Ransomware attacks are uniquely expensive, bringing hefty recovery and opportunity costs that are compounded by the less-quantifiable reputational damage that accompanies an attack. However, they aren’t as inevitable as many people think, as these malware attacks always require a foothold. In this case, a phishing scam allowed hackers to access to company’s system and infect its network.

Cyberattacks are expected to keep on rising as hackers find new ways to infiltrate and steal important corporate data. That's why small- and medium-sized businesses (SMBs) must prioritize keeping their data safe from hackers. Here are data security risks you should watch out for in 2020.

Employee negligence – Not all data breaches are the result of sophisticated hackers.

Ransomware can feel like an inevitability in today’s digital landscape, but SMBs have many tools at their disposal to protect their critical information. Notably, ransomware always requires a foothold to infiltrate a company, and this avenue is often achieved through known exploits in legacy systems or phishing scams that induce employees to grant network access to cybercriminals.

Ring is emblematic of the consequences of failing to embrace data security as a top priority. As a result of multiple data security instances and allegations of weak data privacy standards, Ring has endured significant brand erosion, and these episodes continue to degrade their competitive advantage. In an industry where customers have many options to choose from, this could be a serious factor in the company’s future financial success.

As we’ve reported on our blog, the latest phishing attack trends have adopted many of the hallmarks of internet security, including HTTPs encryption, to dupe unsuspecting recipients into compromising critical data. Although such attacks are difficult to spot, SMBs can ensure that their employees serve as the first-line of defense by implementing consistent awareness training that keeps employees abreast of the latest trends.