What Are the Top 10 Business Workplace Cybersecurity Risks?

In 2024, the cyber threats facing organizations are not only growing in sophistication but in their ability to disrupt operations and compromise sensitive data. From the silent menace of ransomware and malware to the deceptive tactics of phishing, cybersecurity risks demand our constant attention.

The good news… staying informed is the first step towards protecting your business. In this article, we review the top 10 business workplace cybersecurity risks and practical ways to improve cybersecurity at your business. Our goal is to equip you with the knowledge needed to stay ahead of today’s digital threats and protect your business.

Article Summary:

1. Phishing Attacks
2. Malware Infections
3. Ransomware
4. Endpoint Attacks
5. Business Email Compromise (BEC)
6. Insider Threats
7. Weak Passwords and Poor Access Management
8. Social Engineering
9. Unintentional Data Disclosure
10. Vulnerabilities in Remote Work Environments

1. Phising Attacks

Phishing attacks exploit the human element of security systems by tricking individuals into divulging confidential information. These attacks are cunningly designed, often appearing as legitimate requests from reputable sources, thereby deceiving users into providing sensitive data like usernames, passwords, and financial information.

The versatility of phishing tactics is alarming, including emails, text messages, phone calls, and even counterfeit websites, all tailored to mimic trustworthy entities. This form of attack not only targets personal information but also seeks to infiltrate corporate networks, making it a significant concern for businesses.

2. Malware Infections

Malware infections represent one of the most pervasive cybersecurity risks for businesses, with a wide array of malicious software types designed to infiltrate, damage, or take control of your organization’s IT systems. This category includes computer viruses, worms, Trojan horses, ransomware, and spyware, each with unique mechanisms for spreading and causing harm.

Malware can be introduced into corporate networks through email attachments, compromised websites, and infected removable drives. Once inside, it can wreak havoc by stealing sensitive information, encrypting files for ransom, or even taking over entire systems. The stealthy nature of malware and its ability to constantly evolve make it a serious threat, emphasizing the critical need for IT support and ongoing employee education.

3. Ransomware

Ransomware attacks are a type of malware infection that has become increasingly prevalent in recent years. This form of attack encrypts important files and data, rendering them inaccessible to the rightful owner until a ransom is paid.

The impact of ransomware attacks can be catastrophic for businesses, resulting in significant financial losses, operational disruptions, and reputational damage. What’s more, the ransom demands are often accompanied by a deadline and threats of permanently deleting or leaking sensitive data if the payment is not made.

4. Endpoint Attacks

Endpoint attacks are a prevalent form of cyber threat, targeting the endpoints or devices that connect to a network like laptops, smartphones and tablets. The methods of attack are diverse, ranging from malware installations via malicious email attachments or compromised websites to more cunning strategies like leaving infected USB drives in areas frequented by employees.

Once an endpoint is compromised, the attacker can steal sensitive data, launch further attacks within the network, or hold the system hostage with ransomware. The financial and operational repercussions of endpoint attacks are substantial, often resulting in millions of dollars in lost productivity, system downtime and data theft.

5. Business Email Compromise (BEC)

As the name suggests, business email compromise (BEC) refers to scams that exploit vulnerabilities in corporate email systems. These attacks involve impersonating a trusted entity through compromised or spoofed email addresses, often targeting employees who have access to sensitive information or financial resources.

BEC attacks can take various forms, such as fake invoice requests, fraudulent wire transfer instructions, or requests for login credentials. The financial losses from BEC attacks can be staggering, with the FBI reporting over $1.7 billion in losses globally in 2020 alone.

6. Insider Threats

Insider threats refer to any risks posed by individuals within an organization, whether intentional or unintentional. This category includes disgruntled employees seeking revenge, negligent employees who inadvertently cause security breaches, and malicious insiders working with external attackers.

Although insider threats may not be as common as other cyberattacks, they can have severe consequences. To prevent insider threats, businesses must implement strict access controls and monitor employee activity on critical systems continuously.

7. Weak Passwords and Poor Access Management

Many employees still use easy-to-guess or reused passwords, making it easier for cybercriminals to breach their accounts and gain access to sensitive data. Additionally, organizations may fail to implement strict access controls, allowing unauthorized individuals to log into company systems and steal confidential information.

This issue is compounded by the widespread use of remote work, where employees may use unsecured networks or devices to access company systems. As such, businesses must implement strong password policies, regularly educate employees on password best practices, and invest in advanced access management solutions to protect against unauthorized access attempts.

8. Social Engineering

Social engineering is a form of cyberattack that relies on manipulating human psychology to trick individuals into providing sensitive information or granting access to systems. These attacks often involve impersonating a trusted source, such as a colleague or IT support personnel, and using social engineering techniques like urgency or fear to convince the victim to act against their better judgment.

Social engineering attacks can take many forms, including phishing emails, phone scams, and fake support requests. The success of these attacks relies on the human element, making them challenging to detect and prevent.

9. Unintentional Data Disclosure

Unintentional data disclosure occurs when sensitive information is accidentally exposed or shared without permission. This can happen through human error, such as sending an email to the wrong recipient or failing to properly secure confidential documents.

Unintentional data disclosure can also occur due to a vulnerability in a system or software that allows unauthorized access to protected data. Data breaches resulting from unintentional data disclosure can have serious consequences, ranging from regulatory fines to intellectual property loss.

10. Vulnerabilities in Remote Work Environments

The increasing prevalence of remote work has introduced new challenges for cybersecurity. Employees working from home may use unsecured networks or personal devices, making it easier for cybercriminals to exploit vulnerabilities and access company data. Additionally, the lack of in-person oversight can make it challenging to enforce security protocols and monitor employee activity effectively.

To mitigate the risks associated with remote work environments, organizations should implement strict security policies for remote workers, including the use of secure networks and devices and regular software updates. Employee training on remote work best practices and increased communication between IT teams and remote employees can also help ensure a more secure work environment.

Skilled IT Support

In the face of constantly evolving cyber threats, businesses must have skilled IT support to manage and respond to security incidents efficiently. IT professionals with specialized knowledge in cybersecurity can identify vulnerabilities, implement strong security protocols, and respond quickly to mitigate the impact of a cyberattack.

For IT support in Appleton, Green Bay, The Fox Cities and the surrounding areas, consider Randercom.  Our team of experts at Randercom can provide proactive security solutions to keep your business safe, including managed IT services, IT support, access control and building alarms and much more. Don’t wait until it’s too late – contact Randercom today to protect your business from cyber threats!

By Dylan Esterling, Owner of RanderCom

Dylan Esterling is the proud owner of RanderCom, serving Appleton, Green Bay, and communities across Wisconsin. At RanderCom, Dylan and his team offer comprehensive small-business technology solutions. Services include the sales and installation of phone systems, surveillance systems, access control systems, paging & intercom systems, voice & data services, data cabling & wiring, and IT network equipment. With years of experience in installing business phone systems and other systems, you can trust RanderCom to meet your small business tech needs. Contact us today!