Tech Risks: Are You Leaving Your Business Vulnerable

In today’s hyper-connected business world, technology is both a lifeline and a potential vulnerability. From cloud storage to sophisticated software solutions, we rely on digital tools to streamline operations and drive growth.

However, this reliance also exposes businesses to a myriad of risks, ranging from data breaches and cyberattacks to operational disruptions and compliance failures. 

Are you confident that your business is adequately protected? Many organizations focus heavily on internal security, often overlooking the crucial aspect of third-party risk management, leaving them exposed to vulnerabilities stemming from their vendors and partners.

In this post, we’ll examine some of the tech risks that could be leaving your business vulnerable and share some proactive strategies for building a more resilient and secure digital business environment. 

Phishing

Phishing is when scammers use fraudulent emails or phone calls to obtain sensitive information, such as credit card information, bank account numbers, or passwords. Typically, it works in the following way:

• You receive an email saying your account is locked or there has been irregular activity. The email will contain a link that appears to be to a legitimate website, where you’re asked to give account information or download malware. 
• Alternatively, you may receive a phishing email or phone call asking you to call a number to discuss a problem with your account. You may be asked to provide account details over the phone. 

Phishing is an attack that uses misrepresentation to get sensitive information. 

Pretexting

A pretexting scam involves a fake identity or scenario designed to fool you into disclosing information.

The fraudster might email or call you, claiming to be an insurance company, supplier, survey firm, or municipal inspector. They’ll ask for sensitive data, which might seem too minor to make any difference. 

While it might not raise a red flag with you, over time, bit by bit, they’ll be building a profile that could allow them to steal your identity. 

Malware

Malicious software or malware, is any type of software that has a harmful intent. It typically infects a computer after a phishing attack or an employee accidentally downloading infected files.

Malware steals or corrupts your business information, leading to a system failure or secret recording of computer activity. 

Different types of malware include:

• Ransomware: Ransomware blocks access to computers or files until a ransom is paid. 
• Computer virus: This is a program that replicates via the internet. It damages programs, deletes files, or ties up system resources.  

Online Pop-Ups

Another type of malware is online pop-ups. They appear while browsing, and while most are legitimate, some initiate a ransomware download or a virus when you click on them.

A common example is a pop-up that claims your computer is infected with a virus. It advises you to download software that will clean your system.

When, in fact, that software is malware or a virus. It might also invite you to call a number to deal with the problem while asking for identifying information or a credit card number.    

Outsourced IT Services

Cloud service providers generally have good security, but some do not. Your data is vulnerable to an attack if a provider has poor security.

You face similar risks if you contract outside technicians to meet your IT needs. If the personnel have poor training or don’t follow best practices, you’re making yourself vulnerable. 

Wifi And Remote Work

If your wifi system is poorly secured, it leaves your business vulnerable to a hacker who comes within range. With access to your network, they’ll be able to install ransomware, gain sensitive information, or damage your systems.

If you access your business network remotely, such as in a public area, you’re at risk if you go online through a “spoofed” internet server.

It might appear legitimate, but if it’s not, an attacker will be able to access your system and possibly your business network. 

Your information could also be compromised if you work on a train, plane, or cafe. A stranger can read what’s on your screen.  

Passwords

Passwords should be carefully chosen as poor ones increase the risk of exposure to security risks. When unauthorized people can easily guess passwords, it causes many problems. 

Old Equipment 

When you dispose of old equipment, you must take additional precautions to delete data or format the hard drive. This isn’t enough to remove any sensitive information. You can hire an expert to destroy the computer or do it yourself. 

Protecting your business from tech risks is essential in our connected world. From phishing to malware, threats are diverse.

Proactive steps like strong cybersecurity, employee training, and vendor checks are key. Weak passwords or unsecured Wi-Fi can compromise everything. 

Take action now to safeguard your data and maintain trust. Don’t wait for a breach; prioritize security today.