By 2021, all the various types of cyber security threats will cost the world at least $6 trillion every year. Cybercrime, after all, doesn’t discriminate; it affects individuals, small businesses, and large corporations.

Unfortunately, individuals and small businesses are those who are at the highest risk. For starters, they don’t have the funds to recover from the economic effects of such crimes. This is also why six in 10 SMBs that get attacked go out of business within six months.

As such, you should learn as much as you can about the most common cyber security threats. Knowing what they are can help you mitigate your risks of becoming the next victim.

Ready to learn all about these digital threats to your business? Then keep reading, as we’ve rounded up the most critical ones you should know!

1. Ransomware

Ransomware isn’t exactly a new threat in cyber security, but it continues to evolve each day. An example is the CLOP ransomware, which anti-malware experts first discovered in 2019. By the time they found out it had existed, though, it could already kill 663 Windows processes.

To avoid this from happening to you, never click on non-verified or unverifiable links. You’ll find these not only in unsecured websites but also in emails from unknown senders.

Ransomware can also originate from fishy-looking websites that offer downloads. If you really need to download something, be sure to research the legitimacy of the site first.

2. Malware Distribution via Remote Work

Even before the COVID pandemic, at least 70% of people worked remotely at least once a week. This has led to cybercriminals discovering new ways to distribute damaging malware. These include unsecured and malicious Wi-Fi connections, as well as digital eavesdropping.

If you have remote workers, be sure to remind them not to connect to public Wi-Fi services. These are the connections most vulnerable to malware attacks. If they need to use public Wi-Fi, they should at least go on a virtual private network.

They should also have robust anti-malware protection installed in their work gear. For other ways to fortify the safety of your remote operations, you may want to check out this link.

3. Phishing Attacks

As with the majority of cyber security threats, phishing is also for financial gain. Criminals pose as a legitimate-looking individual or organization. They may use the name of a CEO, a manager, a family member, or even a friend.

That’s how they make themselves appear trustworthy. From there, they’ll coerce the victim to reveal sensitive information. These details can be anywhere from bank accounts to social security numbers.

Note than more than eight in 10 reported security incidents have to do with phishing attacks. Most of these occur through email, but they can also be in the form of text messages.

The best way to prevent phishing attacks is to install additional phishing filters. Be sure to disseminate this information to your employees and team members too. Also, tell them that when in doubt, don’t click on that fishy-looking link contained in the email!

Protect Your Business From These Common Types of Cyber Security Threats

These are only a few of the most prevalent types of cyber security threats out there. However, they carry the most significant risks for small businesses. So, as early as now, install extra protection, such as anti-malware, in all your work devices.

If you’re looking for more ways to protect your small business, SMB CEO has you covered. Feel free to check out all the other guides we have so you can reduce your risks of getting victimized by hackers!