Why Your Business Must Be Aware of Network Security Threats

The annual cost of cybercrime is forecasted to reach $10.5 trillion by 2025, meaning it’s never been more crucial for global businesses to remain vigilant regarding various cyber and network security threats. With attacks occurring roughly once every 39 seconds, these threats can significantly harm companies. 

Due to the severity of network attacks, we’ve produced this guide to help enterprises understand the nature of network security threats, their financial impact, and the various types of attacks that could impact your business. Understanding these threats and their consequences is essential before determining how to protect your company's sensitive data and digital assets while maintaining your reputation.

This guide will explore the following:

• What is a network security attack?
• What is the cost of a network security attack?
• Common types of network security threats you need to know

What is a network security attack?

Network security threats encompass unauthorised and malicious attacks that target the assets within a company's network. Malicious parties and cyber hackers carry out network security attacks to exploit, steal, or destroy sensitive and private data. They target the perimeters of a network to gain access to internal systems where sensitive data and digital assets can be taken advantage of. 

Your business should be aware of two main types of network threats: passive and active attacks.

Passive network attacks involve malicious actors gaining unauthorised access to track, monitor and steal private assets without modifying them. Identifying these types of network threats can be challenging as the hackers do not alter or disrupt network operations, meaning they can go unnoticed until the assets are stolen.

Active network attacks occur when malicious parties focus on encrypting, modifying, or damaging digital assets. These types of network threats cause noticeable changes to a network or its data, making them easier to detect. Regardless, they can be just as financially and reputationally damaging to a business.  

Once malicious parties have infiltrated a network, they will take various measures to exploit a business. These measures include deploying malware, a type of network security threat we'll highlight later in this piece.

Network Security Threats vs. Cyber Security Threats

Network security and cyber security are terms often used interchangeably and are heavily related. However, the two have distinct focuses and responsibilities. 

• Network security threats are a subset of cyber security which focuses on securing a company's IT infrastructure and assets from unauthorised access.
• Cyber security involves protecting networks, data, and systems from malicious attacks, including ransomware, phishing, and malware. Later in the guide, we'll explore these types of network threats. 

Regardless of their differences, network and cyber security go hand in hand. Professionals within this space play a vital part in protecting an organisation's networks, IT infrastructure and private digital assets from various threats. 

What is the cost of a network security attack? 

When it comes to enterprise security, it’s important to recognise the costs associated with network attacks. These costs can devastate your business, damaging your financial and digital assets and harming your reputation. 

For context, according to IBM, the global cost of a data breach in 2023 was an average of $4.45 million, an increase of 15% from the previous three years. Additionally, as we mentioned in our introduction, global cybercrime costs are forecasted to reach $10.5 trillion by 2025. Not only does this reflect a stark rise in cybercrime, but it also highlights the necessity for businesses to be aware of network security threats and consider measures such as attracting the relevant talent to combat these attacks.

The costs of being a victim of network security threats are not always immediately noticeable. However, costs such as losing client trust, operational disruptions, and reputational damages can be costly in the long run. Network attacks can be particularly damaging for SMEs, with statistics showing that 43% of cyber-related attacks target SMEs.

According to the UK Cyber Security Breaches Survey 2024, organisations of any size that identified a breach in the past year were estimated to suffer financial damages of an average of £1,205. For medium and large businesses, this number skyrockets to roughly £10,830. The survey also states that 50% of organisations, or 718,000 businesses, reported experiencing an attack or breach in the last 12 months.

If your business is unprepared or has yet to enhance your network recruitment strategy with the people who can protect your IT infrastructure, the cost of an attack will vary. For context, IBM has reported that it can take an average of 207 days to detect a breach or 277 days to identify and contain one. 

IBM also stated that 51% of organisations are planning to strengthen their security investments in areas such as threat detection and response tools, employee training and incident response planning. On this point, having the appropriate network security professionals within your business could significantly reduce the extent of the damages you could encounter if you experience an attack or breach.  

Since we’ve covered what network security threats are and the costs of experiencing one within your business, let’s look at some of the common types of network attacks.

Common types of network security threats you need to know

Enterprises should have a comprehensive understanding of the various network threats that can cause severe harm to their business. In this section, we’ll highlight four of the most common types of cyber/network attacks that have the potential to impact your organisation from a data, financial, and reputational standpoint. We’ll outline threats such as malware, phishing, DDoS and ransomware. 

