Cybersecurity: Main concerns and trends for SMEs and large enterprises

12 July 2023

Cybersecurity. That which keeps some people awake at night. That which drives all technology managers of large and not so large companies crazy.

Cybersecurity has become a source of constant concern for all companies, regardless of their size and industry. With the rise of digitalization and global interconnection, cyberthreats are becoming increasingly sophisticated and prevalent, and no company is immune.

Main cybersecurity concerns

For small and medium-sized enterprises (SMEs), the lack of resources and experience in cybersecurity is a handicap that does not allow them to establish the necessary IT security measures to prevent cyberattacks.

Often, they do not have the staff and budget dedicated to cybersecurity that larger companies tend to have. In addition, cybercriminals usually perceive SMEs as easy targets, which makes them particularly vulnerable.

But large enterprises cannot escapethis either and face their own challenges, such as protecting a much more complex IT infrastructure and managing a considerably larger volume of data. Although they tend to devote more resources to cybersecurity, they are also attractive targets for cybercriminals because of the valuable information they hold in their systems.

In addition, the cyberwar unleashed as a result of the Russia-Ukraine conflict only aggravates the situation and vulnerability of all networks. The global scenario is not exactly rosy, and the recent cyberattacks are not so much notable for their quantity as for their severity.

There is nothing like looking back to prepare for the future. Let’s look back at the most notorious cases of cyberattacks suffered by large companies in the last year:

Clearly, there are many reasons to be concerned

Let’s review the main ones:

Ransomware attacks

This type of attack has increased dramatically in recent years. Ransomware is a type of malware that blocks access to a computer or network and demands a ransom in exchange for restoring access.

These malware programs are usually distributed via emails and can quickly and effectively block access to a person’s files. Just before a key date like Black Friday, Media Markt suffered a ransomware attack that prevented its stores in the Netherlands, Germany, Belgium, and Spain from operating normally.

Phishing and other social engineering attacks

Hackers use manipulative techniques to trick employees into gaining access to company systems. An attacker sends an email or text message that looks legitimate, but actually contains a malicious link or attachment..

If we click on the link or download the attachment, the attacker can access our account or install malicious software on our devices. This is why we keep receiving emails from all kinds of entities telling us what not to do to avoid these attacks, especially from our bank.

Data breach

This type of attack can result in the loss of confidential information, damage the company’s reputation, and have serious legal and financial consequences.

Cloud security

As more companies migrate to cloud solutions, ensuring data security in this environment has become a headache.

DDOS attacks

A type of distributed denial-of-service attack that occurs when a network server receives so many connection requests that itcannot respond to all of them and is forced to drop the connection.

Cybersecurity trends

By the universal law of action-reaction, SMEs and large companies alike are facing cyberthreats by focusing on these solutions:

  1. Artificial Intelligence (AI) and Machine Learning (ML): These powerful technologies enable more effective and faster detection and response to cyberthreats..
  2. Cybersecurity as a service: For SMEs, which often have limited resources, outsourcing cybersecurity solutions to specialized service providers can be an attractive option.
  3. Increased cybersecurity awareness and training: Companies are investing more in training their employees in cybersecurity practices and recognize that the human factor is essential to prevent cyberattacks.
  4. Security of supply chains: Companies are paying more attention to the security of their suppliers, as a security breach at one supplier can affect the entire supply chain.

The constant advances in cybercrime have resulted in enormous costs for companies Let’s look at some worrying figures.. Cyberattacks by hackers seeking to steal information increased by 93% in 2021 compared to 2020, and losses from such crimes are expected to reach $10B by 2025.

In conclusion, cybersecurity is an essential area for all companies in the current landscape. Large and small companiesmust stay informed and take proactive measures to protect their systems and data and go for secure process automation and digitalization.

Contact VALPATEK for consultancy on cybersecurity and secure business solutions.

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