of malicious code.
2. Phishing
It involves tricking people into giving away sensitive information, such as login credentials or credit card numbers.
3. Denial of service
It attempts to make a website or network unavailable by flooding it with traffic or requests.
4. SQL injection
It occurs when malicious input is inserted into a database query to manipulate or retrieve sensitive data.
5. Cross-site scripting (XXS)
This attack involves the attacker injecting malicious scripts into otherwise trusted websites.
6. Password cracking
It involves malicious actors attempting to gain access to a computer system or network by guessing its users’ passwords.
7. Spyware
This type of malicious software gathers information about a user without their knowledge. It can be used to track web browsing activity or steal personal information.
8. Zero-Day Exploits
This is when an attacker takes advantage of a vulnerability that has not yet been publicly disclosed or patched.
9. Rootkit
A rootkit is a malicious software that allows an attacker to gain administrator-level access to a system without being detected.
10. Man-in-the-Middle (MitM) attack
A malicious actor intercepts communications between two parties to access sensitive data.
Top 12 Tips to Save Your Business from Cyber Crimes In 2023?
There are some helpful tips that businesses can follow to protect themselves from cybercrimes, in 2023, such as:
1. Getting Insurance
Insurance coverage for cyberattacks can be a lifesaver if you undergo extortion or a data breach. It allows you to rest assured that even if you become a victim of cybercrime, you will recover financially.
2. Data Breach Management Plan
In the event of a breach, you should have a clear and comprehensive protocol that outlines whom the incident response team consists of, along with their responsibilities and roles. This will help save your business from a digital downfall.
3. DDoS Capabilities
Offer a lot of security as they enable you to absorb or avoid cyberattacks meant to degrade or overwhelm your systems, so make use of them.
4. Be Sure To Timely Updates
Updating cybersecurity patches regularly ensures maximum protection. Businesses must update their software on time
5. Have a Host of Data Prevention Tools and Effective Data Prevention Measures
Utilizing tools to prevent data breaches, such as intrusion detection, can be pivotal in nipping the attack in the bud. Moreover, you will need to ensure that your employees monitor the tools regularly. In case a breach occurs, having a host of data prevention tools can help you, you can stay aware to resolve it promptly.
6. Antivirus and Firewall Technology on All Systems
Ensure that all your systems use antivirus and firewall technology. You should also assess the security settings on email programs, browsers, and software. Select the system potions options that will help you meet business needs and decrease the risk of attack in the process.
7. Limit Social Footprint and Administrative Capabilities
If only a select few employees have access to sensitive information, there are fewer chances for it to be misused intentionally or unintentionally. So, authorize access for the most relevant personnel.
8. Employee Background Checks
It’s important to note which employees have a criminal record. If such workers are employed by your organization, limit their access or take additional measures to protect them from cybercrime.
9. Phishing Lessons
All your employees should be trained to know if they’ve received a phishing email and understand how important it is to protect the information they’re handling on a regular basis regularly. This can reduce the risk of your business experiencing a digital attack.
10. Create Backups Regularly
Businesses must create data files and backups. In addition, having bandwidth-abled backups are also beneficial. This allows you to retain all important information in case you are extorted easily.
11. Examine Supply Chains
If you have partnered with supply chains, you are opening up your business to new avenues through which hackers can exploit vulnerabilities. So, do a security audit and see if the supply partner is adequately managing their risks and how their cybersecurity strategy could affect your business.
12. Outsource Cybersecurity
For all businesses, particularly small and medium medium-sized ones, outsourcing their cybersecurity functions can save time and costs while ensuring you stay safe from cybercriminals.
Powerful Cyber Security Tools: 15 Best Cyber Security Tools to Get In 2023?
There are a host of cyber security tools available that businesses should use to avoid undergoing a devastating data breach or any other cybercrime. Here are the 15 top essential ones to consider this year:
1. Public Key Infrastructure (PKI)
PKI is a cybersecurity and encryption framework that helps protect communications between your users and your server.
2. Managed Detection Services
With managed detection services, you can analyze and detect cyber threats, helping eliminate them timely.
3. Firewall Tools
Firewall tools help filter a network’s traffic. This increases the overall safety of your computer network.
