Almost all businesses today use digital systems in one form or another. From data management solutions and CRMs to accounting software and e-commerce systems, it’s likely that your business relies on digital solutions to carry out its daily operations. While technology has the power to streamline and optimise the most complex processes, businesses must be proactive in mitigating online risks in order to remain secure and compliant.

‘Cyber security’ is a broad term that refers to practices and technologies that protect computer systems and data from a range of potential harms, including cyberattacks, theft, damage, or unauthorised access. Cyber security measures can be both procedural and policy-based, as well as technically-implemented, with the best frameworks encompassing a range of security controls applied in a risk-proportionate manner. In this short blog series, we’ll discuss why cyber security is such a critical consideration in modern business, highlight some of the most common cyber threats, and examine the key components required to build a robust cyber security framework.

BrightSkye – Managed IT Services and Support for Glasgow Businesses

Located in the heart of the central belt, BrightSkye provides managed IT services, support, solutions, and more to businesses across Glasgow, Lanarkshire, The Lothians, and beyond. As Greater Glasgow’s security-first IT support provider, we make cyber security best practices our top priority in every service and solution we provide. This ensures our clients enjoy cyber risk protection that is second-to-none, supporting them in operating securely and compliantly in an age where digital dangers are fast-evolving and growing in number.

Understanding Cyber Risk – Common Threat Types to be Mindful of

Cyber threats take a range of forms, and risks can sometimes arise in places you least expect them. Consider the following cyber risks, and how effective your business’s current security strategy is at minimising them.

Phishing

Phishing attacks (sometimes known as ‘social engineering attacks’) use acts of deception and manipulation to lure victims into divulging sensitive information, making payments, or granting access to critical systems. Phishing is the most common form of cybercrime by a considerable margin, with 83% of UK businesses that identified a cyberattack in 2022 reporting Phishing as the cause. While most commonly associated with email, phishing attacks can also be carried out by telephone, text message, and through social media sites, and rogue websites.

Malware

Malware refers to a vast range of software programmes designed to damage, corrupt, or otherwise exploit a computer or IT system for malicious aims. These harmful programmes vary greatly in terms of their characteristics and methods of operation, with some of the most notable categories of malware including:

• Viruses attach to legitimate applications, transmitting and replicating when the host program is executed.
• Worms infiltrate networks through security vulnerabilities, and can replicate and spread across entire networks autonomously, wreaking havoc as they go.
• Spyware can monitor and capture a user’s activities without their knowledge, allowing hackers to steal account credentials and sensitive data, and spy on browsing habits and company communications.
• Trojan Horses. Trojans hide their pernicious capabilities by assuming the outward appearance of legitimate software applications. Once executed, trojans can have the ability to exfiltrate data, snoop on user activity or create ‘backdoor’ access for the launch of more damaging cyber attacks.

Ransomware

Ransomware is a type of malware used to extort payment from victims, usually by encrypting files or locking access to a computer system, with a promise to restore access once a ransom payment is received. Ransomware attacks often make headline news due to the crippling financial costs that can accompany them, as well as the massive volumes of data that are often stolen by the attackers. Recent years have witnessed a marked increase in the volume of ransomware attacks globally, with cyber security experts concerned about their increasing sophistication and financial impact.

Software Vulnerability Exploits

Cybercriminals are constantly on the lookout for vulnerabilities or weaknesses in software and operating systems. Once discovered, these vulnerabilities can be exploited to perform a range of harmful activities, including malware attacks, SQL injection, man-in-the-middle attacks (MitM), Cross-Site Scripting (XSS), distributed denial of service attacks (DDoS) and privilege escalation. Readily available ‘exploit kits’ make it possible for cybercriminals with limited technical ability to exploit common vulnerabilities, enabling them to target vulnerabilities in a user’s browser, browser plugins, or other software components through rogue websites.

Data Breaches and Insider Threats

A data breach is any security incident wherein an unauthorised party gains access to sensitive information. This could result in the unsanctioned alteration, removal, or deletion of the information or activity that could have profound compliance implications, as well as personal security implications for the subjects the data applied to, such as identity theft.

While data breaches can, and often do, occur as a consequence of external security threats, insider threats can also present risks. Well-meaning credential sharing by employees, the inappropriate use of work devices, inadvertent installation of malware, and falling victim to phishing attacks, can leave data exposed to unauthorised outsiders. Malicious insiders may also leverage their system access rights to exfiltrate sensitive data, either using it for their own ill-intentioned purposes, or selling on to a third party for financial reward.

Credential Attacks

Credential attacks involve the exploitation of weak account credentials as well as vulnerabilities in authentication protocols to gain access to systems, accounts, or sensitive information. Attackers often use phishing scams and malware such as keyloggers to acquire account credentials as we’ve discussed. Other methods include ‘brute force attacks’ and ‘rainbow table attacks,’ which use scripts to test various password combinations until the correct credentials are found, effectively forcing entry into the account.

More than 80% of confirmed breaches are related to stolen, weak, or reused passwords, a statistic that emphasises the importance of password security within a business’s cyber security picture.

In Summary

The cyber warfare landscape is vast and varied, with hackers deploying numerous methods to steal sensitive data and corrupt and damage the IT systems of businesses both big and small. We don’t have time to list every cyber risk out there, but hopefully this article has provided helpful insights into some of the most common online threats and data risks and where these can appear within the context of your IT system.

In our next blog, we’ll outline some of the pitfalls that can befall businesses that fail to take cyber security seriously, and we’ll explore the steps you can take to mount a robust defence against cyber risk in today’s digitised business environment.

BrightSkye – Security-first IT Services for Central Scotland’s Business Community

BrightSkye offers a range of managed cyber security services designed to provide businesses in Glasgow, Lanarkshire, and Central Scotland with the protection they need to operate securely, and maintain compliance. Our experts, with decades of cyber security experience, will apply robust, managed security measures across your digital estate. This ensures that your data remains tightly controlled, and cyber intruders are locked out of your systems. To find out more, get in touch with us today, or call us on 0141 212 2240.