1. Malware 

Otherwise known as malicious software, malware is a type of cyber and network security threat that focuses on infiltrating networks and IT infrastructure systems to disable, damage, or steal private data. Malware infects systems through various paths, such as malicious links, emails and websites. As reported by Statista, there were over 6 billion malware attacks in 2023 - a 10% increase from the previous year.

There are different types of malware, which include:

• Viruses are a type of malware that self-replicates without manual intervention. They attach to programs and files to exploit data, steal information, damage files, and take control of systems.
• Worms are self-replicating programs that exploit system vulnerabilities and spread across networks and devices. They can disrupt systems and spread other malware.
• Trojan Horses are challenging to identify as they disguise themselves as legitimate software to gain unauthorised access to networks and systems.
• Spyware is used by malicious parties to monitor user activity and gather sensitive information and data.

Ransomware is another significant type of malware. Due to its significance, we’ll discuss this later in a standalone section.

2. Phishing 

Phishing attacks aim to deceive targets into clicking or opening malicious links or attachments. These social engineering network security threats are typically distributed via email or instant messaging platforms and designed to appear as legitimate messages. 

When a recipient of a phishing attack engages with the content, malware is downloaded onto their devices or systems, allowing hackers to exploit sensitive data. This exploitation could involve stealing private information, such as your business's banking details or financial assets. 

Phishing attacks exploit users' actions rather than a company's network security systems, so they can often avoid the most secure security defences. Therefore, despite having a lower entry barrier, they have a higher probability of success than other network threats. Avoiding these types of network attacks typically requires companies to deploy employee training and user awareness about how to identify and report a phishing attack.

It’s estimated that roughly 36% of all data breaches are completed through phishing, with an estimated 3.4 billion phishing emails sent daily. With nearly a trillion emails sent yearly, phishing attacks are the most common type of cyber and network threat.

3. DDoS

DDoS (Distributed Denial of Service) attacks are one of the most sophisticated types of network security threats. Cybercriminals conduct DDoS attacks with the intention of overwhelming an organisation's IT infrastructure by flooding systems with traffic and botnets, the latter being a network of infected devices. As a result of a DDoS attack, a business's systems will struggle to respond to legitimate traffic and data requests, causing them to slow down, malfunction or crash entirely.  

This downtime can have significant consequences for a business, especially in the healthcare sector, where critical and private patient records can be disrupted - potentially resulting in life-threatening consequences. Sourcing the root cause of a DDoS attack is challenging as it is deployed from various infected systems. 

According to Zayo, DDoS attacks cost organisations an average of $408,000 in 2023. Their report revealed that the average DDoS attack in 2023 lasted 68 minutes, costing companies around $6,000 per minute. With the rise of the Internet of Things (IoT) devices, these types of network security threats continue to become more prominent and a significant concern for global brands. 

4. Ransomware 

As we alluded to, ransomware is a type of malware. It involves malicious parties encrypting an organisation's systems and data and holding it at ransom, with a form of payment required for the decryption key. If the ransom is not paid, cyber criminals will often steal the data or threaten to leak it to other organisations or the public domain. 

These types of network attacks have spawned their own criminal service. The ransomware as a Service (RaaS) industry has gained prominence in recent years. RaaS is a criminal service whereby malicious parties can share, develop, and buy ransomware codes to conduct their own attacks. In 2020 alone, RaaS revenues were up to $20 billion, highlighting the sheer presence of cybercriminals in this space and the volume of ransomware attacks.

In 2023, ransomware attacks cost businesses $1 billion in ransom payments. This record figure is expected to rise in 2024 and beyond, especially as network threats become more sophisticated.  

Rounding up the need to be aware of network security threats

Awareness of network security threats is crucial for any business aiming to safeguard its digital assets and maintain operational integrity. The financial and reputational damage from attacks like malware, phishing, DDoS, and ransomware can be significant. By staying informed and investing in robust security measures, your business can better defend against these pervasive threats and ensure their long-term security and success. 

Part of your safeguarding solution against network security threats should involve investing in your network recruitment strategy. Read our guide on why your business should hire a network security engineer to discover how talent can play a significant part in preventing network attacks from harming your business. 

Power your future network recruitment strategy

If you’re looking for contract and permanent talent to safeguard your IT infrastructure from cyber and network security threats, we can help. Our specialist network recruitment consultants deeply understand the industry and recognise how talent plays a significant part in preventing network attacks from impacting businesses. With our tailored support and market expertise, we’re well-versed in connecting top professionals with global brands.

So what are you waiting for? Get in touch with our network recruitment team today to find out how we can help you.