Cyber Threats and Its Impact On Businesses | Cyberroot Risk Advisory

THE INTERNET AND TECHNOLOGY HAVE GREATLY IMPROVED OUR LIVES BY ALLOWING US TO COMMUNICATE, SHARE INFORMATION, AND CONDUCT BUSINESS, BUT IT HAS ALSO MADE US MORE VULNERABLE. THE INTERNET AND THE WORLD WIDE WEB ARE BEING USED MALICIOUSLY BY CYBER ATTACKERS TO STEAL PERSONAL IDENTITIES, FAMILY SECRETS, PASSWORDS AND PASSWORDS TO EMAIL ACCOUNTS. THE EVER-GROWING CYBER THREATS HAVE BECOME A COMMON PHENOMENON. OVER THE LAST SEVERAL YEARS, VARIOUS HACKING ATTACKS HAVE BEEN REPORTED WORLDWIDE, INCLUDING IN THE UNITED STATES, GREAT BRITAIN AND GERMANY.

A CYBER THREAT IS ANY THREAT THAT ARISES FROM AN ONLINE ATTACK. A CYBER THREAT CAN BE A WEBSITE, COMPUTER PROGRAM, OR MOBILE DEVICE THAT AN ATTACKER HAS COMPROMISED. CYBER THREATS RANGE FROM SIMPLE VIRUSES AND MALWARE TO MORE SOPHISTICATED ATTACKS LIKE DENIAL-OF-SERVICE (DoS) ATTACKS. CYBER THREATS COME IN MANY FORMS. SOME ARE DESIGNED TO STEAL DATA OR PASSWORDS, WHILE OTHERS ARE DESIGNED TO SPREAD MISINFORMATION OR CAUSE DAMAGE TO THE VICTIM'S NETWORK. CYBERCRIMINALS MAY ALSO USE THE INTERNET FOR CRIMINAL PURPOSES SUCH AS IDENTITY THEFT AND CREDIT CARD FRAUD.

MALWARE IS SOFTWARE THAT CAN INTERFERE WITH A COMPUTER SYSTEM AND CAUSE DAMAGE TO THE DATA AND OPERATING SYSTEM OF THE DEVICE. THERE ARE VARIOUS TYPES OF MALWARE, INCLUDING RANSOMWARE, SPYWARE, AND ADWARE.

SENT BY CYBERCRIMINALS.

THE HEALTHCARE, FINANCE,

FILES ON THE INFECTED MACHINES

DEMANDS

THEIR DECRYPTION.

2.

THE EMOTET VIRUS IS A TROJAN HORSE THAT IS ATTACHED TO SPAM EMAILS

IT MAINLY TARGETS ORGANIZATIONS IN

GOVERNMENT AND RETAIL SECTORS. IT ENCRYPTS

AND

RANSOM FOR

3. DENIAL OF SERVICE A DENIAL-OF-SERVICE ATTACK (DoS) IS AN ATTEMPT TO MAKE A MACHINE OR NETWORK RESOURCE UNAVAILABLE TO ITS INTENDED USERS; IT IS USUALLY ACCOMPLISHED BY OVERLOADING THE TARGET SYSTEM WITH REQUESTS, WHICH PREVENTS LEGITIMATE USERS FROM GETTING PROPER SERVICE OR ACCESSING THEIR SYSTEMS WHILE THEY GET BOMBARDED WITH USELESS TRAFFIC FROM ALL DIRECTIONS SIMULTANEOUSLY.

4. PHISHING PHISHING IS ONE OF THE MOST POPULAR TYPES OF CYBER THREATS. PHISHING IS AN EMAIL SCAM WHERE A PERSON IS TRICKED INTO PROVIDING PERSONAL INFORMATION SUCH AS PASSWORDS, ACCOUNT NUMBERS, AND CREDIT CARD INFORMATION. PHISHING SCAMS ARE SENT THROUGH EMAILS TO TARGETED INDIVIDUALS, WHERE THEY ARE ASKED TO CLICK ON A LINK IN THE MESSAGE THAT WILL DIRECT THEM TO ANOTHER WEBSITE WHERE THEY WILL BE ASKED FOR SENSITIVE DATA. THIS ATTACK CAN EASILY TRICK PEOPLE INTO BELIEVING THAT THE SITE THEY HAVE VISITED IS AUTHENTIC WHEN IT IS NOT.

