Cybersecurity is necessary to protect your computer systems and electronic data from the dangers of browsing the web. In fact, in 2022, over 490 million ransomware attacks were reported by organizations worldwide. In 2021 alone, 94% of malware was delivered via email, which demonstrates the value of knowing how to identify and prevent these sorts of attacks.

Here are some important things you should know about cybersecurity. 

What is Cybersecurity?

Cybersecurity is the application of technologies, processes and controls to protect computer systems, networks, programs, devices, and electronic data from the risk of cyber-attacks and unauthorized exploitation of sensitive data. Any electronic equipment with a computerized component, especially those connected to a network or the internet, are vulnerable to attacks. Personal devices such as computers, tablets, cell phones, car navigation systems, or video games can be at risk.

What is the Importance of Cybersecurity?

Not only is cybersecurity important to protect valuable data, but there are also many consequences that come along with cyberattacks. To start, there are specific laws and penalties in place that businesses may face if their data is leaked in a cyberattack. All businesses face different consequences depending on the type of data and information they use. Medical organizations, for example, will face a HIPPA violation if health data and records are stolen or leaked. This fine is calculated based on the number of medical records exposed, with fines ranging from $50 to $50,000 per record and capped at $1.5 million per year.

• Cybersecurity is important for small or large businesses and individuals. When a business’s information is compromised due to a cyberattack, it can have a detrimental impact on its reputation. Prospective business partners, investors, and customers may hesitate to engage with the affected business, fearing their own data may not be safe. This can lead to missed opportunities for growth and collaboration, ultimately hampering the company’s long-term success.
• When it comes to individuals and their personal devices, cyberattacks can lead to stolen money and assets or the theft of personal, financial and medical information. To better prepare for the event of a cyberattack, read 4 Steps You Should Take to Protect Yourself Against a Data Breach.

What are the Primary Cybersecurity Threats?

The number and severity of security threats continue to grow as scammers become more knowledgeable and technologically advanced. This makes it almost impossible for organizations and businesses to prepare and protect themselves from every possible security threat. These are a few of the main types of cyber threats organizations face.

• Malware Attack: Users may be asked to take an action, such as clicking a link or opening an attachment.
• Social Engineering Attacks: Social engineering is a hacking technique used to gain access to systems or data. These hacks typically mislead victims by encouraging them to click on a malicious link or pay for services that aren’t guaranteed. The most common example of this is called phishing. Typically, a fraudster will send fake emails or messages that appear to be from a trusted source, such as a bank or credit card company. These emails will have a link that goes to a phony website designed to capture your login credentials and/or personal information.
• Software Supply Chain Attacks: A software supply chain attack is a cyberattack against an organization that targets the weakest links within the company’s software update and supply chain. Typically these attacks come from a fraudster posing as a trusted vendor who is looking to gain access to systems via phone applications, security cameras, Universal Serial Bus (USB) drives, and more. Once the fraudster gains access to these weak links, they have free reign to the whole supply chain system and the sensitive data that comes with it.
• Advanced Persistent Threats (APT): When an individual or group finds an unauthorized way to break into a network and remain undiscovered for an extended time to  extract sensitive company data.
• Password Attacks: This is when a hacker gains access to an individual’s password information from their connection to the network, using social engineering, guessing, or obtaining access to a password database.
• Smishing: Targets people through fake mobile text messages, tricking them into downloading malware, sharing sensitive information, or sending money to cyber criminals.

What are the Different Types of Cybersecurity Systems?

There are six primary types of cybersecurity systems, which are all based on the type of information being protected. The six main cybersecurity systems are network security, application security, information security, cloud security, Internet of Things (IoT), and identity and access management security. While all these cybersecurity systems are important, the average person will not need to use these to protect their personal computer. 

Tips to Protect Your Information Online:

• Update the software on your computer regularly or subscribe to automatic updates
• Turn on multifactor authentication
• Choose a strong password for your account
• Analyze a link before clicking on it

It’s also important to avoid using the same password for every account. If a scammer gains access to one of your passwords, it is likely they will try to test it on other accounts as well. You may even consider using a password generator solution such as LastPass or the Norton Password Generator, which both create a strong password and then store the information securely so you can access it later on. iCloud and Android devices also allow users to store and secure their passwords safely. 

Ultimately, an investment in cybersecurity awareness training can prevent employees from engaging in potential, but easily avoidable online threats. Beyond being prepared in your professional life for cyberattacks, it can also be beneficial in your personal life. Visit our Fraud Prevention page at efirstbankblog.com for additional ways to protect yourself from cybersecurity threats.

If you believe your personal or financial information has been compromised, reach out the Fraud Department immediately or call 1-800-964-3444.

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