4 Critical Cyber Security Challenges to Be Aware of in 2017

cyber security challenges

Finding access to strong capital, meeting the ever-changing expectations of customers, surpassing marketplace competition; these are all legitimate prime concerns business owners have to deal with.

However, all the effort and resources you put into creating a successful business strategy can be in vain. That’s if you overlook or underestimate today’s cyber security challenges. 

The problem is, the cyber security landscape is increasingly becoming more volatile. So it can be hard to know where to focus your resources and how much you have to invest to protect your business.

To choose the best solutions, you first need to know what you’re up against.

cyber security challanges

We want to help you out. So, we’ve put together a list of the leading cyber security threats most likely to impact businesses this year.

Keep on reading.

1. Ransomware

Ransomware is a computer malware which installs covertly on a victim’s computer, phone, wearable device or any other system capable of running data.

The malicious software is meant to encrypt data or block access to the computer operating system, until a demanded sum of money is paid.

Ransomware typically targets individuals, but more and more business are becoming victims.

Just recently,  a ransomware attack held all the records of a Hollywood Hospital hostage for $3.6M.

It’s enough for one of your employees to click on a suspicious links or attachments in an email to infect your entire system in a few seconds. And the consequences can be devastating:

  • Stopping your operations and thus leaving your entire organization paralyzed
  • Prevent you from accessing vital business and customer data
  • Possible data loss
  • Damaging your reputation
  • Costs of paying the ransom.

2. Internal Threats

Look inside your company – among your staff – and you’ll be able to spot one of the primary cyber security challenges business will have to face in 2017.

cyber security challenges

IBM’s Cyber Security report showed 60% of all corporate attacks were executed by insiders. Three-quarters of them involved malicious intent. 

The rest were caused by negligence and human error.

It’s paramount you acknowledge this threat and take preventive measures.

  • Identify the employees who can do the most damage and monitor them carefully. They are usually the ones with a higher level of network access, such as IT admins.
  • Regularly check for possible policy violations.
  • Educate your employees about cyber security.

3. Skills Shortage

Having experienced personnel who can identify potential shortcomings and implement IT protocols is essential.

However, hiring an in-house team of experts can turn out to be harder than expected. That’s because there’s a shortage of talent to supply the demand for qualified specialists.

This skills shortage generally means high salaries. So, many companies can simply not afford to have an entire IT team on their payroll.

An efficient way to overcome this hurdle is to simply outsource your IT needs. This way, you won’t have to spend resources associated with finding, training and retaining new talent.

But you’ll still gain peace of mind knowing an expert is in charge of your business’s security. 

4. Attacks Becoming more Frequent and more Diversified

It’s one of the biggest cyber security challenges, but it can easily be overlooked.

cyber security challenges

Businesses today have to find the best means to protect themselves against attacks in a fast-paced environment.

Attacks keep increasing in frequency. Also, hackers are always looking for new ways to leverage vulnerabilities to monetize their attacks.

With new types of attacks emerging regularly, businesses of all sizes might find it increasingly hard to keep up with the threats.

What’s Your Plan to Address These Cyber Security Challenges?

2017 comes with new threats, but knowing what they are and how to tackle them will ultimately make room for new opportunities.

If you need a partner to help your business stay safe as you move ahead, contact our team.

You can tell us more about your business and needs. We’re confident together we can find the right solution.

Author: Patrycja Thomas

Fortune 500 sales and marketing veteran dedicated to helping small businesses change the world with technology.