4. Packet Sniffers
Packet sniffers or analyzers help in the interception, logging, and analysis of network data and traffic.
5. Intrusion Detection System (IDS)
An IDS helps monitor system and network traffic to check for suspicious and unusual activity, notifying administrators if they detect a potential threat.
6. Antivirus Software
Antivirus software is meant to find harmful malware, such as Trojans, adware, spyware worms, ransomware, and viruses.
7. Penetration Testing
The pen test is meant to simulate system attacks to check the security of your network. This helps you identify vulnerabilities and strengthen your cybersecurity strategy.
8. Web Vulnerability Scanning Tools
These tools scan web apps to see if there are any security vulnerabilities, including path traversal, SQL injection, and cross-site scripting.
9. Encryption Tools
Encryption helps protect data through scramble text, making it unreadable to unauthorized users.
10. Network Security Monitoring Tools
These tools analyze and date network-based and data threats, helping you take a proactive hands-on approach to cybersecurity.
11. Business Continuity Tools
These tools create recovery and preventive systems to deal with potential threats and ensure that business activities continue despite a cyberattack.
12. Data Recovery Tools
These tools help recover data during a data breach. They are critical in helping secure critical organizational and client records.
13. Network Mapping Tools
These automated tools allow you to see your network’s entire topology and components through a visual map displaying its architecture.
14. Endpoint Security Tools
Endpoint security tools allow you to secure entry or end points of end-user devices. These include mobile devices, laptops, and desktops, protected from exploitation by malicious campaigns and actors.
15. Sandboxing Tools
Sandboxing tools enable you to run code and observe and examine it in an isolated, safe network environment, mimicking the end-users operating environments.
What Are The 7 Types Of Cyber Security Threats?
There are many common cyber security threats that businesses and individuals face today. Some of the most common include
1. Third-Party Exposure: Businesses often rely on third-party service providers for things like website hosting and email platforms. This can create a blind spot for companies regarding security, as they may not have visibility into how these providers secure their data.
2. Social engineering: This is where hackers use human interaction to trick people into revealing information or accessing systems.
3. Configuration Mistakes: Incorrectly configured systems and applications can open businesses to attack. For example, leaving default passwords in place or not properly restricting access to sensitive data can give cybercriminals a foothold in your network.
4. Poor Cyber Hygiene: Poor cyber hygiene habits, such as not patching software vulnerabilities or using strong passwords, can make it easy for cybercriminals to gain access to your systems.
5. Cloud Vulnerabilities: The cloud has made it easier for businesses to store and access data. However, it has also created new security challenges, as cloud-based systems may be more difficult to secure than on-premise systems.
6. Mobile Device Vulnerabilities: Mobile devices are another entry point for cybercriminals. Lax security practices, such as failure to encrypt data or use of weak passwords, can leave businesses vulnerable to attack.
7. Poor Data Management: Poorly managed data can also lead to security problems. For example, storing sensitive data in an unencrypted format or failing to dispose of old data properly can give cyber criminals access to this information.
What Are The 5 Types Of Cyber Security?
Knowing the basics of cybersecurity is important, so you know all the bases you need to cover to protect yourself adequately. The five main types of cyber security are:
1. Application security focuses on protecting software code and data against unauthorized access.
2. Network security focuses on protecting networked systems, including the hardware and software components that make up those systems.
3. Cloud security focuses on protecting data and applications stored in the cloud. This includes securing both the cloud and the data and applications stored within it.
4. IoT security protects devices and data from unauthorized access and malicious activity. This includes securing both the devices and the networks they are connected to.
5. Critical infrastructure security focuses on protecting cyber-physical systems, networks, and assets.
How Can A Cyber Security Assessment From A Certified Professional Ensure Your Safety?
A certified professional assessing your cybersecurity architecture is imperative to protect your business from cybercriminals and mitigate the risk of cyberattacks. They have the knowledge, skills, tools, and experience needed to ensure all cybersecurity aspects are considered to prevent attacks.
Conclusion
Protecting your business from cybercriminals has become more critical than ever, and you need to take the right steps to ensure that your data isn’t compromised. CXI Solutions offers comprehensive cybersecurity management services to protect your mind and your business. Contact us today for more information.
