Data is what drives almost every business today. The internet has given us the ability to gather and analyze vast amounts of information. Unfortunately, it has also opened us up to new threats.

Cyber threats are worse than they have ever been. If you think that trend is going to slow down, think again. Reports estimate that we will see up to up to $6 trillion in damages by 2021 because of cybercrime.

You need to be aware of the cyber security issues in 2020 if you want to keep your business safe. Below are nine of the biggest threats you need to keep an eye on.

1. Advanced Phishing

It used to be easy to spot a phishing attack. Hackers didn’t have much information about you. The best they could hope for was generic emails.

Things have changed now that most people talk about their lives online. All someone needs to do is look at your public profiles to get all the information they need.

A hacker can begin personalizing their phishing emails once they have this information. This will make it harder to spot phishing attacks.

2. Internet Of Things

Smart home technology has made home management more accessible than ever. The problem is that your devices need to be online to make this happen.

Unfortunately, not all smart home companies have the best security in their products. This means several security risks go with installing them in a home.

There are too many internet-enabled products coming onto the market for security researchers to find problems with. Expect to see hackers take advantage of this and use your smart home as a way to break into your network.

3. Cryptojacking

The rise in cryptocurrency has gotten many people excited. A lot of people made a lot of money in a short amount of time. Everyone is trying to jump on the bandwagon.

Some of those people aren’t doing things the right way. They are developing malicious browser extensions and software to take advantage of other devices.

These attacks happen when malicious software makes use of your device’s processing power to mine cryptocurrency. The hacker ends up making cryptocurrency at the expense of the lifespan of your devices.

4. Third-Party Attacks

The role of information technology has changed a lot over the past several years. Most businesses don’t house all of their infrastructure themselves anymore.

They rely on third-party cloud services for tools and storage. A business will use these services to save time and money.

This also means that companies don’t have control over the security procedures on the other side. They have to trust that their partners have put the safeguards in place to protect their data.

Hackers are likely to continue targeting cloud services as a result. They can target multiple businesses at once, instead of focusing on one at a time. Companies who work with others will need to work with a firm like Cinch I.T. to make sure things are as secure as they can be.

You don’t only have hackers to worry about online anymore. Foreign countries are amping up their online efforts to build cyber divisions.

The next several years will see a rise in state-sponsored cyber attacks. Governments are at the most risk to these attacks. They will see public infrastructure and sensitive data be targeted in an attempt to disrupt the country.

Unfortunately, the private sector is also at risk. Expect espionage to be a growing concern as governments attempt to steal the intellectual property of tech businesses.

6. Artificial Intelligence

There has been a lot of advancement made in AI during the past few years. It’s becoming a vital part of many of the products people use every day.

However, consumers aren’t the only people benefiting from these advancements. There are new AI tools that are giving hackers new capabilities during attacks.

Instead of figuring out everything themselves, hackers can use AI to look for vulnerabilities without any oversight. All they need to do is boot up their tool and let it run.

7. Deepfakes

Deepfakes were harmless when they first started. It is a technology that you can use to create content that appears real automatically. It didn’t take long for someone to take this technology and begin abusing it.

Deepfakes have become a serious problem with fake news. People create false stories that spread misinformation that helps their own agenda. It’s being used to manipulate people and governments.

Things are going to get worse in 2020 and beyond. Hackers will begin to create fake identities and use them to commit fraud and gain access to things they shouldn’t have access to.

8. Insider Threats

As security has gotten better, hackers have needed to look for more straightforward ways to compromise businesses. This has caused them to start using the employees of companies as an access point.

Insider threats are expected to become more commonplace in the future. These threats can happen on purpose or by accident.

An accident happens when an employee exposes something they shouldn’t. They can leave an access point open to a database, or leave a note with their password lying around.

Intentional threats are caused by employees looking for monetary gain. They will receive bribes from hackers or take your business information and sell it to the highest bidder.

9. Ransomware

Ransomware started simple enough. You download a malicious file, and that file encrypts all your data with a password. You have to send a payment to the hacker to get the password for your data.

Today, ransomware creators are getting more creative. They are now taking your information and threatening to release if you don’t send payment. This method gives criminals two ways to collect money from your business instead of one.

Don’t Underestimate Cyber Security Issues In 2020

Businesses can’t afford to ignore cyber security issues in the future. Cyberattacks are getting more sophisticated every year, so make sure you understand the risks to your business. The more you prepare now, the safer you’ll be in the long run.

Once you secure your network against attack, you can start adding more technology to help your business grow. Head to our blog to read the newest tech trends in business you need to watch for.