06 Jul 2022
The Straits Times stated that in 2021, Singapore ranked 6th globally for having databases exposed which hackers could easily breach and exploit. This raises a concern about cybersecurity for Internet users, especially business owners when remote working becomes more popular during and post-pandemic. In this blog, we will study the top three most prevalent cybersecurity threat types and suggest some useful prevention tips. Read on!
Malware
Malware refers to a malicious and invasive file or program. Ransomware, spyware, viruses, and worms are a few examples of malware. Attackers can infiltrate networks with malware when a person clicks on a malicious link or email attachment. Then, they have the ability to block access to crucial network components and install destructive software. Below are a few of the most typical malware types and their characteristics.
- Ransomware. Ransomware is the most popular cybersecurity threat type in 2021 according to Cybersecurity Ventures. It is malware that encrypts the victim’s files and then demands a ransom in exchange for the decryption key.
- Spyware. Spyware can self-install on devices and covertly track the victim’s login credentials, sensitive data, and internet activities without their consent. The main goal of spyware is usually to collect passwords, banking details, and credit card numbers.
- Trojan. Trojan is a program that often disguises as legitimate software, a harmless email attachment, or a free download with malicious purposes. A trojan is commonly used to establish a backdoor for the hacker to launch an immediate attack or utilise in future attacks.
Distributed Denial-of-Service (DDoS) Attack
A distributed denial-of-service (DDoS) attack is one of the cybersecurity threat types. It floods the target system, server, website, or other network resources with numerous traffic. Incoming messages, connection requests, or malformed packets impair the target system’s capacity to function normally. As a result, the system might slow down, crash, and shut down, denying service to legitimate users or systems. The term “distributed” suggests that this cybersecurity threat type is from multiple devices aiming at a certain target.
Typically, DDoS attacks do not result in identity theft or the loss of crucial information. However, restarting the server will be quite expensive. Besides, the assaults frequently serve as a distraction with the intention of causing service denial and putting a system offline, thereby allowing another attack to enter the target system.
Phishing
Phishing is a cybersecurity threat type of social engineering attack in which people are easy to get tricked into providing confidential information. To spread malicious links or attachments, attackers impersonate a legitimate entity (a bank, court, or tax department), and access the victim via email or other means of contact. Phishers manipulate emotions such as urgency, fear, and curiosity to draw victims into their traps. They fool unwary victims into passing over important information like passwords, credit card information, or even installing malware.
For example, cyber phishers pose as an official representative and send you an email or message with a warning about your account details. The message will frequently request a response by clicking on a link to a bogus website where you will disclose sensitive information. The message structure will often look authentic by including official logos and names. Any data typed into the bogus link will be sent to the cyber-criminal.
How to Prevent Cybersecurity Threats?
Security vulnerabilities can stem from humans or technology, with human error accounting for 90% of cyber data breaches in 2019, according to the UK Information Commissioner’s Office. Furthermore, data protection has two major factors. Internally, corporations need to streamline their resources to prevent inadvertent usage and secure data from unauthorised employees. Externally, it is critical to stop cyber hackers from stealing personal data or interrupting production.
Enterprise Resource Planning system
One perfect solution to this problem is Enterprise Resource Planning (ERP) software. ERP systems provide a secure foundation and a safe line of defense for firms against internal dangers. In other words, ERP software protects firms from fraud, data misuse, cyberattacks, and phishing scams. Particularly, it enhances the consistency, accuracy, and security of private data by connecting all aspects of a business. The system includes accounting, human resources, manufacturing, supply chain management (SCM), customer relationship management (CRM), etc.
Because an ERP system processes data in real-time, it can minimise the risk of money and data loss. The system is also able to set data access for only authorised members of the company. Most importantly, ERP software can identify potential issues with transactions and data and resolve them quickly. ERP vendors also have cutting-edge permission controls to safeguard important data and protect against cyberattacks. ERP solutions relieve enterprises of the need of their own in-house protection, by standards-based security procedures, risk and failover management, attack prevention, and security advancement processes.
Employee Training & Technical Check
Moreover, it is critical to educate employees to be aware of malicious unintentional actions, such as downloading a malware-attached file or neglecting to use a secure password. Because attack strategies are continuously improving, businesses should update training as well to ensure their employees are alerted to the latest sorts of attacks.
A technological approach is also a requirement. Companies should examine on a regular basis for exploitable security vulnerabilities. Corporations should do frequent scans and backups for websites or online applications. Monitoring network traffic and detecting potentially malicious traffic can help to improve network security.
Conclusion
In summary, above are some of the cybersecurity threat types that you may encounter as a business owner or internet user. A comprehensive cybersecurity strategy should cover computers, systems, and humans. Therefore, it is important for a corporation to ensure that its people, processes and technology all complement each other to form an effective defense against cyberattacks.
With over 32 years of expertise, Synergix believes that its fully integrated and customisable ERP solutions can provide powerful protection against unwanted cybersecurity threat types. To minimise the net cash investment, eligible enterprises can tap on several grants of up to 70% of the qualifying cost introduced by the Singapore government.
Should you have any further questions, reach out to us today!
