Cyber security is one of the most important issues impacting modern businesses, however large or small they might be, yet it still remains woefully underestimated. Cybercrime has been estimated to cost businesses in the US over $3.5 billion in the past year, with this figure only set to increase, as more business processes move to an online-only format.

To help you stay informed about cyber security and the threats you need to keep in mind, read on for some useful insights.

What are the threats faced by businesses?

Businesses can face threats from cybercriminals in a number of ways. One of the most common ways to attack a business is by breaching their security systems to steal sensitive or valuable data.

In some cases, this may result in indirect loss, for example, when music providers have recordings leaked online ahead of release, which may take away income from potential sales to customers.

In other cases, data theft is only one step in the process of a crime – with the next being the business held to ransom.

In these cases, businesses may be attacked in a variety of ways. For example, the threat of releasing or leaking sensitive data unless a ransom is paid to a criminal body, or through the installation of ransomware, malicious software that can inhibit the normal working processes of a business’s technology until a ransom is paid. In both cases, the business can end up suffering serious loss.

If there is a threat of releasing sensitive information relating to customers, customer privacy, and security could be breached. The threat to release confidential information such as customer passwords, banking details or contact information can not only impact the business itself but also cause serious harm to their customers. This in turn can have an enormously detrimental impact on a company’s reputation and trustworthiness.

Another common cyber attack experienced by businesses is a DDoS attack, or a distributed denial of service attack. In these cases, a company’s technology is essentially held hostage by being overwhelmed with disruptive requests that prevent other users from being able to use the site or technology. This can have a serious impact by causing potential loss of income to a business, as well as impacting a brand’s reputation.

How can businesses address the risks in cyber security?

There are many ways that businesses can take steps to protect themselves, and their customers, by addressing cybersecurity concerns. One of the simplest and easiest ways is to invest in a reliable service provider such as Zeta Sky, who can carry out a full review of your business and how it operates, and identify potential risk factors, as well as areas that can be improved.

There are many simple measures that a business can put in place to improve its security too. Often, the simple step of using greater common sense when online can make a huge difference – for example, by avoiding using public and nonsecure networks when accessing sensitive company information or data and sticking to a secure and private network at all times.

The rise of remote working also poses a risk to businesses, but by training employees on the steps to take to keep their home or remote working environments safe and secure, businesses can help to protect themselves more effectively.

Finally, it is also necessary for a business to protect and inform its customers in the event of any security breach. While you cannot turn the clock back, keeping an open and transparent dialog with customers will help to restore confidence and trust, and also encourage the cooperation of customers to help build a more secure future.