Security threats may disrupt operations, damage reputations, and lead to financial losses. Businesses are facing more challenges than ever before and most are actively taking steps to prevent these threats. What makes security threats scary, is that they can be unpredictable. Companies can only estimate their likelihood. A short-term plan won’t suffice for most security threats, so actions that contribute to long-term safety should be preferred. 

Security threats can cause major harm

Security threats are not to be taken lightly. Only in 2023, the Internet Complaint Compliant Centre recorded a record number of complaints received, describing how they reached almost a million. That number is predicted to increase every year, as criminals become smarter, and their methods become more complicated. 

Some of the most common ones today are:

  • Cybersecurity threats
  • Ransomware
  • Human error
  • Fraud
  • Embezzlement
  • Credit card skimming
  • Insufficient data protection
  • Misuse of data
  • Deepfakes

Cybersecurity threats

Cybersecurity threats and attacks can take various forms and they are serious risks businesses are facing. Phishing attacks are one of the commonly used threats by criminals, using misleading emails or stolen identities to convince people to disclose sensitive data such as passwords or bank information. 

Ransomware

Another common threat is ransomware, a type of malware that encrypts a business’s data and demands payment to release it. This can slow down operations and can cause financial losses or reputational damage. Similarly, data breaches – where an unauthorised person gains access to confidential information – can carry major risks, especially when sensitive customer data has been accessed, which can lead to legal and compliance issues. 

These issues may be worsened if criminals use the customer information they obtained to steal their identity and open up accounts, credit cards or borrow money on their behalf. 

security threats

Human error

Another security threat that organisations face is human error. Staff errors like:

  • Poor data input
  • Deletion of crucial files by mistake
  • Not following procedures
  • Taking shortcuts
  • Underestimating data safety
  • Falling for scams and phishing email

These mistakes can lead to lost data, financial loss, and a breach of client confidence if caught. Minimising the likelihood and impact of human errors is dependent on thorough training, straightforward procedures, and automation whenever feasible.

Fraud

Financial threats may also impact a business and affect its normal operation as well as its reputation. One of the risks includes fraud of different types like fabricating financial statements, fake invoices, manipulation of records to receive unintended benefits etc. Fraud affects a company’s financial health, has legal ramifications and can result in the loss of trust by investors, customers and partners.

Embezzlement

Embezzlement is another major financial and security threat that occurs when employees or insiders steal company funds for personal use. This can happen via unauthorised transfers, misappropriation of assets, or payroll manipulation. This is especially problematic because such schemes typically involve repeat transactions by insiders that can take years to uncover. This risk can be mitigated through the implementation of segregation of duties, background checks, and financial oversight using checks and balances as well as tools that can raise red flags when suspicious behaviour is detected.

Credit card skimming

Companies also need to be aware of credit card skimming. Credit card skimming largely affects victims who make card transactions in a store. Criminals place devices to extract payment data from customers which allows scammers to use their credit card for their own personal gain. A lot of the time, customers won’t be able to know when their card was skimmed but if it happens right after they visit the company, this might damage their relationship with them. Organisations will need to invest in safe payment systems and check that their card readers haven’t been manipulated by external parties. 

Insufficient data protection

Insufficient data protection is one of the most common security threats. Companies that don’t implement adequate cybersecurity measures put their customers’ information at risk of being breached. Weak defence strategies allow hackers to steal data and use it as they see fit.  High-profile data breaches damage customers and can lead to regulatory fines, lawsuits, and loss of customer trust. Optus, a large Australian telco, was fined $1.5 million after a data breach that showed that the current data protection procedures were not strong enough. 

Misuse of data

Misuse of data for marketing or analytics purposes can be a form of data mismanagement. Sending unsolicited emails or targeting customers based on improperly obtained information can lead to public backlash and harm brand loyalty. Australia consumers are experiencing this online and offline, with shops asking for their phone numbers and emails to send them a ‘receipt’. This isn’t only annoying for consumers but for the companies as well, as negative sentiment is likely to develop. 

Deepfakes

A potential security threat that has recently emerged is the creation of deepfakes. Deepfakes are realistic fake images, audio or videos generated by software to trick people or organisations. For instance, attackers can use deepfake technology to impersonate executives, duping employees into wiring funds or sharing sensitive information. Deepfake criminals don’t discriminate, trying to trick companies as big as Ferrari. Always ask employees to double-check that the person speaking to them is genuine. They can do that by:

  1. Asking specific questions
  2. Sending an email to other employees 
  3. Messaging the person speaking to them through other means
  4. Obtaining a second approval

Strategies for detecting security threats 

The first step for ensuring that your business is ready for any security threats is a thorough risk assessment. This step is essential because it helps the company identify, analyse, and manage the risks that could interrupt work, expose data, and ruin the company’s image. A good risk assessment ensures that resources are well invested in minimising vulnerabilities, 

A risk assessment will be able to point out which areas of the business have the biggest weaknesses. Once a risk assessment is completed, the next step is to identify threats and evaluate them to determine likelihood and impact. Only after that, can the company start thinking about ways to prevent security threats. 

Interestingly, a hacker helped NASA identify weak areas within its operations by hacking its system. Being creative when it comes to identification and evaluation can also lead to more creative solutions. Hiring an external ethical hacker might be a good option if the business has the budget for it. 

Where does Polonious come in?

At Polonious we assist investigators in looking into security threats as quickly as possible. A faster investigation means a more likely recovery and less damage overall. Our system is built with security and high quality in mind, which is why we have been ISO 9001 and ISO 27001 certified for multiple years. We ensure confidentiality and data protection so teams can store their evidence without having to think about leaks. Access can also be determined by the lead investigator, so only the right people can see the information. Are you looking for a case management system to assist with your recovery? Talk to one of our friendly advisors today.