Ways Cyber Threats Can Hurt Your Business | Cyberroot Risk Advisory

CYBER THREATS

&

WAYS IT CAN IMPACT
BUSINESSES

Cyberroot Risk Advisory

THE INTERNET AND TECHNOLOGY HAVE GREATLY IMPROVED OUR LIVES BY
ALLOWING US TO COMMUNICATE, SHARE INFORMATION, AND CONDUCT
BUSINESS, BUT IT HAS ALSO MADE US MORE VULNERABLE.

THE INTERNET AND THE WORLD WIDE WEB ARE BEING USED MALICIOUSLY BY
CYBER ATTACKERS TO STEAL PERSONAL IDENTITIES, FAMILY SECRETS,
PASSWORDS AND PASSWORDS TO EMAIL ACCOUNTS. THE EVER-GROWING
CYBER THREATS HAVE BECOME A COMMON PHENOMENON.

OVER THE LAST SEVERAL YEARS, VARIOUS HACKING ATTACKS HAVE BEEN
REPORTED WORLDWIDE, INCLUDING IN THE UNITED STATES, GREAT BRITAIN
AND GERMANY.

What is a Cyber Threat?

A CYBER THREAT IS ANY THREAT THAT ARISES FROM AN ONLINE ATTACK. A
CYBER THREAT CAN BE A WEBSITE, COMPUTER PROGRAM, OR MOBILE DEVICE
THAT AN ATTACKER HAS COMPROMISED. CYBER THREATS RANGE FROM
SIMPLE VIRUSES AND MALWARE TO MORE SOPHISTICATED ATTACKS LIKE
DENIAL-OF-SERVICE (DoS) ATTACKS.

CYBER THREATS COME IN MANY FORMS. SOME ARE DESIGNED TO STEAL DATA
OR PASSWORDS, WHILE OTHERS ARE DESIGNED TO SPREAD MISINFORMATION
OR CAUSE DAMAGE TO THE VICTIM'S NETWORK. CYBERCRIMINALS MAY ALSO
USE THE INTERNET FOR CRIMINAL PURPOSES SUCH AS IDENTITY THEFT AND
CREDIT CARD FRAUD.

POPULAR TYPES OF
CYBER THREATS

1. MALWARE

MALWARE IS SOFTWARE THAT CAN INTERFERE WITH A COMPUTER SYSTEM
AND CAUSE DAMAGE TO THE DATA AND OPERATING SYSTEM OF THE DEVICE.
THERE ARE VARIOUS TYPES OF MALWARE, INCLUDING RANSOMWARE,
SPYWARE, AND ADWARE.

2. EMOTET

THE EMOTET VIRUS IS A TROJAN HORSE THAT IS ATTACHED TO SPAM EMAILS
SENT BY CYBERCRIMINALS. IT MAINLY TARGETS ORGANIZATIONS IN THE
HEALTHCARE, FINANCE, GOVERNMENT AND RETAIL SECTORS. IT ENCRYPTS
FILES ON THE INFECTED MACHINES AND DEMANDS RANSOM FOR THEIR
DECRYPTION.

3. DENIAL OF SERVICE

A DENIAL-OF-SERVICE ATTACK (DoS) IS AN ATTEMPT TO MAKE A MACHINE OR
NETWORK RESOURCE UNAVAILABLE TO ITS INTENDED USERS; IT IS USUALLY
ACCOMPLISHED BY OVERLOADING THE TARGET SYSTEM WITH REQUESTS,
WHICH PREVENTS LEGITIMATE USERS FROM GETTING PROPER SERVICE OR
ACCESSING THEIR SYSTEMS WHILE THEY GET BOMBARDED WITH USELESS
TRAFFIC FROM ALL DIRECTIONS SIMULTANEOUSLY.

4. PHISHING

PHISHING IS ONE OF THE MOST POPULAR TYPES OF CYBER THREATS. PHISHING
IS AN EMAIL SCAM WHERE A PERSON IS TRICKED INTO PROVIDING PERSONAL
INFORMATION SUCH AS PASSWORDS, ACCOUNT NUMBERS, AND CREDIT CARD
INFORMATION. PHISHING SCAMS ARE SENT THROUGH EMAILS TO TARGETED
INDIVIDUALS, WHERE THEY ARE ASKED TO CLICK ON A LINK IN THE MESSAGE
THAT WILL DIRECT THEM TO ANOTHER WEBSITE WHERE THEY WILL BE ASKED
FOR SENSITIVE DATA. THIS ATTACK CAN EASILY TRICK PEOPLE INTO BELIEVING
THAT THE SITE THEY HAVE VISITED IS AUTHENTIC WHEN IT IS NOT.

