Cyber Security Issues and Challenges for Businesses

As businesses worldwide grapple with the growing threat of cyber-attacks, it's becoming increasingly important for IT professionals and managers to have a clear understanding of what types of threats they may face in the future.

With that in mind, this blog post will explore some of the most worrying cyber security issues and challenges emerging on the horizon for 2023 and how you can implement defences and strategies to protect your company from them.

By concentrating on smarter, more effective precautions against these new forms of attack, business owners are likely to stay one step ahead – giving their organisations a better chance of avoiding costly downtime or data breaches down the line.

What are cyber security issues?

Cyber security issues are real and prevalent in today's technology-driven world. As our reliance on digital platforms and devices grows, so do the risks associated with it.

Cyber security issues are the challenges encompass a wide range of threats, from hackers breaking into personal or business networks to phishing scams gaining access to sensitive information.

Unfortunately, no one is immune from cyber attacks - individuals, businesses, and governments alike are vulnerable.

By investing in cyber security measures, ensuring regular updates to devices and systems, and practicing good online hygiene, we can all do our part to mitigate the risks of cyber security issues.

We've put together a list of the Top 7 cyber security issues and challenges companies of all sectors either SMBs, Mid Market or Enterprise are facing in 2024.

Whether you're in the office or working from home, these issues can affect any type of organisation.

Cyber Security Issues and Challenges for Businesses in 2024 

1. Sophisticated Phishing Scams

In the simplest of terms, a phishing scam is a fraudulent attempt to gather sensitive information such as usernames, passwords, and credit card details.

In addition, these schemes often involve the use of deceptive emails, text messages, QR code scam, or phone calls that appear to come from reputable and trusted sources.

The pandemic and the corresponding shift to remote work have only made these cyber security challenges more prevalent.

It is now more important than ever to stay vigilant and stay informed about how to identify and avoid phishing scams, and to take measures to protect your sensitive information.

Every year, it is becoming increasingly harder to detect phishing scams, and with the progression of technology, they’re becoming more sophisticated, highly targeted and personal.

Some scammers are even going to lengths to collect voice snippets to use in phone phishing scams - it only takes one mistake to become a victim of cybercrime - educate your users with user awareness training to keep them up to date on the latest cyber security trends.

How to prevent phishing scams?

As cyber security issues and challenges continue to loom over small, medium, and large businesses alike, it's important to take proactive measures to prevent phishing scams.

The increased sophistication and creativity of these attacks require a more informed and diligent approach to online security. 

The first step in preventing phishing scams is to educate employees about how to recognize and report suspicious emails or texts.

Additionally, implementing two-factor authentication and limiting access to sensitive information can help protect against unauthorized access.

As the threat of phishing and other cyber security challenges continues to grow, taking these simple measures can go a long way in keeping your company safe.

2. Attacks focusing on remote workers

Remote workers are becoming a larger target for cybercriminals as, according to Kaspersky, 23% of desktops and 17% of laptops supplied by UK employers have no antivirus or cybersecurity software installed.

Additionally, 23% of employees provided a company smartphone didn't have adequate, if any, antivirus on their device.

53% of businesses have seen an increase in email phishing attacks of businesses have seen an increase in email phishing attacks during the pandemic with a third saying these phishing attacks have been more successful.

On average, organisations are remediating 1185 phishing attacks each month, with an average of 40 per day.

As most organisations needed to rush their users into working from home, those users may not have had adequate security features added to their computers.

• How are your users logging into your network?
• Do they use a VPN, a Virtual Desktop, or are they just working through the Cloud?

You need to protect your business with the right security software - invest in solutions such as Endpoint Detection & Response that alerts you to any changes in your network, allowing your IT team to investigate and remove risks before they damage, infect, or steal your data.

How to prevent cyber attacks focusing on remote workers?

As remote work continues to become the norm in our society, it's important to also address the cyber security issues and challenges that come with this technology.

Cyber-attacks on remote workers have been on the rise, and without proper precautions, these attacks can compromise sensitive data, can lead to financial loss and can put individuals at risk for personal identity theft.

