The WCRC recently had the opportunity to ask managed service provider (MSP), CSG, what, in its experience are the most prevalent cyber threats and common vulnerabilities that companies need to be aware of.
It found that, although software to protect work devices is getting smarter, so are cybercriminals and their tactics. They aren’t going anywhere and are only getting better at exploiting vulnerabilities. Therefore, cyber security protection among businesses and the critical importance of proactive security investments must be a focus.
Current tactics
Cybercriminals target businesses of all sizes across various sectors, so if you think your business is too small for an attack, then think again as CISCO notes that 43% of cyber-attacks were aimed at small businesses where a staggering number of 14% were considered prepared, aware and capable of defending their network and data.
As an MSP, CSG has been able to identify what current tactics are being used that organisations need to protect against and in this blog, it takes us through them step by step:
Ransomware
Ransomware remains one of the most prevalent and destructive forms of cyber-attacks. Cybercriminals encrypt data and demand a ransom for its release, leading to significant financial losses and operational disruptions across a range of industries.
Phishing
Phishing attacks involve deceptive emails or messages that trick employees into divulging sensitive information or clicking on malicious links. These attacks exploit human vulnerabilities and can lead to data breaches and financial fraud.
End users are the most vulnerable within a company - CSG reports that employees are receiving more and more phishing emails that seem genuine, with fewer spelling mistakes and suspect links to detect them, which opens more risk of welcoming a cyber breach through their email account.
So, it's more important than ever that businesses use intelligent systems that allow user training to cover the most recent threat tactics.
Distributed Denial of Service (DDoS)
DDoS attacks overwhelm systems with a flood of traffic, causing service disruptions and downtime. They are often used as a smokescreen for more invasive attacks or as a means of extortion.
CSG has seen a significant rise in these types of attacks across the healthcare industry, aimed at disrupting critical services and compromising sensitive patient data.
Common vulnerabilities
Understanding the common vulnerabilities that cybercriminals exploit is crucial for developing effective defenses. These include:
· Outdated software and systems
Keeping software and systems updated with the latest security patches is also very important and if not done will leave a business exposed to known vulnerabilities that cybercriminals can easily exploit.
· Weak passwords and authentication
Some people can be stubborn in accepting they need to use strong passwords and authentication, especially in industries where employees have used the same processes for many years and are reluctant to change. However, this can also be the biggest vulnerability for an organisation.
Cybercriminals use brute force attacks or password guessing techniques to gain access to systems, so without multi-factor authentication (MFA) set up on accounts and using passwords such as a pet’s name or child’s date of birth, then work accounts can be easily breached.
· Insufficient employee training
Employees are often the weakest link in an SME. Without proper training, they may fall prey to phishing attacks or inadvertently introduce malware into the system.
CSG has found that businesses which focus on staff knowledge and training increase their line of defense against the latest cyber tactics. Not only does insufficient employee training put a business at risk to attacks, it can also reduce the trust from stakeholders and any public sector or governmental contracts they wish to win.
Tips on how to stay better protected
Outdated software, weak passwords, and insufficient employee training are some of the major vulnerabilities that SMEs face. Companies are increasingly investing in cyber security to enhance awareness, ensure regulatory compliance, and maintain customer trust. Key takeaways include:
· Regularly update software and systems to avoid exploitation
· Implement strong passwords and multi-factor authentication (MFA) to prevent unauthorised access
· Provide continuous employee training to strengthen the first line of defense against cyber-attacks.
· Invest in cyber security to meet regulatory requirements and build trust with customers.
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Staying informed with the latest cybersecurity news from the WCRC is crucial for bolstering your SMEs defenses against evolving cyber threats.
Here’s more information on the WCRC’s free membership or you can get in touch with a member of its team.
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