It has been a while since Cloud technology started being adopted by more and more businesses, expanding networks beyond the traditional LAN and WAN concepts to either hybrid or fully cloud-driven ones.

Resources are scattered between local and cloud network architectures, which increases the complexity of security orchestration due to the architectural diversity of these mixed platforms.

The Covid pandemic response has also moved many employees to working from home and needing access to corporate resources making it more difficult to manage user-owned devices in a secure way, with regard to individuals’ privacy.

All these factors have increased the corporate attack surface, leading to an average of 5.64 US million dollars cost per company that fell victim to a cyberattack in 2022, compared to an average of 4.44 US million dollars in 2019. 

Understanding Cybersecurity Threats

Cybersecurity is the broad term used to describe the practices of securing systems, networks and programs from the numerous complex paths, and tools an attacker may use to gain access to a business’s sensitive information. We call these paths and tools ‘threats’ and we can categorize them based on their behaviour. There are numerous types of cyber threats, so we will only enumerate the most common ones out there.

Malware

Malware encompasses a spectrum of infections that infiltrate computer systems, comprising ransomware, trojans, worms, rootkits, spyware, and similar threats. It’s rare to find a user who hasn’t encountered an infected device. 

Typically camouflaged, malware manifests as software or code, adept at evading detection on inadequately secured systems. Its impact ranges from destabilizing systems to stealthily capturing information, achieved through keystroke logging or complete encryption of data stored on the system. 

Spam and Phishing

Spam refers to unsolicited emails, with or without malicious intent. Conversely, phishing involves emails that deceitfully present themselves as originating from a credible source. Both types of emails exploit established trust to coax staff into sharing sensitive information willingly. For instance, trust can be established through cleverly crafted emails, leveraging publicly available company information, such as through LinkedIn profiles. 

Armed with this knowledge, threat actors can target key personnel, soliciting account password changes or access to local network resources and devices. Examples of phishing emails are ones containing ‘click here’ or ‘verify personal information’ hyperlinked action buttons, linking to fake forms that are connected to the hacker’s databases.  

Spoofing

Spoofing, akin to phishing, occurs through various mediums like emails, websites, or phone calls. It’s essentially a form of identity theft where an entity impersonates a legitimate email address, an entire website, or a caller ID. 

To draw a parallel with physical mail, just because an envelope bears the name ‘John Doe’ and an address of ’16 Rose Drive, AB,’ doesn’t guarantee its authenticity. While digital impersonation is more complex, and technologies like DKIM and DMARC are increasingly adopted by email providers to mitigate such threats, spoofing remains a prevalent and persistent threat across these platforms.

Distributed Denial of Service (DDoS attack)

A Distributed Denial of Service attack (DDoS) operates by inundating a host (such as a server) with an overwhelming volume of connection requests, surpassing its capacity and causing legitimate traffic to slow down significantly or cease entirely. Typically, attackers establish a network of compromised systems, known as a botnet, by installing bots on various devices, directing this collective force to flood the targeted server with requests.

This form of attack is often motivated by intentions to tarnish a company’s reputation or is instigated by competitors seeking to poach another business’s clientele. The prevalence of DDoS attacks is escalating, impacting even major industry players like Amazon Web Services, which faced a significant DDoS assault in February 2020, and GitHub, targeted in 2018.

Common Vulnerabilities and Risks

An organization’s most significant security vulnerability often lies within its own workforce. Employees serve as the human firewall, underscoring the critical need for continual education on maintaining security. This involves training on identifying phishing emails, refraining from sharing sensitive information through insecure channels and exercising caution before clicking on links. Addressing weak or unchanged passwords and advocating for dual-factor authentication are pivotal initial steps.

To strengthen security while streamlining account management, the implementation of single sign-on (SSO) solutions stands out as an optimal approach to fortify accounts.

Establishing robust protection across multiple levels within the company is equally imperative. While maintaining up-to-date security software on systems is essential, it’s just one component of a comprehensive strategy. Regular software updates, active firewall engagement on devices and networks, and the implementation of compliance policies are crucial. 

Additionally, integrating Intrusion Detection Solutions (IDS), Endpoint Detection and Response (EDR) and Extended Detection and Response (XDR) solutions is proactive, pre-empting security threats rather than merely reacting to them.

Impact of Cyber Threats on Businesses

The impact of a cyber attack spans various dimensions, encompassing financial repercussions such as fines, expenses linked to repairing damages, and the potential ransom payout in cases of ransomware assaults. Moreover, companies often engage IT firms to restore and fortify their systems, offer complimentary services to affected customers, and incur additional unforeseen costs. Beyond these financial burdens, the assault severely tarnishes the company’s reputation, resulting in a loss of clientele and, in extreme cases, the complete cessation of business operations.

Recent research underscores the alarming trend of insufficient budget allocation for cybersecurity, especially among smaller businesses. Studies reveal that nearly half of enterprises with fewer than 50 employees do not designate specific budgets for cybersecurity initiatives. A collaborative report by IBM and the Ponemon Institute highlights that businesses with less than 500 employees face an average cost of $2.98 million due to data breaches, with each compromised record amounting to $164 in losses.

Strategies for Protecting Your Business

Immediate, concrete steps to bolster your business’s security:

• Strengthen Passwords: Implement robust, regularly changed passwords across all user accounts and systems. Consider leveraging password managers for randomized, complex passwords and enable multi-factor authentication for added security layers.

• Deploy Trusted Security Software: Install reputable third-party security software on all devices. Prioritize software with comprehensive features like email scanning and secure browsing capabilities.

• Manage Wireless Connectivity: Avoid sharing Wi-Fi passwords among employees and regularly change them. Minimize reliance on wireless networks for accessing sensitive company data and resources.

Advanced measures requiring IT expertise:

• Configure Hardware Firewall: Set up and optimize hardware firewalls to fortify network security and manage incoming/outgoing traffic.

• Implement DHCP Restrictions: Control and limit DHCP (Dynamic Host Configuration Protocol) to enhance network security by managing IP address assignments.

• Deploy IDS and IPS Solutions: Implement Intrusion Detection Systems (IDS) and Intrusion Prevention Systems (IPS) to detect and actively prevent potential threats and attacks.

• Network Segregation: Segregate networks to compartmentalize and secure access, limiting potential exposure in case of a breach or attack.

These measures collectively fortify your business against various cyber threats, providing both immediate safeguards and more sophisticated layers of protection with the involvement of IT professionals.

Key Takeaways

Maximizing your business’s digital security involves focusing on two key areas: educating your employees to stay vigilant and implementing robust security tools across your digital infrastructure. Both are pivotal components within a comprehensive security strategy. 

Entrusting cyber security to professional Calgary IT providers allows your staff to concentrate on their core work responsibilities. At EezIT, we specialize in a wide array of IT support services, with a specific emphasis on cyber security. Our team comprises accredited network and security experts, dedicated to tailoring solutions that align with your company’s unique profile.

Contact us today to schedule an in-person consultation with one of our professionals and fortify your business’s cyber defences.