According to the latest official report published by Cybersecurity Ventures, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. So, in this article, looking at the top cybersecurity threats that all businesses can expect to face in 2021.
Why is Cybercrime on the Rise?
In our increasingly digital world, businesses and individuals rely heavily on technology for everything from communication to data storage. While this has brought about countless efficiencies, it has also provided cybercriminals with more opportunities to exploit vulnerabilities.
What’s fueling this rapid cybercrime growth? As businesses digitize, cybercriminals have access to a growing number of potential targets – from poorly protected small businesses to large enterprises. The more dependent we become on digital infrastructure, the more cybercriminals innovate to find and exploit security gaps. In response, companies must stay ahead of emerging threats by investing in cutting-edge cybersecurity solutions that identify and neutralize these dangers before damage occurs.
So, what can you do to protect yourself in 2021? Let’s explore the top cybersecurity threats your company will face and how to counteract them effectively.
Top Cybersecurity Threats in 2021
1. Attacks on Remote Workers
The COVID-19 pandemic forced around 50 percent of employed and self-employed people to work from their homes, and a significant number of them will never return back to their offices.
While good news for those who enjoy the perks of remote working, such as better work-life balance, more freedom, and increased productivity, a more geographically distributed workforce creates a number of cybersecurity challenges that businesses need to address to keep sensitive information and important systems safe.
Indeed, 91 percent of all global respondents to VMWare’s Global Threat Report said they had seen an increase in cyber-attacks as a result of employees working from home. To protect them, it’s important for business to combine cybersecurity awareness training with a sound remote work policy and carefully selected cybersecurity software tools.
Strengthen your organization’s defenses against advanced cyberattacks, like ransomware, by elevating phishing awareness with these expert tips and actionable insights.
2. Cloud Data Breaches
Increasingly more businesses are moving sensitive data and mission-critical workloads to the cloud. The same businesses are often under the impression that “the cloud” is an impenetrable fortress capable of putting all of their security worries to rest.
While it’s true that leading providers of cloud services, such as Microsoft, Amazon, and Google, offer best-in-class security, their users can still experience a costly cloud data breach if they become a victim of a social engineering attack or make a mistake when configuring security measures.
Small and medium-sized businesses are especially vulnerable because they use the same cloud services as large enterprises but lack the expertise and human resources necessary to properly configure them.
In this guide, we provide the best practices and strategies you must follow to protect your cloud data, condensing them into steps you can efficiently execute in your company.
To level the playing field, they can partner with a reputable managed service provider (MSP) and let the provider implement and manage robust cloud solutions on their behalf.
3. Insider Threat Incidents
The comprehensive Verizon Data Breach Investigations Report (DBIR) revealed a worrying statistic: 34 percent of cyber-attacks in 2019 were caused—both intentionally or unintentionally—by internal employees. To reduce the risk of insider threats, businesses need to take a two-pronged approach that combines security awareness training with access control.
Why? Because not all insider-related incidents are caused by disgruntled employees who want to inflict as much damage as possible by inflecting critical systems, releasing sensitive information, or quietly opening doors for other attackers to exploit. A 2018 study reported that 64 percent of organizations found the careless employee or contractor to be the root cause of most insider threat incidents.
Security awareness training can go a long way in making employees aware of the potential consequences their actions may have on the entire company, while role-based access control (RBAC) can minimize the amount of damage a malicious employee can cause by restricting system access to authorized users.
Learn how to implement an engaging and successful cybersecurity awareness training program.
Get Ready for 2021 Now
The year 2020 has been difficult for many businesses, and opportunistic cybercriminals certainly haven’t made it any easier. Unfortunately, businesses of all sizes can expect to face an even broader array of sophisticated cyber-attacks in 2021, so it’s paramount to take a proactive approach and mitigate cybersecurity risks and vulnerabilities while there’s still time.
At Teal, we are firmly committed to helping Washington, DC businesses overcome all current and future cybersecurity challenges by offering cost-effective solutions that align with the business goals of our customers. Don’t wait for 2021 to change things—take control now. Reach out to us, and together, we’ll help you make next year your most secure and successful yet.
