Companies are increasingly spending money on cyber security. However, attackers are launching more sophisticated cyber attacks that are hard to detect, and businesses often suffer severe consequences from them.⠀
Cyber attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2018 alone.
Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses.
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Performing a cyber security risk assessment helps organizations strengthen their overall security. The primary goal of a risk assessment is to determine what the critical assets are and if a threat exploits those assets, how much it would cost to mitigate those risks and to protect your assets from a breach.⠀
In order to perform a cyber security risk assessment, you need consider three factors:⠀
Importance of the assets at risk⠀
Severity of the threat⠀
Vulnerability of the system⠀
Start by learning about common cyber threats, understanding where your business is vulnerable, and taking steps to improve your cybersecurity.
Common threats
Cyber attacks are constantly evolving, but business owners should at least be aware of the most common types.
Malware
Malware (malicious software) is an umbrella term that refers to software intentionally designed to cause damage to a computer, server, client, or computer network. Malware can include viruses and ransomware.
Viruses
Viruses are harmful programs intended to spread from computer to computer (and other connected devices). Viruses are intended to give cybercriminals access to your system.
Ransomware Ransomware is a specific type of malware that infects and restricts access to a computer until a ransom is paid. Ransomware is usually delivered through phishing emails and exploits unpatched vulnerabilities in software.
Phishing Phishing is a type of cyber attack that uses email or a malicious website to infect your machine with malware or collect your sensitive information. Phishing emails appear as though they’ve been sent from a legitimate organization or known individual. These emails often entice users to click on a link or open an attachment containing malicious code. After the code is run, your computer may become infected with malware.