What your business needs to know about the top network security threats

Network security threats are at an all time high. The consequences of a cyber security breach can be devastating, from financial loss to reputational damage. As cybercriminals evolve their tactics, businesses need to stay ahead of the game in order to protect their data. Utilising comprehensive network security services and educating employees are vital parts of a strong strategy.

What is ransomware?

Ransomware remains one of the most prevalent online threats facing businesses today. This type of malware encrypts the victim’s data, rendering it inaccessible until a ransom is paid. The attackers typically demand payment in cryptocurrency to make the transaction difficult to trace. These types of attacks have surged in recent years, with companies across all sectors being targeted.

Recent trends 

1. Critical infrastructure takedowns: Cybercriminals have increasingly targeted critical infrastructure, such as healthcare, energy and transportation sectors. These industries are often willing to pay ransoms quickly to restore operations, making them lucrative targets.
2. Double extortion: Attackers have adopted a double extortion tactic, where they not only encrypt the victim’s data but also threaten to release it publicly if the ransom is not paid. This added pressure increases the likelihood of payment.
3. Ransomware-as-a-Service (RaaS): RaaS platforms have lowered the barrier to entry for cybercrime. Even those with limited technical skills can launch ransomware attacks by purchasing ready-made ransomware kits from the dark web.

How to protect your business 

To defend against ransomware, companies must adopt a multi-layered approach to their security policies:

• Regular backups: Ensure that critical data is backed up on a regular basis and stored in a secure and offsite location. Regularly test backups to confirm they can be restored quickly.
• Network segmentation: Segment your network to limit the spread of infiltration. Critical systems and data should be isolated from the rest of the network.
• Endpoint protection: Implement advanced endpoint protection solutions that detect and block ransomware before it can execute. Keep all software and systems updated to patch vulnerabilities.
• Employee training: Educate employees on the dangers of ransomware and how to recognise phishing attempts that often deliver the malware.

How phishing attacks work

They are a common tactic used to gain access to sensitive information. Attacks involve tricking individuals into clicking on malicious links or attachments, often leading to data theft or the installation of malware. Phishing is particularly dangerous because it exploits human psychology, making it difficult to train for and prevent.

Recent trends 

1. Spear phishing: As the name ‘spear’ suggests, it targets specific individuals within an organisation, often using information gathered from social media or other sources to make the attack more convincing.
2. Business Email Compromise (BEC): BEC attacks involve criminals impersonating company executives or trusted partners to trick employees into transferring funds or sharing sensitive information.
3. Smishing and vishing: Phishing has expanded beyond email to include SMS (smishing) and voice calls (vishing). These methods can be just as effective, catching employees off guard.

Protection tactics

It requires a combination of technology and education to combating the emotional aspects behind phishing:

• Email filtering: Implement advanced filtering solutions that can identify and block phishing emails before they reach employees’ inboxes.
• Multi-Factor Authentication (MFA): To be rolled out across all systems, so that if credentials are compromised, MFA adds another layer of security that can prevent unauthorised access.
• Security awareness training: Regularly train staff on how to recognise phishing attempts. Simulated exercises can be an effective way to guide learning.
• Incident response plan: Have a clear plan in place for dealing with attacks. Individuals should know how to report suspicious emails and what actions to take if they click on a suspicious link.

The hidden danger of insider threats

While external threats often receive the most attention, insider threats can be equally, if not more, dangerous. They can come from employees or contractors who have access to your systems and data. They may intentionally or unintentionally cause harm, perhaps by leaking sensitive information, sabotaging systems or facilitating external attacks.

Trending tactics

1. Remote work challenges: COVID saw a swing towards remote working, with employees able to access company systems from less secure environments. The lack of direct supervision can also lead to lapses in security practices.
2. Disgruntled employees: Employees who are unhappy with their job or who have recently been terminated may seek to harm the company by stealing or destroying data.
3. Third-party risks: Contractors and vendors who have access to company systems can also pose insider threats, especially if  strong security protocols are absent.

Inside out protection

To defend against the risks posed by insiders, implementing the following policies can help:

• Access controls: Limit access to sensitive systems to only those who need it to perform their job functions. Regularly review and update these permissions.
• Monitoring and auditing: Install tools that track employee activity on the network. Regular audits can help identify suspicious behaviour before it leads to an incident.
• Behavioural analytics: Use these insightful tools to detect anomalies in employee behaviour, such as accessing files outside of regular working hours or downloading large amounts of data.
• Clear policies and communication: Establish clear protocols regarding data access and security. Ensure that all employees understand why they are in place and the consequences of violating them.

Cyber threats don’t stand still unfortunately, they are always evolving and becoming more devious. By keeping informed of the latest trends, organisations can take steps to protect themselves from these dangers. One way to do this is by partnering with experts in the field. Having a reliable business IT support team is a key way to maintain the integrity of your network.