In 2023, video games and entertainment giant Blizzard Entertainment was hit by a cyber attack, resulting in millions of dollars in losses as top games like “ World of Warcraft” were forced to go offline. Just recently, a hacker managed to paralyse America’s healthcare payment system by shutting down the systems of a company called Change, a middleman that handles bills, procedure approvals and even medicine approvals for insurance providers. This caused a delay that affected the healthcare system for weeks to come, as insurers waited for their approvals with no responses, and hospitals waited for instructions to proceed to no avail.

These examples and many more showcase how regular cyber threats have become. You don’t need to be a government organisation to fear a cyber attack anymore; as long as you handle data that could be used against your users, you are in danger. In 2023 alone, 353 million people were affected by cyber-attacks. According to Forbes, businesses lose 1.3 million dollars on average for every data breach, and the cost of cybercrime is expected to increase like never before in 2025.

To avoid staggering losses, business owners need to be aware of the threat of cyber attacks and the best ways to deal with them. This article shall provide a full guide to cyber security for business, including cyber security basics, types of cyber attacks, cyber security services, developing a cyber security strategy, and finally, what to expect for the future of cyber security, 

The Basics of Cyber Security For Business 

What is Cyber Security?

The term cyber security describes the techniques that help secure various data, digital components, and technology. These techniques could include minimal protection against malware, viruses, or human errors. They could also include protection from a DoS attack that shuts down a whole system or ransomware that demands money to release your data. Which level of security you need depends on the type of data your company stores and the size of your company. 

For CEOs of start-ups, the question is always, do I need to invest in cyber security at this step? The answer to that is always yes to an extent. An expert in cyber security can help you learn about all types of cyber attacks and also ensure your staff is trained in security management to avoid human error.

ALT Text: Cyber Attacks

Types of Cyber Attacks

Ransomware and DOS attacks are a few of the attack types we have mentioned so far. However, what is a cyber attack, and what are the most common types? A cyber attack is an attack initiated by a third party towards an entity or an organisation with the aim of controlling data, hindering communication, and causing losses. Overall there are five common types of cyber attacks: ransomware, phishing, DOS, MITM attacks, and password attacks. 

Ransomware

Ransomware is a program a hacker uses to kick the data owner out of his system, encrypt the data, and demand money to release it back to the owner. A famous example of a ransomware attack is the 2022 Costa Rica ransomware attack. The attack targeted many government institutions, including the Ministry of Finance, the state’s internet service provider, and even the Ministry of Labor. The attack hindered the country’s work, forcing it to shut its systems to avoid a leak of the database of millions of citizens. Costa Rica lost 30 million dollars per day just from that attack. 

DoS 

Remember the Blizzard Entertainment attack? That was a DoS ( Denial of service) attack that exhausted the game's systems enough to shut it down. DoS attacks usually start after the attacker takes control of multiple systems and computers that the company owns. He then starts exhausting the system with fake data, forcing it to shut down and forcing the company to spend millions just to get its systems back up again. 

Phishing

Have you ever had an email that looked authentic; however, upon checking the sender’s email, you found an extra E added to a domain that you know very well? That is how a phishing attack starts. A hacker who wishes to get your data usually sends you an enticing email with an offer he knows you would love, and he would have to wait till you enter your data and then steal it from you. Phishing is one of the most common attacks, and many have lost cash after their credit card details were stolen via a phishing scam. 

MITM Attack 

An MITM attack, also known as a Man-in-the-Middle Attack, is a well-known technique in which a hacker who wishes to track the communications between his target and multiple other people positions himself in the middle. This attack, commonly seen in movies and dramas, allows criminals to blackmail their victims or steal company secrets undetected.

Password Attacks

The most common password attacks use decryptors to figure out individuals' passwords. Before OTPs and 2-factor authentications were invented, password attacks were a real risk; however, the percentage of these attacks has diminished year after year.

ALT Text: Types of Cyber Attacks

2. How to Develop a Cyber Security Strategy?

Now that you know how the most common attacks work, you must wonder what's next. As a CEO, you must adopt a proactive cyber security strategy, setting up a team or outsourcing cyber security agencies to help you identify vulnerabilities, mitigate risks, and implement top security measures. 

Steps for a Successful Cyber Security Strategy

Build Awareness

The first step for any organisation is to set up regular security training for its employees to avoid human errors that could result in a Phishing attack or even ransomware. 

Identify Security Vulnerabilities 

Vetting your tools and identifying holes in your apps or systems should be a top priority in your strategy. You should also set a plan to identify external systems your team uses and their risks. Additionally, ensuring your partners care about security as much as you do can prevent future data leaks.

Define roles and responsibilities.

If you intend to build a cyber security team within your company, defining the responsibilities of each security team member should always be a main part of your strategy. Cyber security jobs include titles like a security analyst, who analyses and identifies holes and a security engineer, who builds security solutions to cover up security holes. Identifying and hiring the right people for these roles should be a top priority for your company’s cybersecurity team. 

Follow up on Improvement possibilities. 

Security is not a one-step task. New malware and viruses are invented yearly, and companies must stay up to date on these things. Improving your security tools should always be a top priority. Your antiviruses, VPNs, and authenticators are your first line of defence, so always follow up on them.

Mitigate Risks 

Finally, if an attack occurs, you must ensure you have the right tools to stop that attack as quickly as possible without losing data or money. One of the many ways companies use to mitigate risks is through running different scenarios with the help of multiple teams. Additionally, many companies offer Bug Bounties as an extra step to mitigate possible attacks. Bug bounties are basically bounties that are given by major companies to an outsider who reports a bug to the company. Using these bounties, companies list the help of outsiders as well as their teams to find bugs and report them. 

