Here are the 5 biggest cyber security threats faced by your company today

Hackers can manipulate your business, steal data, and cause damages worth millions of dollars. Therefore it is important to invest in a cyber security solution for your business. We have described the 5 biggest cyber security threats to businesses. Read about them below.

Cloud Vulnerabilities

• As more businesses are shifting their resources to the cloud platform, hackers are also directing their attention to this new space of opportunities. If a business’s cloud platform does not have enough security measures in place, it may get breached by a hacker.

A breached cloud results in data loss, data eavesdropping, employee and client spying, as well as opening the doors for a massive ransomware attack. Hackers also prefer breaching clouds to launch their own phishing attacks on a large scale.

DDoS Attacks

• Distributed Denial of Service (DDoS) attacks affect the bandwidth and resources of a target server. A hacker can overwhelm a server by sending too many requests, thus ultimately causing the target server to crash. A successful DDoS attack usually requires several infected computers, or a compromised internet connection.

There have been several famous DDoS attacks which ultimately led to widespread service disruptions. In September 2017, Google reported that it stopped a 17Tbps DDoS attack from affecting its servers.

Wireless Internet Security Breaches

• Wireless internet, including 4G, 5G, and Wi-Fi are prone to security breaches unless adequate measures are taken in advance. In the absence of specialized security solutions, hackers can not only hack a network, but they can also access what data is being transmitted. If calls are being made via the internet, hackers can potentially tap into and hear the calls too.

Wireless internet breaches coupled with malware that is already present in mobile and computer can wreak havoc. Similarly, a hacker can use your internet for their criminal activities, thus remaining untraceable.

Phishing Attacks

• A phishing attack most commonly occurs through email. Hackers send you a fake email using an email address that is closely related to a person, company, or a service you trust. The email appears authentic. It contains links which redirect to dummy websites mimicking the real ones. Once you enter your details such as email addresses, passwords, PINs or security information, hackers have immediate access.

Cyber security specialists reported that out of all cyber attacks in 2019, more than 70% were attributed to phishing attacks. Most of such attacks resulted in data breaches and financial losses. Phishing is a relatively newer type of cyber security threat, which is why it has affected so many businesses and people.

Ransomware

• Ransomware is a special program developed by hackers. Once it infects your computer, it encrypts all your files. After the encryption process is complete, it locks you out. Thus you are unable to access your data. Ransomware then displays a message that unless you pay the hackers, usually in cryptocurrency, all of your data will be erased.

Once your computer has been infected, it is very difficult to remove ransomware and get your data back. Last year, COVID-19’s research data at University of California was compromised through ransomware. The hackers demanded over 1 million US$ to release the data. Another high-profile case was related to Canon. A hacking group called Maze claimed responsibility for this breach and reportedly stole over 10TB of data.

• This data shows that every business, whether small or big, should have some sort of cybersecurity strategy in place to protect their data.

If you are interested in protecting your business or company from a plethora of cyber security threats, you can call Micro Strategies at their toll free number 888-467-6588. We are a company that specializes in business, IT, and security solutions. We are located in New Jersey, Pennsylvania, New England, and in New York. Our team will assess your business and recommend an amazing plan that best meets your business needs.

Here are some of the best benefits of virtual workspaces for your business

A virtual workspace is a platform-based solution for virtual offices that are used by businesses to deliver an office environment to their employees working remotely or from home. A virtual workspace usually includes a suite of softwares, collaboration tools, and several features that allow employees to work in the same way as they were working at the office. By using a virtual workspace, businesses can expect to reap several benefits. A few of them are given below.

Employee Productivity Is Boosted

• While working at a traditional office, an average employee spends at least two hours getting ready for and traveling to work. This time is saved when the business operates as a virtual office. The employee can spend this time on other activities and simply log on to work on time. Virtual offices have been known to significantly reduce employee absenteeism and late clock-ins.

A recent research survey suggested that during the covid19 time period, many companies that used virtual offices noticed their employee productivity increase by at least 40%. Many employees now prefer working from home as this gives them greater control over their schedule and allows them to complete their daily office tasks with peace of mind.

Employees Are Happier Because Of Flex Hours

• Most businesses that employed the virtual office platform also provided flexible working hours options to their employees. They needed to put in a specific number of hours per day, and these hours did not have to be between 9 and 5.

Many behavioral psychologists concur that keeping employees glued to their screens for a fixed period of time resulted in a decrease in work productivity and an increase in mental tiredness. By allowing the employees to set their own schedules, businesses were, in fact, giving their employees the option to take breaks from work to refresh themselves.

