Cyberattack – protect your business from threats

"Cyberattack" has to be one of the most dreaded words in business. Unfortunately, it's also becoming increasingly common. Barely a week goes by without media reports of new attacks crippling operations. And industry or company size doesn't seem to matter. If there's a security vulnerability in your IT environment, the risk of being targeted is significant.

Around the clock, hackers scan Swedish companies looking for small weaknesses to exploit. When they succeed, it's a nightmare for those affected. A grocery chain with non-functioning cash registers in hundreds of stores is one example. Another is a municipality where all digital operations were knocked offline. Most companies hit by a cyberattack don't make headlines. Often, it's smaller businesses that may go under entirely, lacking the resources to fight back against cybercriminals.

Cybercriminals take a scattershot approach, targeting all types of companies, large and small. Wherever there's a vulnerability, they find a way in.

Sam Rabar, Security Expert at Telia

What is a cyberattack?

A cyberattack is a malicious and deliberate attempt by an individual or organization to infiltrate another person's or organization's information system. The attacker typically seeks to benefit from disrupting or damaging the victim's network. Money is usually the ultimate goal, but stealing confidential information or creating chaos and general disruption can also be the objective.

Fortunately, we offer easy-to-manage security services for businesses. Choose individual services like backup, DDoS protection, or antivirus for mobile and computer. The most convenient option is to consolidate all your business cybersecurity with Telia.

Common types of cyberattacks

Ransomware attack

In a ransomware attack, attackers lock an organization's IT system through encryption. They then demand a ransom to restore access to the information. Often, sensitive files (such as medical records) are also copied, with threats to "leak" the data if the company doesn't pay.

Should you pay?
Paying the ransom doesn't guarantee that data will be restored or that the system will be secure again. The IT environment still needs to be cleaned of malicious code and security gaps must be closed.

Phishing (email attack)

A common method for cybercriminals to initiate attacks is sending emails that appear legitimate. The goal is to trick the recipient into clicking a link or opening an attachment. This can give the attacker access to systems or spread malicious code.

This type of attack is called phishing. When the attack targets specific individuals, it's called spear phishing or whaling. This type of attack is often directed at high-profile individuals like executives and includes personal information to make the attack more convincing.

These emails are often used as an entry point for a ransomware attack. Depending on the channel, phishing can also be called smishing (SMS fraud), vishing (phone call fraud), or quishing (QR code fraud).

Baiting

Attackers offer something enticing (like free software or a gift) to lure victims into a trap where they download malicious code, reveal sensitive information, or grant access to data systems.

Spoofing

Emails that appear to come from a manager or trusted person in the company, for example urging a finance officer to make a quick payment.

Pretexting

The attacker creates a fabricated scenario to steal personal information. For example, by pretending to be from IT support and asking for login credentials.

Tailgating

A physical intrusion method where an unauthorized person slips through a door behind an authorized person without proper credentials. Usually done to steal data, install malicious code, or disrupt systems.

Distributed Denial of Service (DDoS attack)

Another type of cyberattack, primarily aimed at disrupting operations, is a DDoS attack. It works by overloading a system through a coordinated attack from multiple devices simultaneously.

The purpose of such an attack may be to cause financial losses for a company. It can also be about creating uncertainty and putting pressure on the victim to meet the attacker's demands.

With DDoS Protection, your business gets comprehensive protection that automatically identifies and neutralizes DDoS attacks.

Check out our guide to learn more: What is a DDoS attack? 7 tips to protect your business.

Malware

An umbrella term for various types of malicious software designed to damage computers, phones, and networks. There are many variants of malware, including viruses, trojans, ransomware, worms, adware, and spyware. The purpose can range from stealing information to locking files or causing system failures.

If your computer suddenly becomes sluggish, you may have been hit by malware, and someone is stealing your data. Your computing power can also be used to "mine" cryptocurrency without your knowledge.

Password attack

Attacking passwords is another common method for gaining access to systems. Especially against public email servers, databases, and remote access services like VPN.

Risks of weak passwords
Many users choose simple passwords that are easy to guess, especially if the attacker uses custom dictionaries or tests common passwords across different accounts. Another way to steal passwords is to trick users into logging into fake websites that mimic real services.

Reusing the same password is risky
Using the same password across multiple accounts increases the risk of data breaches. If an attacker gains access to one password, it can be reused on other platforms where the same login is used. Default factory passwords that haven't been changed also pose a serious security risk.

Once an attacker gains access to a network, poor password management makes it easier to take control of additional systems.

Change passwords frequently?
There are differing opinions on whether it's smart to constantly change passwords. When changing passwords, we tend to write down the new password on our phone, on notes, or locally on the computer. And written-down passwords always risk being lost. A truly secure password that isn't changed constantly may be a better approach.

A password manager is also a smart tool. The password manager stores all your passwords in an encrypted "vault." Unlocking it requires the correct master password, which hopefully only you know.

Multi-factor authentication for even more secure logins is included in the Microsoft 365 license from Telia.

Watering hole attack – the hacker waits for the victim

In a watering hole attack, attackers infect a website they know their targets frequently visit. When visitors access the site, malicious code is downloaded to their devices, giving attackers access to their systems.

Zero-day exploit

A cyberattack that targets a vulnerability unknown to the software vendor or antivirus program. The attacker discovers the software vulnerability first and exploits it for an attack. Zero-day attacks pose a serious security threat since there's no defense in place.

