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Know the top 10 cyber risks facing your business

Computer hacker wearing a mask in front of computer

Top 10 cyber risks to be aware of

Cyber risks have become an increasingly dangerous threat in 2023 from a variety of sources. It's vital that your risk register contain these top 10 risk items and importantly show how they are being managed through a variety of IT controls. Check out the top 10 cyber risks and compare against your listings.

1. Phishing attacks

Phishing attacks are a common way for cybercriminals to obtain sensitive information from individuals and businesses. In these attacks, cybercriminals send fraudulent emails or messages that appear to be from a trustworthy source in order to trick the recipient into providing personal information such as passwords, credit card numbers, or other sensitive information.

2. Ransomware attacks

Ransomware is a type of malicious software that encrypts a victim's data and demands a ransom in exchange for the decryption key. Ransomware attacks have become increasingly common and can have a devastating impact on businesses by locking them out of their systems and data.

3. Insider threats

Insider threats can come from current or former employees, contractors, or partners who have access to sensitive information. These threats can be intentional or unintentional, and they can include data theft, sabotage, or other malicious actions.

4. Social engineering attacks

Social engineering attacks involve using deception to manipulate individuals into divulging sensitive information or performing actions that are not in their best interest. These attacks can take many forms, including phishing scams, pretexting, or baiting.

5. Malware attacks

Malware is a type of malicious software that is designed to disrupt, damage, or gain unauthorized access to a computer system. Malware can take many forms, including viruses, Trojans, and spyware.

6. Data breaches

A data breach occurs when cybercriminals gain unauthorized access to sensitive information, such as personal information, financial information, or trade secrets. Data breaches can have a significant impact on businesses, including financial loss, reputational damage, and legal liability.

7. Denial-of-service (DoS) attacks

A DoS attack is a cyberattack that aims to make a website or online service unavailable by overwhelming it with traffic. These attacks can be used to extort businesses or disrupt their operations.

8. Internet of Things (IoT) attacks

As more devices become connected to the internet, businesses face new risks from IoT attacks. These attacks can exploit vulnerabilities in IoT devices to gain access to sensitive information or disrupt business operations.

9. Cloud security risks

As more businesses move their data and applications to the cloud, they face new security risks. These risks can include data breaches, unauthorized access, and insider threats.

10. Third-party security risks

Many businesses work with third-party vendors or partners that have access to their systems or data. These third-party relationships can create new security risks, including data breaches and cyber attacks.

Risk Wizard software can help you manage cyber risks

Document your cyber risks, cyber controls and action plans in Risk Wizard. Easily monitor who is doing what and when so that you stay on top of cyber threats. Check out our risk management software with a short demo.


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