Network Security: Common Types of Cyberattacks and their Effects on Businesses

In a digital age, the need for companies to prepare for cyber attacks is more vital than ever. According to the Australian Criminal Intelligence Commission, the country is an attractive target for cyber crime syndicates due to the nation’s high use of modern technology and relative wealth.

Breaches in security can devastate even the most resilient of businesses. Cyber attacks result in financial loss arising from the theft of corporate information, financial information, contracts, money and customer data. These incidents damage the business’ reputation, leading to the reduction of sales, profits and customer loyalty.

It’s always best to stay informed and alert. With the help of network security providers, protect your company’s valuable assets from these common cyber attacks.

Malware

Malware is short for ‘malicious software.’ It is specifically designed to damage or gain access to a computer without the owner’s knowledge. It disrupts IT and computer processes or worse, it can hold for ransom valuable business data. Ransomware, a type of malware, blocks access to computer systems until the company pays a specific sum of money. Once the ransom is paid, the attackers unlock or remove the encryption. However, there are cases in which hackers don’t unlock the devices, incurring more expenses to the company.

Phishing

Phishing is a type of scam where cyber criminals try to gain access to a company’s network via email or other online methods. In a phishing attack, the criminal sends an email that appears to be from someone within the company. The email comes off as legitimate and contains an attachment or a link to another website. The attachment will install malware in your computer and the website is a trap to steal credentials when the user tries to log in.

DDoS (Distributed Denial of Service)

If a website is flooded with more traffic than it’s built to handle, the website’s server will overload, making it inaccessible to users for a specific period of time. This happens for a lot of reasons, especially if there’s a massive news story break or an online clearance sale. However, often, this kind of traffic overload comes from malicious intent, as an attacker can flood a website with overwhelming traffic to shut it down for all its users. This type of attack is known as a Distributed Denial of Service Attack. This type of attack is more difficult to overcome since the attacker appears from different IP addresses around the world, making the source more difficult to determine.

Unpatched Software

A patch is a piece of software designed to fix security vulnerabilities and update computer programmes. If software is unpatched, it’s vulnerable to potential cyber attacks because of its flaws. Hackers use these flaws to create holes in the software to gain access to the company’s computers. These hackers also embed malware into websites, causing any computer that visits the site to become infected. These vulnerabilities allow cybercriminals to take full control of your systems, including confidential corporate data.

With the proliferation of digital innovation, companies are becoming much more aware of the need to protect their digital assets from the growing cyber threat landscape. Businesses that are well-versed with their security and programme updates are at less risk of cyber attacks, especially with the help of network security professionals.