Preventing cybercrime for remote workers requires a multifaceted approach that includes both preventative efforts and response plans.

Investing in a quality cybersecurity solution is a great start, but it's also important for remote workers to maintain strong passwords, keep software up-to-date, and educate themselves on the latest cyber security threats.

By doing so, individuals can reduce the risks of cyber-attacks and can work safely and confidently from anywhere.

3. Outdated Software

Data breach attacks are one of the most pressing cyber security challenges that individuals and organizations face today.

These attacks occur when cyber criminals gain unauthorized access to sensitive information that is meant to be secure.

This can include personal identification information, trade secrets, and financial data.

The impact of a data breach can be catastrophic, resulting in millions of dollars in losses and irreversible damage to reputation.

It's important to understand the different types of data breaches and how to protect yourself and your organization from becoming a victim.

By staying informed and implementing strong security measures, you can help prevent data breaches and ensure that your information remains safe.

Your software is updated for routine changes, but also to patch security flaws.

If you don’t keep your apps and software updated, they can be exploited and hacked with ransomware, or as we’ve seen from the Bluekeep attacks in 2019, your unpatched software can be exploited to install cryptocurrency miners.

Updating your software may seem tiresome, but it’s a simple step in keeping your organisation safe from cybercriminals.

How to prevent data breaches?

Cyber security challenges from outdated software are among the most common threats that individuals and organizations face.

The consequences of these attacks can be severe, including data breaches, financial loss, and reputational damage.

Fortunately, preventing such attacks is possible with some simple but effective measures.

Data breach attacks can be prevented by regularly updating software and ensuring that all security measures are up to date are the best ways to prevent cyber-attacks.

By staying informed about the latest developments in cyber security and being proactive about software updates, individuals and organizations can stay protected from cyber threats.

Remember, prevention is key when it comes to protecting yourself in the digital age.

4. Third-Party Vulnerabilities

In today's world, we are constantly connected through the internet, and the number of connected devices is increasing exponentially.

While this interconnectivity has made our lives easier, it has also given rise to new cyber security issues and challenges, particularly in the form of IoT attacks.

These third-party vulnerabilities occur when these devices, which are often manufactured by third-party companies, are not properly secured.

Cyber criminals can exploit these weaknesses to gain access to sensitive information or to launch attacks on other networks.

It is crucial for everyone to be aware of the risks associated with IoT attacks and take appropriate measures to protect themselves and their devices. Stay informed and stay safe!

With the influx of technology and being more interconnected than we’ve been before thanks to things like IoT (Internet of Things), it’s becoming harder to keep these third-party apps secure.

In 2019, attacks on IoT devices, which demonstrates how these devices are becoming more popular within the hacker community as IoT devices are usually plugged in and forgotten about.

To minimise impact from IoT devices, they should be regularly updated, passwords changed from the default, and connected to secure internet connections.

How to prevent IOT attacks?

As our daily lives become increasingly integrated with technology, it's more important than ever to be aware of cyber security issues and challenges.

Third-party vulnerabilities, like IoT attacks, put our personal information at risk.

First, it's important to keep all software and firmware up to date. This includes routers and other devices that connect to the internet.

Additionally, it's crucial to create strong passwords and change them regularly.

Finally, consider using a virtual private network (VPN) to encrypt your internet traffic.

By implementing these measures, we can help protect our privacy and prevent third-party vulnerabilities from causing harm.

5. Insider Threats

An insider threat cyber attack occurs when a person within an organization deliberately or accidentally exposes sensitive information, systems, or networks to an external threat.

An insider could be an employee, contractor, or anyone else with access to an organization's sensitive data.

That being said, even though insider threats are considered a serious threat to an organization's security, not all insiders pose a threat.

The key to mitigating such risk is to implement proper security measures and educate employees on cyber security issues and challenges. It is important to understand that cybersecurity is best approached as a team effort and requires everyone to be vigilant and aware of potential threats.