Operating & Overhead Costs Are Minimized

• In a traditional office, there are many operational and overhead costs involved. First, there are utility charges that need to be paid every month. Then comes rent payments for the office building. Many businesses operate an employee cafe, complimentary tea and coffee machines, water dispensers, and leisure rooms.

All these expenses can be minimized or eliminated by switching to a virtual office. Several online solutions allow employees to collaborate on projects in real-time. Thus the need for an employee to be physically present at the office to get work done is altogether eliminated.

Businesses Save Money On Equipment

• In a BYOD policy, the business does not provide any equipment to its employees, such as computers and laptops. The employees are free to bring their own devices to work and get business software installed on them.

Critics of this policy argue that BYOD policy can be a security nightmare for the business. However, several IT security service providers can help the company eliminate the security problem once and for all. Firms have conducted virtual training and workshops in an attempt to minimize the security risk posed by BYOD.

Businesses Can Work With International Talent

• While hiring and recruiting talent for the office, most businesses have to follow local laws. For example, a company cannot hire someone for work unless they have residence rights in that country. Similarly, to employ a foreigner, they need to sponsor a work permit for that individual.

Using a virtual office platform saves the business from these complicated regulations and is free to hire employees from any part of the world. A company based in the United States can employ an individual from anywhere without worrying about the hiring process’s legality.

If you are looking for a fantastic virtual workspace provider, then call us at -973-625-7721. Micro Strategies is a professional IT services provider. Our specialists will analyze your business and provide you with a virtual workplace solution that is best suited to your needs and budget.

The top 5 types of cyber security threats every company needs to know about

The improvement of technology as well as the increase in interconnected businesses has led to a global increase in cyber security threats of alarming proportions. As a business, it is imperative to know about these cyber security threats, so one can adequately safeguard themselves from damage and loss. In this article, we’ve discussed the 5 types of cyber security threats that you should be aware of in 2022. Read about them below.

DDoS

• In a DDoS (Distributed Denial of Service) attack, the hacker attempts to overwhelm an internet server by directing an unusually high volume of traffic towards it. This disrupts the normal operation of the server and can bring entire systems to a complete halt.

DDoS attacks aren’t a new threat, however hackers have been using more sophisticated methods that allow them to carry out these attacks undetected. It was reported that in 2020 alone, over 10 million DDoS attacks were recorded globally. DDoS can cause damages in millions of dollars, in addition to prolonged server outages and IT infrastructure experiencing a cascade failure. Many businesses hire the services of a professional IT security company that provide endpoint protection & security for their IT infrastructure.

Deepfakes

• Deepfakes utilize artificial intelligence and deep learning algorithms to make simulated images and videos that appear convincingly real. Deepfake started out as an academic project, and has now been perfected to the point that it is almost indistinguishable from reality.

Deepfakes have been widely used in information propaganda, in an attempt to create mass hysteria and panic. The most recent deepfake attack involved hackers impersonating a company’s executive to initiate a 243,000$ transfer to their own bank accounts. Many cyber security companies around the world are educating people about the threats posed by deepfakes, and implementing strategies for early detection of this threat.

Ransomware & Phishing

• A ransomware is a malicious software that encrypts your data and demands a ransom for unlocking it. A phishing attack causes you to give your sensitive information to someone pretending to be a legitimate company.

In 2019, it was reported that ransomware and phishing cost businesses a loss of 450,000$, in the US alone. A business today cannot ignore this threat, and will need to take adequate security measures. Employee training to identify and report such instances can drastically reduce the probability of ransomware and phishing affecting a business.

Social Engineering Attack

• A social engineering attack involves people using non-technical means to deceive and exploit security vulnerabilities in a business. These people employ several tactics such as impersonation, phishing phone calls and text messages, targeting business employees to gain trust, and pretending to need sensitive information to perform an urgent task.

An adequately trained workforce will be able to identify such instances, and report them to the IT security team. They will also be better able to understand the consequences of their actions, and employ better work practices to prevent any loss to the business.

IT Infrastructure Vulnerability

• Businesses need to make sure they have adequate security protocols in place such as endpoint security check, secured internet connection with a firewall, encrypted backups, an early warning and detection system, and a trained IT staff to deal with cyber security threats.

Many businesses hire an IT security company that provides crucial services such as vulnerability scanning, anti-virus services, provision of security updates and patches, regular testing of IT infrastructure against cyber attacks, as well as employee training and education.

Micro Strategies Technology Solutions is a top notch IT security service provider based in New Jersey. Call us today at 973-625-7721 and let our professionals conduct a security assessment of your business.