P.S... you haven't missed our security campaign for businesses with the hacker and woodpecker: Getting hacked. That's not Telia.

Attacks on mobile phones and tablets

Mobile phones and other portable devices are connected 24/7 but often have limited protection, making them vulnerable to attacks.

Malicious code via apps
Malware often spreads through apps from unsafe sources rather than through official app stores.

Risks of an infected device
If a mobile phone is infected, the attacker can gain access to email, card details, photos, and location information. The phone can also be used to eavesdrop on calls.

Our service Smart Security with WithSecure protects your phones, computers, and other devices from viruses, malicious code, and inappropriate content. All our business subscriptions from 50 GB and up now include Smart Security.

Attacks on IoT devices

Internet of Things (IoT) encompasses everything from smart home products to connected industrial machinery. These devices often have weak security features, making them easy targets for cyberattacks. An attacker can use IoT devices as a backdoor into the network or to spread malicious code.

Software supply chain attack

By attacking a software vendor, cybercriminals can spread malicious code through legitimate updates. When organizations download the compromised software, attackers automatically gain access to their systems, which can lead to extensive security incidents.

Unfortunately, companies' own applications, websites, apps, or APIs can also be attacked directly.

Trojan attack

A trojan is malicious code hidden in a seemingly legitimate program to trick you into downloading it. Once installed, it can spy on your activity or damage your device.

MitM attack (Man-in-the-Middle)

Cybercriminals love open, unsecured Wi-Fi networks. If you use one, you may fall victim to a Man-in-the-Middle attack. The attacker can intercept and monitor your internet traffic, making it possible to steal sensitive information like login credentials and banking data.

With an extra SIM card, you can easily share your data to your computer or tablet and avoid logging into unsecured public networks.

Cybercrime, the world's third-largest economy

There's A LOT of money to be made from cybercrime. In fact, cybercrime viewed as an entity represents the world's third-largest economy. Surpassed only by China and the USA.

With such incentives, it's no wonder attacks are constantly becoming more frequent, smarter, and harder to defend against.

As a result, hackers today are often part of international hacker syndicates. They operate like global corporations and are often backed by entire nations.

One example is North Korea's notorious hacker group Lazarus Group with direct ties to dictator Kim Jong Un's intelligence service. They're believed to be behind the recently publicized attack on Bybit, one of the world's largest cryptocurrency exchanges. In two minutes, they allegedly stole SEK 16 billion (!) in cryptocurrency. Money suspected to finance the North Korean regime's nuclear weapons program and cyber warfare, among other things.

6 out of 10 Swedish companies targeted by IT attacks

According to the Nordic Cyber Resilience Report, six out of ten companies report being targeted by at least one cyberattack that led to major disruptions in just the past year alone.

In Sweden, digitalization has moved fast. The pandemic with remote work and rapidly developed digital services accelerated the pace. But security didn't keep up.

How can you prevent a cyberattack?

Unfortunately, hindsight isn't enough when it comes to cybersecurity. Without robust protection against attacks, your business is like a lone antelope on the savanna, surrounded by hungry lions and hyenas.

However, you can get strong protection against cyber threats without making major investments. Basic measures actually protect against 98% of all cyberattacks (Microsoft 2021).

Here are some simple steps you can take to increase security in your business:

1. Implement multi-factor authentication (MFA). By adding an extra security factor beyond username and password, you ensure that only authorized users can log in. MFA is included in the Microsoft 365 license from Telia.

2. Protect your devices. Proactive cybersecurity means actively reducing the risk of future breaches, especially via mobile phones and computers. Telia offers the convenient Smart Security with WithSecure.

3. Back up your data. Having a backup for data both in the cloud and locally reduces the risk of business interruption. We offer Acronis Cloud Backup for this purpose.

Learn more about building blocks for strong business cybersecurity.

Train staff in security

Ultimately, employees and their awareness are critical to avoiding attack attempts. According to Sam Rabar, internal training is vital.

"View staff as an asset, not a risk. A strong security culture starts with employee training. Knowledge and vigilance are the best vaccine against phishing (and ransomware). At Telia, we advocate what we call mild paranoia."

With Telia's training service usecure, you can create a security culture where all employees become part of your company's cybersecurity defense.

Update religiously

Make it a habit to update mobile phones and computers as soon as you get the opportunity. Updates fix security holes that can be exploited by cybercriminals to infect your phone with viruses and malicious programs.

Protect your IT environment in layers

One layer of protection isn't enough for modern businesses. High security requires everything from antivirus programs and firewalls to strict password policies in place and up to date. Implementing an extra verification step for logging into computers and email can also increase security (see multi-factor authentication above).

What to do if you're hit by a cyberattack

If you're hit by a cyberattack, your company's lifeline is spelled B-A-C-K-U-P.

Regular backups are essential if you don't want to be left without customer records and other critical data after an attack.

Data should be stored offline or in a secure cloud service. Additionally, sensitive information should be encrypted, especially during transmission over the internet. We offer Acronis Cloud Backup, a convenient backup service that takes regular backups of your data for a low monthly fee.

Practice restoring data

Backing up business-critical data is important, as mentioned. But if you don't know how to restore lost data during an attack, it won't help much. Practice makes perfect.

Easy-to-manage security services for businesses

By combining Telia's security services, your business gets comprehensive protection against various types of cyberattacks. We're happy to help you put together an affordable, easy-to-manage security package that keeps cybercriminals at bay. Consolidating all your security in one place may be your smartest business decision ever. Learn more about business cybersecurity.