If a cyberattack is successful, it can cost a small business almost $54,000 on average. Not only will you have to pay to fix your cybersecurity gaps, but you may also lose valuable data like customer information or trade secrets.

Cybersecurity threats don’t just hurt businesses. Criminals target people too. If successful, they can steal your bank details or identity, which is a nightmare to resolve.

Want to be prepared for 2020 and beyond? Keep reading to learn about the top 5 cybersecurity threats you need to watch out for.

1. Social Engineering

Social engineering is one of the oldest cybersecurity threats. Instead of hacking technology, cybercriminals hack people. They use tricks and psychological manipulation to get what they want. For example, a criminal may pose as a service worker to bypass security and steal trade secrets.

To prevent social engineering, train your staff to recognize both physical and digital threats. Register all visitors, require escorts, and lock devices when unattended. A clean desk policy helps protect sensitive information from prying eyes.

2. Phishing Attacks

Phishing is a classic cyber threat. It began back in 1996 when scammers pretended to be AOL admins to steal login credentials. Today, phishing emails are more sophisticated than ever. These messages can trick even experienced professionals.

To avoid phishing, always type website addresses directly into your browser. Never click suspicious links or enter credentials unless you’re sure the site is legitimate.

3. Ransomware

Ransomware is a growing cybersecurity threat. Attackers lock your device and demand payment, often in Bitcoin. Paying the ransom doesn’t guarantee you’ll get access back. Many victims lose both money and their data.

Protect yourself by keeping multiple data backups in different locations. If you’re hit by ransomware, you can wipe your system and restore from backup. Consider using a managed security services provider to strengthen your defenses.

4. Cryptojacking

Cryptojacking is when cybercriminals hijack your devices to mine cryptocurrency. This slows down your network and wastes IT resources. As cryptocurrency grows, expect more cryptojacking attempts.

Prevent cryptojacking by installing ad-blockers and anti-cryptomining browser extensions.

5. Internet of Things (IoT) Attacks

IoT attacks are a new wave of cybersecurity threats. IoT connects devices, networks, and electronics into one system. While convenient, it also creates more entry points for hackers. If a cyberattack is successful, everything connected could be at risk.

To protect against IoT threats, learn how to secure your devices. A managed security services provider can help keep your network safe.

Be Prepared for These Cybersecurity Threats

Now you know the top cybersecurity threats for 2020. Stay alert and proactive to avoid trouble in the future. Remember, these are just a few of the many cyber threats out there. Vigilance is your best defense.

Does your home or business need help with cybersecurity? Get in touch with us today! We’ll help you secure your network and protect against cybersecurity threats.