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Cyber risks your business needs to know about

Cyber Security Threats

Cyber risks are something every business needs to face, so it’s important to be aware of dangers associated with the digital world to ensure they don’t come to bite.

Rapid advancements in technology and rising global connectivity is reshaping the way the world is operating. Good technology is essential to the growth of any business, from higher productivity to improved customer satisfaction.  

But the consequences of advancements in technology mean organisations are increasingly vulnerable to digital risks. However, this does not mean that businesses must compromise on growth and advancement for the sake of security.  

Top priority cyber risks for your business 

Cybersecurity risk

Cyber criminals who conduct cyberattacks continue to evolve as businesses become more technology driven. Attacks such as ransomware, distributed denial of service (DDoS), and more can bring a halt to the day-to-day running of your business.

Data privacy risk

As we move forward to a knowledge-based economy, data has become the most valuable commodity in the world. This has resulted in hackers targeting critical business data and misusing them for personal gains or demanding ransoms. 

Compliance risk

Businesses must adhere to various regulations regarding data privacy, cybersecurity and organizational standards of practice. Any violation can attract heavy fines and penalties for a business, so this must be taken seriously. 

Third-party risk

When you outsource certain services to third parties, it can compromise the security of your IT infrastructure. For instance, a software tool you develop with an external vendor could introduce some vulnerabilities to your business. 

Resiliency risk

This concerns the ability of a business to bounce back and continue operations after an unexpected outage. Disaster-recovery is now an essential part to any secure business. 

Risks due to human errors

In the UK, 90% of cyber breaches were caused by human errors in 2019. Whether it’s falling for phishing scams or misusing work devices, human errors can be very costly for organisations if they go unchecked. 

Cloud storage risks

The flexibility and ease-of-use offered by the cloud makes it one of the most popular options for backup and storage. However, the cloud is also prone to various risks such as lack of control over data, data leakage, data privacy and shared servers. These all must be taken into account when planning your business IT. 

The security challenges within the digital landscape can be better addressed if businesses know where to keep an eye out for security risks. Once these danger-points are known, it is much easier to plan for the future and keep your business secure. 

Talk to us to discuss your cyber risks and how we can help you guard against these data risks. In the modern day it is a must to keep your business safe. 

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