5 Business Cybersecurity Risks to Know

5 Business Cybersecurity Risks to Know

Cyber breaches can result in financial losses, regulatory penalties and reputational damage, significantly impacting an organization’s ability to do business. Fortunately, developing a comprehensive cybersecurity strategy can help businesses better prepare for and respond to threats to minimize the risks that cyber breaches pose. As part of this strategy, organizations should keep up-to-date with the latest cybersecurity risks facing businesses today.

Consider these five pressing business cybersecurity risks:

1. Ransomware

Ransomware continues to be one of the most acute cyber threats facing Canadian organizations. It is malicious software that infects a victim’s device or server and blocks access until the victim pays a ransom.  According to a report by cybersecurity firm Palo Alto Networks and the Angus Reid Institute, the average ransom paid by Canadian organizations in 2023 was more than $1 million.

2. Social Engineering

Most cyberattacks stem from social engineering, a tactic used by threat actors to prey on the trust of end users. Examples include phishing and business email compromise.

3. Insider Threats

Individuals often visualize an external threat actor when picturing a cybercriminal. However, many cyber breaches stem from employees, contractors, suppliers or third-party collaborators. Due to their unique privileges, insider threats can potentially compromise an organization’s most valuable assets, whether accidental or deliberate.

4. Artificial intelligence (AI)

With the surge in popularity of AI, cybercriminals can weaponize it for nefarious purposes, including credential cracking and malware distribution.

5. Cloud vulnerabilities

With the rise in cloud-based tools among organizations, any weakness in the cloud computing environment can allow hackers to gain unauthorized access.

Organizations should implement a range of cyber hygiene measures to help lessen exposures from these and other cyber threats, including network firewalls, multifactor authentication and data backups.

Did you know that 60% of small and medium businesses don’t survive after a cyber attack? Protect your business with Cyber Insurance, call us at 780.424.2727 or click here to get a quote.