5. SQL INJECTION SQL INJECTION IS ONE OF THE MOST WIDELY USED TYPES OF CYBER ATTACKS. IT'S WHEN CRIMINALS SEND EMAILS PRETENDING TO BE FROM LEGITIMATE BUSINESSES, IMPERSONATING EMPLOYEES OF THESE BUSINESSES AND REQUESTING PERSONAL INFORMATION SUCH AS USERNAMES AND PASSWORDS SO THEY CAN STEAL YOUR IDENTITY OR MONEY ONLINE USING YOUR ONLINE ACCOUNTS.

INCREASED COSTS THE MOST SIGNIFICANT IMPACT OF CYBERSECURITY THREATS IS THE COST OF LOST PRODUCTIVITY. BUSINESSES CAN FACE SUBSTANTIAL FINANCIAL LOSSES IF THEIR SYSTEMS ARE BREACHED AND CRITICAL INFORMATION IS STOLEN. IN ADDITION, COMPANIES MAY BE FORCED TO SPEND MONEY ON NEW TECHNOLOGY OR HIRE ADDITIONAL STAFF TO PROTECT AGAINST CYBERCRIME.

OPERATIONAL DISRUPTIONS IN ADDITION TO COSTS ASSOCIATED WITH BREACHES, BUSINESSES ALSO LOSE REVENUE DUE TO LOST SALES OR BUSINESS OPPORTUNITIES DUE TO A BREACH OR DATA LOSS EVENT. THIS CAN RESULT IN REDUCED PROFITS AND EVEN BANKRUPTCY IF THESE EVENTS AFFECT A COMPANY'S FINANCIAL HEALTH.

LOST REVENUE CYBER-ATTACKS CAN CAUSE LOST REVENUE IN MANY WAYS, INCLUDING SLOWDOWNS IN PRODUCTION OR BUSINESS HOURS, MAKING IT DIFFICULT FOR CUSTOMERS TO REACH YOU AND IMPACTING YOUR ABILITY TO MARKET PRODUCTS AND SERVICES EFFECTIVELY. THE LOSS OF REVENUE ALSO INCLUDES LOST SALES THROUGH CANCELLATIONS AND REFUNDS, WHICH CAN LEAD TO DECREASED BRAND LOYALTY OVER TIME.

STOLEN INTELLECTUAL PROPERTY INTELLECTUAL PROPERTY THEFT IS ONE OF THE MOST COMMON CYBER THREATS FACED BY MODERN-DAY BUSINESSES. IT CAN TAKE MONTHS OR EVEN YEARS TO DEVELOP A PRODUCT WORTH PROTECTING FROM SOFTWARE TO DATA. CYBERCRIMINALS STEAL THIS INFORMATION BY HACKING INTO COMPUTERS AND STEALING INTELLECTUAL PROPERTY OR BY PURCHASING STOLEN GOODS ONLINE, WHERE THEY ARE THEN SOLD ON THE BLACK MARKET.

REPUTATIONAL DAMAGE THE DAMAGE CAUSED BY A CYBER ATTACK CAN BE DEVASTATING, BOTH FINANCIALLY AND SOCIALLY. THE REPUTATIONAL DAMAGE CAUSED BY A SUCCESSFUL CYBER ATTACK CAN CAUSE A COMPANY TO LOSE CUSTOMERS AND MAKE IT DIFFICULT FOR THEM TO ATTRACT NEW ONES IN THE FUTURE. THIS DAMAGE IS PARTICULARLY SIGNIFICANT WHEN DEALING WITH SENSITIVE PERSONAL INFORMATION SUCH AS BANKING CREDENTIALS OR MEDICAL RECORDS.