CyberSecurity Threats: What do You Need to Know as a Business

Even as technology has been achieving marvelous growth over the past few years, cyber criminals too have been finding newer and better ways to infiltrate systems and cause loss of information, money and reputation. According to the statistics over the past years cyber attacks have had an increase in frequency and intensity necessitating rapid and more in depth measures to keep information safe and protected. Cybersecurity is a top concern for businesses regardless of size and has raised the bar for the layers of protection that need to be added. As a software development company which is extremely focused on cybersecurity, we wanted to give you more information on this.

Recent Statistics on Cyber Attacks 2024

Here are the most recent statistics available on the ongoing cyber attacks that could almost be called cyber warfare. We compiled them here for your perusal.

• The global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years. (IBM Data Breach Report 2023)
• The number of global cyber attacks increased by 38% in 2022 in comparison to 2021. (Check Point 2023 Cyber Security Report)
• There were 493.33 million ransomware attempts detected on organizations worldwide in 2022. (Statista)
• In a 2022 survey of over 4700 executives in 26 countries, 62% had experienced some form of security incident and 96% of the participants agreed that Security Resilience was a high priority (CISCO)
• According to the Global Risks Report 2022 released by the World Economic Forum, 95% of data breaches are caused by human error. (Global Risks Report 2022, pg. 45 | World Economic Forum)
• According to a research involving 6700 cybersecurity leaders from 27 countries done by CISCO, the cost of being unprepared for cyber attacks can be a minimum of US $100,000 as per 71%, and over US $500,000 as per 41% of the participants. (CISCO Cybersecurity Readiness Index 2023)
• According to a 2024 Cybersecurity Awareness and Practices survey by TechBehemoths, over 36% of IT companies from around the world have experienced some form of cybersecurity incident and 40% of those affected have received some form of impact such as operational disruption, customer impact, financial loss, and website issues

The Latest Cybersecurity Threats

Most of our customers at Era Biz Solutions are very worried about their data security when outsourcing their software development project. So we wanted to take the time to explain the threats and how to mitigate them. Here are some of the latest cybersecurity threats that businesses need to be aware of:

• Ransomware: This is a type of malware that encrypts a victim’s files and demands a ransom payment in exchange for the decryption key. Ransomware attacks have become increasingly common in recent years, and they can be very costly for businesses.
• Phishing attacks: These are attempts to trick people into revealing sensitive information, such as passwords or credit card numbers. Phishing attacks can be carried out via email, text message, or even social media. These can be called a form of social engineering. Almost all data breaches start with phishing attacks of employees or related parties.
• Supply chain attacks: Supply chain attacks are attacks that target a company’s suppliers or vendors. The goal of a supply chain attack is to gain access to the company’s systems through its suppliers. Supply chain attacks have been on the increase in 2023.

Best Practices for Protecting Against Cybersecurity Threats

Here are the best practices that we use at Era Biz Solutions to ensure that both our and our clients’ data are secure. Businesses can follow these practices to protect against cybersecurity threats. These include:

• Using strong passwords and multi-factor authentication: Strong passwords are essential for protecting online accounts. Businesses should also require employees to use multi-factor authentication, which adds an extra layer of security by requiring users to enter a code from their phone in addition to their password when logging in.
• Training employees on cybersecurity awareness: Employees are often the weakest link in the cybersecurity chain. Businesses should train employees on cybersecurity awareness to help them identify and avoid phishing attacks and other cybersecurity threats.
• Keeping software up to date: Software updates often include security patches that can help protect against known vulnerabilities. Businesses should keep all of their software up to date to reduce their risk of being compromised.
• Having a cybersecurity plan in place: Businesses should have a cybersecurity plan in place that outlines how they will respond to a cyber attack. The plan should include steps for identifying and containing the attack, recovering from the attack, and communicating with customers and employees.

Do you want to develop your software securely? Contact us at Era Biz Solutions for the best data security and privacy during development!

The Role of IT in Cybersecurity: What We Do at Era Biz Solutions to Keep Our Clients’ Data Secure

IT plays a vital role in cybersecurity. At Era Biz Solutions, we as IT professionals feel very responsible for using secure development practices during projects. We ensure that we develop and implement security policies, manage security tools, and respond to security incidents very promptly.

Here are some of the specific actions that we take as part of our responsibilities as IT professionals to protect businesses from cyber attacks:

• Secure Development Practices: It is the responsibility of IT professionals to ensure that the client’s business data is secure during the development of any IT project. We ensure that we practice secure development and keep client data separate and secured, with limited access only provided on a need-to-know basis for the development team involved.
• Develop and implement security policies: Era Biz Solutions develops and implements security policies that outline how employees should use the company’s systems and data. These policies cover topics such as password management, data encryption, and acceptable use.
• Manage security tools: We make sure to manage a variety of security tools, such as firewalls, intrusion detection systems, and antivirus software. These tools help to protect the company’s systems from unauthorized access and malicious attacks.
• Respond to security incidents: If in case a security incident occurs, we are always ready to be responsible for investigating the incident, containing the damage, and recovering from the incident. We also have procedures in place to communicate with customers and employees about the incident.

Collaboration between IT and other departments

It is important for outsourced IT professionals and internal IT departments to collaborate with other departments within the business to ensure that cybersecurity is a top priority. For example, IT should work with the HR department to train employees on cybersecurity awareness. IT should also work with the marketing department to educate customers about cybersecurity best practices. Sometimes when we complete some of our clients’ projects at Era Biz Solutions, we even end up working with front desk staff or the logistics department to ensure that the system integrates well with their processes.

Additional Tips for Businesses

In addition to the tips outlined above, businesses can also improve their cybersecurity posture by:

• Conducting regular security assessments: Security assessments can help businesses identify and address security vulnerabilities in their systems and networks.
• Implementing a Zero-Trust security model: A Zero-Trust security model assumes that no user or device can be trusted by default. This model requires all users and devices to be authenticated and authorized before they are granted access to resources.
• Investing in cybersecurity training: Employees should be trained on cybersecurity awareness and best practices on a regular basis. This will help them to identify and avoid phishing attacks and other cybersecurity threats.
• Keeping up with the latest cybersecurity trends: The cybersecurity landscape is constantly evolving, so it is important for businesses to stay up-to-date with the latest threats and trends. This can be done by reading cybersecurity blogs and articles, attending cybersecurity conferences, and following cybersecurity experts on social media.

By following these tips, businesses can significantly improve their cybersecurity posture and reduce their risk of being compromised by a cyber attack.

Conclusion

Cybersecurity is a complex and evolving challenge, but IT plays a vital role in protecting businesses from cyber attacks. By following the best practices and tips outlined above, businesses can reduce their risk of being compromised. However, it is important to note that there is no such thing as 100% security. Businesses should always be prepared for the possibility of a cyber attack and have a plan in place for responding to one.

To get to know about the best practices that we follow at Era Biz Solutions for cybersecurity, such as secure development practices and our developer vetting process, visit our About Us page. You can also consult with us further on how we can keep your information fully secure during the software development process by requesting a free consultation.

Additional Resources

• IBM Cost of a Data Breach Report 2023
• Check Point Research 2023 Cyber Security Report
• Verizon 2023 Data Breach Investigations Report
• Cisco Cybersecurity Readiness Index 2023
• World Economic Forum The Global Risks Report 2022