The 2024 Verizon Data Breach Investigations Report (DBIR) is a comprehensive analysis of some of the latest trends and data in cybersecurity, and it can offer valuable insights into how businesses can protect themselves from growing cyber threats. Whether you're a small business owner or run a larger operation, these findings highlight critical areas where your company may need to focus their efforts to secure their data, systems, and reputation. Here are the top five takeaways you need to know to help you safeguard your business.
Exploitation of Vulnerabilities Is On the Rise
The 2024 DBIR found that 14% of breaches involved exploiting known vulnerabilities as the initial access point, almost three times as many as last year. This alarming statistic suggests that many businesses are not addressing weaknesses in their systems before they can be targeted. Cybercriminals are increasingly taking advantage of outdated software, misconfigured networks, and unpatched security flaws to gain entry. Regular software updates and security patches are essential to prevent this. Neglecting these updates creates easy access points for hackers to exploit.
Progressive Computer Systems can help with vulnerability management, proactively monitoring and patching your systems to ensure that they are secure and compliant with the latest security standards. This can significantly reduce the risk of exploitation through outdated or vulnerable software.
Human Error Is a Common Factor
The DBIR highlights that 68% of breaches involved some form of non-malicious human error, often from an employee within an organization. These innocent slipups can be cases where employees fell victim to social engineering attacks, misconfigured systems, or just made simple mistakes. Employees and other members of a company are often the weakest link in cybersecurity due to lack of knowledge and education about best security practices. Regular cybersecurity training, focusing on common scenarios like phishing attacks and safe browsing practices, can greatly reduce the risk of a breach.
Ransomware and Extortion Remain Major Threats
Ransomware continues to be a top concern in 2024, with 62% of financially motivated incidents involving ransomware or extortion. The average cost of a ransomware attack can range in the tens of thousands of dollars, not to mention the reputational damage that may follow.
Robust backup systems, incident response plans, and network segmentation are all extremely necessary to limit potential damage in the event that your business falls victim to a ransomware attack.
Progressive Computer Systems can help you implement a comprehensive disaster recovery and business continuity plan. We also provide endpoint protection and managed security services that block ransomware before it can spread across your network, helping to stop these attacks in their tracks.
Third-Party Relationships Pose Significant Risks
Another key finding from the DBIR is that 15% of breaches involved third parties, such as vendors, software providers, or contractors. Often, attackers target a weaker link in the supply chain to gain access to more valuable targets. Vetting and monitoring third-party vendors for cybersecurity risks is essential to prevent this from happening. Ensuring that your partners adhere to stringent security practices can minimize the chances of them becoming a backdoor for cybercriminals.
Small and Medium-Sized Businesses (SMBs) Are Common Targets
Small and medium-sized businesses remain a primary target for cybercriminals, despite the common misconception that attackers will only go after large companies. SMBs are often perceived as easier targets due to their lack of dedicated IT resources and cybersecurity infrastructure. As a result, cybersecurity is not just for large corporations. Small businesses must take proactive steps to secure their systems, including installing firewalls, using strong authentication methods, and ensuring their employees follow security best practices. The possibility of a small business undergoing a cyberattack is very real, and these defenses are an essential part of helping organizations prevent and recover from such instances.
For needs like these, Progressive Computer Systems specializes in cybersecurity solutions tailored for small and medium-sized businesses. From managed IT services to network security and threat detection, Progressive provides affordable and scalable solutions that keep your business safe without breaking the bank.
The lessons from the 2024 Verizon DBIR are clear—cyber threats are constantly evolving, and businesses of all sizes need to stay vigilant. From keeping software up to date to training employees and securing vendor relationships, there are many steps businesses must take to protect their data and reputation. A skilled IT service provider like Progressive Computer Systems can help you navigate the complex world of cybersecurity. By partnering with us, you gain access to a team of experts who will implement industry-leading security solutions tailored to your specific needs. Don’t wait until it’s too late—schedule a consultation with Progressive Computer Systems today and ensure your business is fully protected against the ever-growing threat of cybercrime.
