Top Cybersecurity Vulnerabilities Every Business Should Know

By Sophia Young

Cybersecurity vulnerabilities pertain to the flaws or weaknesses within a system or network that cybercriminals may take advantage of to cause damage, such as data breaches and frauds. The method by which a computer vulnerability is exploited is based on the flaw’s nature and the attacker’s motive. For example, these weaknesses may exist due to unanticipated interactions between software programs, system components, or basic vulnerabilities in an individual program.

As a business owner, taking complete control of your company’s strengths and weaknesses is essential. To do this, knowing the ins and outs of your business’ cybersecurity issues is critical. To get you started, here are the top cybersecurity vulnerabilities you should know about to improve how you run your business.

Cybersecurity Vulnerabilities Businesses Should Know

1. A Multitude Of Malware

As technology evolves, cybercriminals find new ways to make malware more powerful and less noticeable. As of now, statistics show that 360,000 new malware files are launched per day. But over the years, these are the most significant malware types on the web:

Ransomware

Ransomware is malicious code designed to encrypt a user’s data storage drives. As a result, the files are rendered inaccessible by the original owner. Afterward, cybercriminals will typically deliver an ultimatum stating their demands.

And more often than not, they demand payment in exchange for the encryption key. Unfortunately, cybercriminals often delete the key if the user refuses to pay the ransom money, meaning the data will remain lost forever.

Trojans

The name came from the infamous “trojan horse” term because it acts as a delivery system for malware. A trojan masquerades as a legitimate and reliable program that tricks victims into installing it on their devices.

It can gravely affect your device because it slips behind the outermost network security defense by pretending to be a harmless file despite carrying many threats inside.

Worms

Lastly, worms are programs that can replicate themselves, ultimately spreading through various means – commonly via emails. Once a worm is on a system, it will look for a contacts database or file sharing system to send itself as an attachment. It usually tricks users into clicking a link or file by pretending to be the victim whose computer was initially compromised. This is a typical malware that spreads on social media because, of course, you’ll trust your friend who sent the infected attachment – not knowing that they’re also a victim.

2. Unpatched Security Vulnerabilities

It’s no surprise that most of the rampant cybersecurity threats overtaking numerous devices daily depend on old security vulnerabilities to work. Unfortunately, because of these malicious threats, one of the most significant risks your business can take is the inability to patch those vulnerabilities as soon as they are discovered.

Let’s face it – most users view updating devices as a nuisance. It’s pretty typical to dismiss the update reminders that pop up while using our laptops and smartphones, even though they only take at least 10 minutes of the day. However, it’s vital to understand that it could save your business from spending vast money and resources.

3. Unforeseen Backdoor Programs

A backdoor program is a classic example of an intentionally created cybersecurity vulnerability. It occurs whenever a computer software or components manufacturer installs a program with malicious code.

It typically allows them to access your device without your knowledge remotely. It also gives them access to any network your device is connected to.

4. Inadequate Password Management

In this day and age, despite numerous cybersecurity concerns, many businesses still don’t implement robust password management policies. In most cases, employees are free to create their usernames and password, and more often than not, they are incredibly predictable.

Unfortunately, this makes for an easy entry point for hackers to access sensitive company data. To prevent this from happening, it’s vital to use strong and unique passwords.

5. Risky IoT Devices

Now that we’re in the digital age, the Internet of Things encompasses many smart devices like coffee makers, Wi-Fi-ready refrigerators, printers, and many more. Although they do provide extreme convenience for humans, it’s still worth noting that these devices are pretty easy to hijack. Most attackers aim to form intertwined networks of compromised devices to launch more attacks.

And what makes things worse is that most businesses don’t realize the gravity of this vulnerability, especially when considering how many IoT devices they use on their networks. These devices open the gates for a massive cyberattack, resulting in a massive risk for your business.

6. Unsecured Remote Access

Remote work setup significantly rose over the past few years, especially when the COVID-19 pandemic forced everyone to work at home. Although remote access is highly convenient and valuable to businesses, it’s also a vulnerability that hackers may explore. So when it comes to using remote access, it’s crucial to secure it properly. Here are some helpful tips to keep your remote access setup secure:

Limit Access

If you’re in dire need of setting up remote access, make sure to only give it to employees that need it. By doing so, you’re minimizing cybercriminals’ chance of getting into your company’s network.

Invest In a Virtual Private Network (VPN)

A VPN will provide an extra layer of protection to keep your remote access setup secure. It’s a worthy investment because it ensures that hackers won’t have the chance to access your database.

Implement Multi-Factor Authentication

After typing your password, multi-factor authentication will ask you to provide additional information to confirm whether you’re the account owner or not. This added security layer prevents hackers from having quick access to your database.

The Takeaway

As someone in the business industry, you should clearly understand the cybersecurity vulnerabilities in your company. By doing so, you’ll have the chance to create a robust solution to these concerns, ensuring that your company will remain safe and protected from cybercriminals worldwide. For additional security, you may also consider cyber liability insurance. It’s a smart move because if you ever face a cybersecurity threat, you’ll have an extra cushion against the detrimental consequences of getting attacked by cybercriminals.

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