Having security policies and sticking to your security policies may seem like the same thing, but most of the time you may think ‘I'm too busy, it can wait and I’ll remove their access tomorrow’, ‘we won’t force password policy as it won’t be an issue’, but in 2019 34% of all data breaches were a result of insider threats.

Insider threats can range from negligent employees who don’t follow security policies, such as leaving company data lying around, to disgruntled ex and current employees with malicious intent.

Surprisingly, 50% of ex-employees don’t have their access revoked to corporate applications and data, and when 25% said they’d accept just £1000 to sell this data, it’s crucial that user access is monitored properly.

Ensuring your users only have the access they need for the job they do can help minimise the potential of an insider threat.

How to prevent insider threats?

To begin with, it's essential to establish a security culture that values transparency, trust, and openness.

Additionally, regular security training for employees can help them become more aware of the signs of a potential cyber attack.

Another approach would be implementing monitoring solutions that can detect suspicious activity in real-time and alert security teams.

Ultimately, preventing an insider threat cyber attack requires a combination of ongoing education, technological solutions, and a vigilant security team.

6. Mobile Device Vulnerabilities

In today's highly connected world, it is no surprise that our mobile devices have become invaluable tools in our daily lives.

However, with this reliance on technology comes the risk of cyber security issues and challenges, particularly when it comes to Mobile Device Vulnerabilities.

These vulnerabilities refer to weaknesses or loopholes that may exist in the hardware or software of our mobile devices, leaving them susceptible to hacking, malware, and other online threats.

As such, it is crucial for individuals and businesses alike to take steps to protect themselves against such risks, from installing anti-virus software to keeping their mobile devices updated with the latest security patches.

Being aware of these Mobile Device Vulnerabilities may seem daunting at first, but by staying informed and proactively taking precautions, we can minimize the risk of cyber attacks and stay connected with peace of mind.

How to prevent Mobile Device Vulnerabilities?

Cybersecurity issues and challenges can lead to unauthorized access to sensitive data such as passwords, personal information, and financial data.

To prevent these vulnerabilities, you need to ensure that your mobile device is secure.

Some tips for keeping your device safe include keeping your software updated, using strong passwords, avoiding unsecure Wi-Fi networks, and installing reliable antivirus software.

By following these steps, you can protect your mobile device from cyber threats and ensure that your personal data remains safe and secure.

7. Advanced Persistent Threat

Advanced persistent threat (APT) refers to a stealthy and continuous attack that is designed to steal information from a targeted system or network.

It is a sophisticated and highly targeted attack that spans over a long period of time and is aimed at gaining unauthorized access.

The attackers behind APT usually include nation-states, organized crime groups, and even some hacktivists.

These groups are well-funded and possess highly skilled cyber criminals, making it essential to have robust cyber security measures in place in order to counter advanced persistent cyber threats.

How to prevent Advanced persistent threat?

To protect your organization from Advanced persistent threat APTs, it becomes necessary to have a layered approach to security.

It should include firewalls, antivirus, access management, security protocols, and ongoing security awareness training.

Implementing these measures provides a robust solution in preventing APTs. But remember, one size does not fit all in the world of cybersecurity.

As APTs are continually evolving, so should your security measures. By keeping your infrastructure up-to-date, testing regularly, and having a proactive security team, you can best prevent APTs.

How can AZTech IT help dealing with Cyber Security Issues and Challenges for your Business?

Information systems exist in a dynamic environment rich with threat vectors, but planning, strong management and adherence to industry standards will ensure corporate prosperity and the safety of proprietary data.

Employing the use of a security expert - particularly during an initial set up - can pay huge dividends in the long term and ultimately reduce long term costs.

We have a variety of security solutions that you can use to help protect your business, from user awareness training to email protection and more.

If you're unsure how secure your organisation is, we can provide an IT Security Assessment to show you where you may have vulnerabilities and how you could improve your security to future-proof your organisation.

If you're looking for no obligation advice, get in touch with one of our experts by scheduling a consultation or giving us a call on 01908571510.