What is Cyber Security Risk

As modern technology advances, work schedules, business decisions, and relationships rely on technological tools. The ease of access to critical information through networks can sometimes lead to various cyber security risks.

Online threats can affect any organisation, from data and infrastructure infiltration to data breaches and brute force. Whatever the motivation, cyber security threats can disrupt digital life and the loss of personal and financial information in an organisation.

What is a Cyber Security Threat?

A cyber security threat or risk is the probability of financial loss, reputational harm, and loss of an organisation’s intellectual property due to the failure of its IT systems. Cyber security risks can arise from deliberate unauthorised security breaches to access information, accidental security breaches, and operational risks due to aspects like poor system integrity.

Failing to manage the cyber security risks can expose your organisation to cybercrimes that may lead to economic deprivation and data disruption. In some instances, you may find yourself in a public relations nightmare while trying to recover the lost information or prevent further attacks.

Types of Cyber Security Risks

Whether you own a large organisation or a small enterprise, cybercrime could be right around the corner. Your investment may be left vulnerable to the attack without the right measures. Therefore, it is important to understand the different types of cyber security risks and some elements that can increase cyber threats.

  • Phishing– This is a social engineering attack where cybercriminals trick victims into sharing their critical information. Commonly, the criminals use malicious emails that seem to be from a trusted sender.
  • Man in the Middle (MITM) attack– MITM attack is a term used to describe an attacker who gets in the middle of a conversation to impersonate or eavesdrop on the users. These attacks are commonly used in the military to confuse an enemy.
  • Denial of Service Attack or Distributed Denial of Service (DDoS) Attack– A DDoS attack occurs when an attacker takes over several devices to disrupt the normal traffic in a particular service, server, network, or system.
  • Ransomware– This attack entails encrypting data on a network or server and demanding a ransom to allow the user to access the system again. In most cases, the ransom demand has a deadline. The attack can range from low-level nuisances to serious cyber incidents like locking a whole municipal government data.
  • Attacks on IoT Devices- Devices like industrial sensors are more exposed to different layers of cyber threats. Hackers can do this by taking over the IoT device as part of their DDoS attack and accessing the data collected by the device.
Attacks on IoT Devices | What is Cyber Security Risk | Best Practice Blog

Sources of Cyber Security Threats

Some of the most common elements that increase cyber risks include:

  • Cybercriminals
  • Hacktivists
  • Nation States
  • Developers of low-quality products and services
  • Service providers and insiders.
  • Corporate spies
  • Criminal groups
  • Terrorist groups

Best Practices to Enhance Cyber Security

  • Train employees
  • Create a cyber incident response plan
  • Backup data
  • Update systems and software
  • Maintain compliance

How Best Practice Biz Can Help

Best Practice Biz is a JAS-ANZ accredited ISO certification body that offers certification globally, including several in-house training systems. Training and ISO 27001 certification will help you build and maintain robust cybersecurity systems. Reach out to us today to learn more about how our ISO services can benefit your business.

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