Security Pillars

While developing your strategy, you must be aware of all types of security measures to identify exactly what you need. Overall, most companies need three types of security. 

 ALT Text: Network Security

Network Security 

Network security basically protects your infrastructure from misuse or theft. If you are working on an application or a new device, your network security uses multiple layers of defence at the beginning and the end of your system. These layers block malicious attacks and prevent threats. Examples of network security practices include installing firewalls, implementing Network segmentation, and using a VPN to access secure data. Ideally, top tech companies like Apple use practices like network segmentation. These segmentations allow security managers to assign certain access points to certain roles or locations. Therefore, it locks the possibility of a malicious attack from outside your network. 

Data Security 

Data security relies on your ability to protect your digital data from misuse and corruption. Data security tools use technologies like encryption, access control, and two-factor authentication. Techniques like data encryption rely on changing readable information into an unreadable format for non-authorised people. For example, your WhatsApp chat messages are encrypted. Therefore, only you and the person you are talking to can read your messages right away. 

End Point Security 

How many devices do you use to access your work apps and tools? Many of us use at least two devices to follow up on work: our mobiles and our laptops. Our devices are endpoints for work, and they need to be secured from all breaches. That’s where end-point security comes from. End-point security practices include installing antiviruses on all your devices, strengthening and increasing device passwords, and constantly implementing new software updates on your endpoints to cover any security holes. 

3. Cyber Security Services

To implement cyber security measures, you either need an in-house security team or a consultant agency with experience in the field. Top tech companies often opt for the first choice as they have the budget and control super large databases that should be monitored 24/7. On the other hand, many medium or small businesses opt for a consultant firm and maybe one security officer within their team. A firm can offer you multiple services that would set you on the right track and help you track your cyber security strategy. Top services include 

Penetration Testing 

A consulting firm can run penetration testing to simulate an attack on your system and identify holes. These tests usually try to attack your servers using internal, external, and targeted testing. 

Internal testing usually includes system vulnerability testing, bug exploitation, and gathering and reporting system information. On the other hand, external testing is testing done using ethical hackers to help identify hidden bugs and miscalculations. Finally, targeted testing is done on certain systems or apps previously identified as weak. These tests usually help bridge any gaps in the system faster than other types of tests. 

Vulnerability Testing 

Vulnerability testing helps identify if a system is vulnerable to known cyber security risks by assigning severity levels to different risks and recommending mitigation tactics according to severity and importance. 

Threat Intelligence 

Threat intelligence tests help identify the most important data that needs to be preserved under different levels of security. Analysing your data is the core of threat intelligence as it helps prevent data loss and helps you identify the correct safety guidelines for your data portals.

The Future of Cyber Security for Business

Now that we have covered everything from definition to strategy and services, it is time to explore the future of cyber security. In the age of digitisation, new innovative technologies are launched almost daily, and this means there are even more developments in attack methods and more cyber security risks for companies. Companies are now facing different challenges, such as the latest work-from-home culture, AI, smart appliances used for work, etc. Therefore, what are the expectations for a future where the industry is faced with all this? 

The Internet of Things (IoT)

Who didn’t hear about smart TVs, refrigerators, or smart speakers? As you read this, you probably have at least one smart appliance at home. Can this appliance cause a data breach? Yes, it can, and companies that use Smart TVs for conferences, for example, should be well aware that any appliance connected to the internet is a target for an attack anytime. Many companies specialised in securing your smart tools have started appearing during the past couple of years, and with tools like driverless cars on the horizon, the demand for super strong tools for smart appliances is now higher than ever. 

Regulations and Frameworks

Governments regularly improve their cyber security regulations and laws. As more countries join the cyber race, punishments and new regulations to keep users safe will become as important as crime laws in most countries, allowing companies to flourish in a safer community.

Now you know everything about cyber security for business, including attack types, cyber security protocols, services, security measures, and even the future of cyber security. You can also check out our cyber attack types guide, which has more than 20 additional types added. On the other hand, we offer a monthly cyber security seminar that you can sign up for any time before the end of the month. Additionally, you can reach out to our team via this email to ask for cyber security services. 

Frequently Asked Questions

What are the benefits of cyber security?

Cyber security enhances productivity as employees don’t fear their efforts will be stolen by a stranger at any minute. Additionally, small companies impacted by cyber-attacks lose a lot of money, which could result in layoffs to continue the business. Some businesses have even closed their doors after a cyber attack; therefore, cyber security ensures business continuity. Finally, cyber security helps businesses gain new customers as your customers will not fear that their data will land in the wrong hands at any time. 

Do small businesses need Cyber Security?

According to the entrepreneur, small businesses have been a top target for hackers for years. In 2017, more than 60% of small businesses in the US were attacked by hackers. To avoid this, the Federal Communication Commission has created a cyber security tip sheet for small business owners to help them secure their businesses. 

Who are the top cyber security companies?

Top companies in the field include Palo Alto Networks, Cisco and Crowd Strike. Palo Alto is a giant multinational corporation offering firewall solutions to companies, and Cisco is a giant digital communication corporation offering multiple network software as well as telecommunication equipment. Finally, Crowd Strike is an Austin-based company offering End-point solutions, cloud workload, and threat intelligence.

Who is leading the world in cyber security?

The US has maintained its leading position in cyber security for years. As the home of the top cyber security companies and the country with the highest cyber security budget, the country has always set basic cyber security standards for the world to follow.