5. SQL INJECTION

SQL INJECTION IS ONE OF THE MOST WIDELY USED TYPES OF CYBER ATTACKS.
IT'S WHEN CRIMINALS SEND EMAILS PRETENDING TO BE FROM LEGITIMATE
BUSINESSES, IMPERSONATING EMPLOYEES OF THESE BUSINESSES AND
REQUESTING PERSONAL INFORMATION SUCH AS USERNAMES AND
PASSWORDS SO THEY CAN STEAL YOUR IDENTITY OR MONEY ONLINE USING
YOUR ONLINE ACCOUNTS.

WAYS CYBER THREATS
IMPACT MODERN-DAY
BUSINESSES

INCREASED COSTS

THE MOST SIGNIFICANT IMPACT OF CYBERSECURITY THREATS IS THE COST OF
LOST PRODUCTIVITY. BUSINESSES CAN FACE SUBSTANTIAL FINANCIAL LOSSES
IF THEIR SYSTEMS ARE BREACHED AND CRITICAL INFORMATION IS STOLEN. IN
ADDITION, COMPANIES MAY BE FORCED TO SPEND MONEY ON NEW
TECHNOLOGY OR HIRE ADDITIONAL STAFF TO PROTECT AGAINST CYBERCRIME.

OPERATIONAL DISRUPTIONS

IN ADDITION TO COSTS ASSOCIATED WITH BREACHES, BUSINESSES ALSO LOSE
REVENUE DUE TO LOST SALES OR BUSINESS OPPORTUNITIES DUE TO A BREACH
OR DATA LOSS EVENT. THIS CAN RESULT IN REDUCED PROFITS AND EVEN
BANKRUPTCY IF THESE EVENTS AFFECT A COMPANY'S FINANCIAL HEALTH.

LOST REVENUE

CYBER-ATTACKS CAN CAUSE LOST REVENUE IN MANY WAYS, INCLUDING
SLOWDOWNS IN PRODUCTION OR BUSINESS HOURS, MAKING IT DIFFICULT
FOR CUSTOMERS TO REACH YOU AND IMPACTING YOUR ABILITY TO MARKET
PRODUCTS AND SERVICES EFFECTIVELY. THE LOSS OF REVENUE ALSO INCLUDES
LOST SALES THROUGH CANCELLATIONS AND REFUNDS, WHICH CAN LEAD TO
DECREASED BRAND LOYALTY OVER TIME.

STOLEN INTELLECTUAL
PROPERTY

INTELLECTUAL PROPERTY THEFT IS ONE OF THE MOST COMMON CYBER
THREATS FACED BY MODERN-DAY BUSINESSES. IT CAN TAKE MONTHS OR EVEN
YEARS TO DEVELOP A PRODUCT WORTH PROTECTING FROM SOFTWARE TO
DATA. CYBERCRIMINALS STEAL THIS INFORMATION BY HACKING INTO
COMPUTERS AND STEALING INTELLECTUAL PROPERTY OR BY PURCHASING
STOLEN GOODS ONLINE, WHERE THEY ARE THEN SOLD ON THE BLACK
MARKET.

REPUTATIONAL DAMAGE

THE DAMAGE CAUSED BY A CYBER ATTACK CAN BE DEVASTATING, BOTH
FINANCIALLY AND SOCIALLY. THE REPUTATIONAL DAMAGE CAUSED BY A
SUCCESSFUL CYBER ATTACK CAN CAUSE A COMPANY TO LOSE CUSTOMERS
AND MAKE IT DIFFICULT FOR THEM TO ATTRACT NEW ONES IN THE FUTURE.
THIS DAMAGE IS PARTICULARLY SIGNIFICANT WHEN DEALING WITH SENSITIVE
PERSONAL INFORMATION SUCH AS BANKING CREDENTIALS OR MEDICAL
RECORDS.