In this digital age, technology is an essential component to the success of businesses. The internet has become the primary source of information, communication, and transactions for many businesses. As a result, more businesses are moving their services online and connecting to the internet as a means of accessing it.
This increased connectivity introduces risks that businesses must be aware of. Hackers and other malicious actors have a range of different ways to exploit network security vulnerabilities, exposing your business to data breaches or even cyber extortion.
A poorly secured network can result in all sorts of security vulnerabilities, including data loss and system downtime. Your business may rely on critical data for payroll, finance, customer service, and more, and therefore you should ensure that your network is as secure as possible.
Following are 5 key network security risks for your business. Being aware of these network security issues can ensure you can mitigate them for the future safety and security of your business and its data.
1. Malware
Malicious software, known as malware, targets networks and exploits security flaws to cause damage. Malware comes in many forms, such as:
- Ransomware, which is when files are locked or encrypted by threat actors who demand payment for the files to be reinstated
- Viruses embed themselves in programs and then replicate
- Worms take advantage of host networks to infect other connected systems
- Rogue security software occurs when fake messages notify users their computers is compromised and offers security patches which download malicious code onto your device
- Trojan attacks trick users into downloading files or clicking on emails that contain hidden malware
- Spyware installs keyloggers without your knowledge and records personal data such as credit card details, passwords, financial information, and email addresses
2. SQL injection attacks
Because they bypass all data security measures, such as firewalls and encryption, SQL injection attacks are a serious risk. They are often more convenient than conventional data access methods, as they require no login credentials and are publicly accessible. Some common defence measures against SQL injection attacks include input validation, regular software updates, and secured data sources. These measures can significantly reduce the risk of a SQL injection attack.
3. Human error
Human error accounts for around 90% of all cyber breaches, including phishing attacks, poor password management, careless use of the internet, and clicking on links from unknown sources. Your company’s network might be damaged, threat actors may steal data including sensitive information or intellectual property, and your business might be fined if you are found to be noncompliant with data privacy regulations.
4. Distributed denial-of-service (DDoS)
A Distributed Denial of Service (DDoS) attack occurs when cybercriminals target a website’s services, by infecting internet-connected devices to turn them into bots that go on to inundate IP addresses. This causes the websites to load slowly, crash, and go offline.
A firewall can prevent DDoS attacks by blocking malicious traffic from reaching a network. Updating antivirus software, switching from a fixed IP address to a dynamic one, monitoring traffic patterns, and employing a Content Delivery Network (CDN) are all preventive measures that can be taken.
5. Man-in-the-middle attacks
An attacker who stages a man-in-the-middle attack can intercept traffic between networks and external websites or within networks. Attackers can intercept the data being transmitted, steal user credentials, and hijack their sessions if communication protocols are not secured or if they can circumvent that security.
Using a man-in-the-middle attack, malicious activity can be perpetrated on public wireless networks. These connections, while convenient for guests and visitors, are subject to malicious activity. Users who access sensitive websites or transfer sensitive data over public networks are at risk of being hacked.
Level up network security with the experts
A secure business network is an effective one and the foundation upon which employees can work together, communicate, and achieve success. The types of network security risk your business faces will depend as much on the industry, as size and number of employees you have. Taking a ‘set and forget’ approach to network security leaves you wide open to future issues. To minimise the risks and ensure your company network is secure, talk to the network security experts at Virtu, who can help you take steps to protect your business data.