In the current era of rapid digital transformation, there are very few businesses left that have not taken advantage of the opportunities offered by the internet. The overwhelming majority of businesses of every size have migrated some, if not all, of their operations online.
Internet access is now so ubiquitous that according to the Pew Research Center, in 2024 only around 7% of Americans do not use the internet. For businesses, not being online means limited access to markets, losing out on the efficiencies offered by online communication and collaboration tools, being less informed than competitors, missed opportunities, and ultimately exposure to higher costs.
The Need for Cybersecurity
As the speed and scope of connectivity have expanded, so too have the technologies and services available to businesses to optimize their operations and turbo-boost productivity while reducing costs and opening up new opportunities. Emerging technologies like the cloud, AI, and IoT (the Internet of Things) promise even more profound developments to come.
In a process accelerated by the response to Covid-19, the workplace itself has changed. Instead of employees, equipment, and documents all being centralized in one building or office, many companies are now dealing with hybrid office scenarios, with some employees working from home or mobile, and collaborating and exchanging documents in the cloud.
The benefits of leveraging the internet for business may speak for themselves, but the more we move online, the more we expose ourselves to the ever-present, ever-evolving threats of cybercrime and cyberattacks, requiring ever more comprehensive and sophisticated cybersecurity.
Who Needs Cybersecurity?
Any company or organization that communicates online via email, social networks, or specialized messaging and collaboration applications is at risk from a potentially devastating cyberattack. Every organization or company that stores data online – be it customer or employee data, IP, accounts, and other data – is a potentially lucrative target for hackers. Every company or organization that does not take the necessary steps to implement effective cybersecurity is exposing itself to potentially crippling costs, disruption, and even legal trouble.
Intuitively, it might seem like the largest organizations would be the most obvious targets for cybercriminals, and thus need cybersecurity most urgently. In Minnesota alone, Minnesota IT Services (MNIT) reports hundreds of attacks on its systems every year, and in 2023 the Minnesota Department of Education was hit by a cybersecurity attack where 95,000-plus students’ data was breached.
But in reality, there are very few small businesses that have not been exposed to phishing emails and many other forms of cybersecurity risk. Research suggests fast-growing small and medium-sized enterprises (SMEs) are also an ideal target for cybersecurity breaches since the addition of new employees and customers coupled with the expansion of the company’s digital footprint complicate the implementation of cybersecurity strategies and grow the company’s risk profile.
So what are the major risks against which cybersecurity defense is required, what are the costs of cybersecurity breaches, and what can be done to mitigate them?
Types of Cyberattacks
As evidenced by the near-daily updates your antivirus software has to perform to keep your cybersecurity up-to-date, maintaining robust cybersecurity against all threats is somewhat akin to playing whack-a-mole. While certainly not to be admired, there is no doubting the ingenuity and mendacity of cybercriminals in coming up with new ways to breach cybersecurity defenses, steal data, and extract ransoms and other value from victims.
The most common forms of cyberattack today are:
Phishing
These are email, SMS, phone, and/or social media communications whose aim is to lure a victim to divulge passwords, account numbers, and similar sensitive information, or to download malicious files onto the victim’s device or network.
Malware
Malware includes ransomware, trojans, spyware, viruses, worms, key-loggers, bots, and other malicious files whose intent is to damage computers or networks and steal data.
Ransomware
This is an increasingly popular form of malware in which the victim’s system is compromised and a payment is demanded in order to restore access.
DoS (Denial of Service) Attacks
These attacks flood a network with false requests, making it impossible to access a company’s website, email, online accounts, and other critical business functions.
MITM (Man in the Middle) Attacks
In these attacks, communication between a user and a web or mobile app is intercepted by the cybercriminal. This allows the collection of sensitive information and even impersonation of the user to access accounts and breach cybersecurity defenses.
Spoofing
This is where cybercriminals breach cybersecurity by impersonating a known or trusted source (such as an email address). Once the unsuspecting victim has been granted access, the cybercriminal will proceed to install malicious code, steal data, demand a ransom, etc.
Social Engineering Attacks
Here, attackers use sophisticated psychological techniques to con victims into offering up sensitive information or network access, which can be used to blackmail or otherwise harm the business later.
AI-Powered Attacks
AI and Machine Learning are increasingly being leveraged by criminals to come by with ever more sophisticated phishing, social engineering, and spoofing attacks, such as the use of deep fakes.
The Costs of Cyberattacks
According to a recent McKinsey report, “At the current rate of growth, damage from cyberattacks will amount to about $10.5 trillion annually by 2025—a 300% increase from 2015 levels.”
For victims of cyberattacks, the costs can be devastating, particularly when effective remediation and recovery measures (such as secure data backups and cyber insurance) have not been integrated into the organization’s cybersecurity strategy and setup.
The direct costs of an attack may include paying a ransom to restore hacked systems or recover data, and restoration or outright replacement of breached systems. Depending on the scale and consequences of the attack, you may also need to hire expensive forensic investigators to figure out how the cybersecurity breach occurred, to prevent it from happening again.
You will have to notify and liaise with relevant authorities, particularly in the case of theft of customers’ and employees’ personal information. In this case, you will likely need to identify, notify, and even cover credit monitoring for affected customers. This process is likely to entail the costs of legal counsel.
Finally, the most difficult cost to quantify is the possible reputational harm done to your business as a result of a cybersecurity mishap. If customers feel that the cyberattack happened because the company hadn’t taken cybersecurity seriously enough, it may require costly marketing and/or public relations efforts to retain them or lure them back.
Mitigating Cybersecurity Risks
In the ever-changing online environment, one thing seems to remain constant: the costs of not having effective cybersecurity are likely to far outweigh the costs of protecting your business effectively.
There are three common-sense steps every organization or company should take to implement basic, effective cybersecurity:
- Embrace a culture of cybersecurity.
- Educate and train yourself and your staff about the risks and how to avoid them (choosing strong passwords, taking care of suspicious communications, etc.).
- Choose a proven, reliable cybersecurity partner.
Metro Sales Inc (MSI) is an employee-owned advanced office technology and services provider, delivering first-rate service to satisfied customers since 1969. MSI was created before the internet, has grown with the internet, and understands the changing needs of businesses with regard to cybersecurity threats, and how to prevent them.
MSI offers a range of services including managed IT services, managed print services, scanning services, document services, and document and workflow solutions, all featuring comprehensive cybersecurity solutions including email security measures, advanced network protection, user training, and a 24/7 service desk.
Contact us if you’re looking for a seasoned, expert partner in Burnsville, Twin Cities, Fargo, Duluth, and St. Cloud for your cybersecurity, office technology, and digital transformation needs.