Top 5 cybersecurity issues modern businesses are facing in Hungary

The current COVID-19 pandemic has changed the business market to a great deal as companies all over the world have moved from physical to online markets. Hungary is no exception as local businesses and ecommerce have integrated to provide services online to customers. This global transition has led to some serious cybersecurity issues as hackers have found themselves a large target base. 

In light of the current scenario, one of the biggest misconceptions amongst the small modern businesses in Hungary is that their company is too small to be a target of cybercriminals. But unfortunately, that is not the case. Small businesses are easy targets for criminals because they don’t have a detailed cybersecurity team in place like in big organizations. 

Here are some of the latest cybersecurity issues faced by modern businesses in Hungary and tips to stay secure. 

1. Remote work security 

Because of the ongoing pandemic, most businesses in Hungary have shifted to remote work, which has resulted in an increase in vulnerabilities for companies. One major threat is the use of company resources on unprotected home networks of employees and accessing company data on badly protected computers and laptops. Remote workers neglect privacy tools which makes them an easy target for hackers and cybercriminals to exploit. 

Some security measures that remote workers include using secure VPN, antivirus, two-factor authentication, and more. If we talk about virtual private networks (VPNs), these software encrypt your traffic and make it impossible for the hacker to trace – thus offering protection and acting as a defense mechanism. You can opt for the best VPNs with free trials and experience their services risk free and get a refund afterward.

Many websites review VPNs and other security tools that are essential for user privacy. With proper tips and updated knowledge of the cybersecurity industry, you might just learn how to strengthen the security of your remote workforce in Hungary. 

2. Increase in cloud usage 

With more businesses going online in Hungary, there has been an increase in cloud usage and it will continue to grow in 2021 and beyond. However, this rapid expansion of cloud usage has led to security threats and challenges for businesses. These include cloud app vulnerabilities, access, data deletion, and misconfiguration. 

Small businesses and IT companies in Hungary have benefited greatly by using cloud-based applications to support remote working. However, the issues mentioned above raise a real threat for companies, especially those who lack reliable IT support. 

3. IoT vulnerabilities 

The use of IoT (Internet of Things) has been on the rise due to its numerous benefits, be-it streamlining marketing processes, analyzing customer behavior, and improving workplace efficiency. However, without a VPN, or online privacy tools, IoT devices raise a security threat for companies as more IoT devices in use means an increase in the number of web portals being accessed – more entry points for hackers to get access to the system. 

The greater the number of IoT devices in your company, the larger the attack surface for cybercriminals to hack your systems. All smart devices, including smart security systems, door locks, refrigerators, and even coffee machines, are connected to your system. Therefore, it can be used as a gateway for hackers to access your company server and get information resulting in a data breach. Thus, IoT devices pose cybersecurity threats for modern companies in Hungary. 

4. Ransomware

Ransomware is one of the most popular forms of cyber-attacks and issues faced by modern businesses in Hungary. This cybersecurity attack has grown in the past few years as it is one of the most profitable forms of attack. It involves encrypting company data so the employees cannot access it – thus forcing the company to pay a heavy amount to unlock the data. It leaves businesses with no choice, as if they refuse to pay, they will lose a huge amount of data, thus affecting their services. 

In Hungary, these attacks are becoming common, so to prevent these attacks businesses must strengthen their endpoint security across all devices. For example, you can use a tool like SentinelOne that offers a “ransomware rollback” feature allowing organizations to detect and mitigate the risk as soon as possible.

5. Weak Passwords 

Did you know, 43% of the security breach victims are small to medium-sized businesses, according to the 2021 Data Breach Report by Verizon. One major reason behind this is the use of weak passwords and security mechanisms adopted by SMEs just because they think their business is not vulnerable to cybercrime. Most of the time, employees use passwords that are easy to guess – which ultimately leads to data breaches. 

Similarly, most of the time, the same password is used for multiple accounts, which compromises a lot of data which raises a serious issue. Businesses should consider implementing Multi-factor authentication techniques and password manager apps to secure their accounts. 

Some Important Cybersecurity Stats (2021)

Here are some important facts and statistics about Cybersecurity worldwide that business owners in Hungary should be aware of:

• Around 88% of the companies worldwide experienced phishing attacks in 2019.
• In 2020, data beaches worldwide exposed 36 billion records in which:
  • 45% of the breaches were due to hacking, 22% included phishing attacks, and 17% malware. 
• On average, around 5% of the company’s documents are not protected per standard. 
• Cybersecurity breaches have increased by 11% since 2018. 

Summary

These are some of the major cybersecurity threats facing modern businesses in Hungary at the moment. The best way to protect your modern organization against these threats is to understand the vulnerabilities and have security tools like VPNs, anti-malware, firewalls, and more in place to ensure maximum protection. 

In this unprecedented time, make sure to have a response plan in place in case of a security breach, so your company can deal with the breach in an effective manner and get back on its feet as soon as possible.