5 Network Security Threats Business Owners Should Know

Every modern business needs to stay on top of its game when it comes to cybersecurity. Business accounts are an attractive gig for hackers and scammers, and the damage they leave behind if they succeed is not to be underestimated.

Let’s see what the most common network security threats are and how to avoid them.

If you manage a smaller business or a startup, pay extra attention. Your skill to navigate through mistakes can make or break your business. 

1. Phishing

This is (still) one of the most common ways to get someone to forfeit their credentials. A phishing email will look as if it’s coming from a trusted source, usually asking for a password change or something similar.

Phishing leads to loss of account control, and the fallout is often harsh. The best thing you can do is raise phishing awareness among your team members. There’s also interactive phishing training and all sorts of systems to help your employees understand what phishing is and how to recognize it.

2. Credential Stuffing

If a hacker steals one of your passwords, they will try it out on other related accounts as well. This process is called credential stuffing. The sad truth is that a lot of people still reuse their passwords, even after they’ve been breached. It’s more than clear why this is a bad practice.

Keep a clean password etiquette when it comes to your business accounts. Here’s how to start:

• Keep passwords complex (symbols, letters, and numbers are all welcome)
• Don’t use real words, which will protect you from dictionary attacks
• Use an enterprise password manager to keep track of all of your company’s credentials.

3. Data Breaches

Every once in a while, your credentials (personal or business) may get compromised in a data breach. Big data breaches happen more often than not, and there’s not much you can do about it besides prevention.

The safest bet is to:

• Change business account passwords regularly
• Make backups of critical data
• Avoid storing more customer data than you need

Make sure to read up on the most recent data breaches to check if your accounts have been compromised.

4. Ransomware

Another malicious method hackers can use to leverage your business data against you is ransomware. This malware will lock you out of your data by encrypting it. The scammer will ask you for ransom money in exchange for a decryption key. Even if they follow through with their part (which is rare), the price is often too high.

Ransomware can get into your business computers through various entry points, but the most common cause is human error, which we’ll cover in the next point.

5. Human Error

A human mistake is often the priciest thing in business, and cybersecurity is no exception. There are no drastic measures you can take to prevent this. Phishing attacks, ransomware, viruses – most of these are let in by an inexperienced employee.

Play it smart and invest some resources into employee cybersecurity training. A click on a suspicious link can wipe out your entire operation. At least the digital part of it.

To Summarize

Doing business over the internet has become the standard. And as long as the internet exists, there will be cyber attacks, scams, and hacks. In the game of business cybersecurity, prevention is key!

So – invest in cybersecurity training for your employees, take care of your passwords, check for recent data breaches, and use some common sense before clicking on unknown links. Stay safe!