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Hacking Methods and its Effects on Businesses

Cyber security Farwa Anees todayDecember 30, 2020 43 5

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Every business has concerns regarding the protection of their business and key information. Talking about their online business website or E-commerce platform, there is a serious threat of malware attacks and loss of confidential information. Every organization has the threat of losing their key business information due to different hacking methods or cyber-attacks.

But for a start-up business or even being there for a while may not have serious concerns about being hacked. Most businesses don’t that they are vulnerable to being hacked and lose financial and business information. Hacking is there for more than 2 decades but still, many businesses don’t know the exact reason that how their website can be hacked or what are different hacking methods? If you have the concern that how hacking might impact your overall business or how they can hack your website, it will help you in preparing against such attacks. Well, you don’t need to worry a lot as we are going to explain the techniques used by the hackers so you can watch out for them and also you can get prepared for the consequences you can face. 

Hacking Methods and its Effects on Businesses

What are Different hacking Methods?

Interested to know how hackers can hack any website. Let’s just go through different hacking methods which are creating many more problems for the businesses to deal with. In the current scenario, hackers are using many advanced tools and techniques to fool businesses and hack their websites and take control of the entire business information. Here are some of the common and most threatening hacking methods which are used to hack any website.

Phishing Attack

Phishing is a common social engineering hacking technique that results in a loss of valuable information and financial assets. A phishing attack is considered as the base for many cyber-attacks as it is the initial stage of most cyber-attacks. By phishing, a hacker fools a business by sending a spam mail consisting of a link directing the business administrator to click on it. Once the link is clicked the user’s personal and business information is all set to go into the hands of hackers and results in financial and business losses.

Malware Attack

Another common type of hacking technique but a more dangerous and serious one. During a malware attack, malicious code or program is installed into the victim’s system by the hackers which leads the businesses to lose control over the systems as the hacker is in full command. During a malware attack when a code is run onto the system, it destroys everything and the hacker is in full command to steal financial as well as confidential data.

DNS Spoofing

The domain name server is responsible for controlling the traffic direction, once a URL is entered DNS is responsible for taking the user to the desired website. Hackers use an altered DNS for victimizing the users and businesses, they change or alter the URL of DNS or may alter the results coming from the website and take the user to an altered URL where they can be easily hacked.

DDoS Attack

Another technique used by hackers for hacking a website using DDoS websites or DDoS attack tools. During a DDoS attack, hackers flood the website with traffic which results in denial of service to legitimate users and businesses. The DDoS attack causes serious concerns for the businesses as whenever it occurs it can not be stopped. Hacker uses Ddos Websites and other tools for DDoS attacks on a website.

Hacking Methods and its Effects on Businesses

SQL Injections

If a website has loopholes in SQL databases or libraries then the hackers are in full control to easily access confidential information by deceiving the system. Using SQL injection a hacker can easily access vital information for example financial information, can easily alter financial data, may steal passwords and financial information for stealing money. SQL injection can be easily done if there are vulnerabilities in the SQL database.

Cookie Theft

Cookies are small information packets that contain user login information, site settings, and passwords for a specific website for the purpose of reuse in the future. Hacker can access cookies in order to gain valuable information, may also authenticate him/herself as you to your web browser. Cookie theft can easily allow the hacker to gain access to some of your important information.

Bait and Switch

It is considered to be one of the oldest techniques for hacking. A hacker can gain access to an advertisement panel over a renowned website. Once a user clicks on an advertisement, he/she is redirected to a malware website where the hackers can install malware removal software to your computer, once done the hacker has full command over your computer and can get every personal and business information. 

Man in The Middle attack

It is a type of hacking technique when a hacker started intercepting information between websites. They actually act as a middle man between the websites and oversee the data and information being transmitted from both ends. They can get confidential information for example credit card information during a banking transaction. Public Wi-fi networks are mostly used for this type of cyber-attack.

Hackers can go to any extent for hacking your business website but still, you have many options to control hacking attacks for example using DDoS protection, malware scanner website analyzer, managed WordPress hosting web firewall security just to make sure that you are secured from your end.

Effects of hacking on your business 

Talking about how badly the hacking attack can impact your business, it can create little troubles to serious information and financial loss, even a complete business loss in severe cases. Hacking can alter your methods of doing business, it can also run you short of finances, requires special and dedicated staff for protection against hacking, needing you to spend expenses on purchasing a managed WordPress hosting for your business. 

Here are some of the consequences that your business can face in case of getting hacked.

Information Loss

Hacking Methods and its Effects on Businesses

The primary objective of every hacking attempt is to steal key information. Hacking can result in the loss of valuable and key information. Hackers can gain command over your finances, can easily control your systems or attacking other systems, loss of third-party confidential information for instance customer information can result in strong legal action against you and your organization. Hackers might transfer funds from your bank accounts.

Reputation Loss

If your business website is hacked then it has far more consequences in the long run such as reputation loss. Once your website is hacked customers started losing trust and confidence in your website and business. A hacked website might indulge your loyal clients to leave your platform as this might not be a safe option for them. Your partners may start losing trust in your website and may not be able to collaborate with you anymore. 

Financial Loss

Hackers can access your financial information and can easily steal your money and hence you have to bear the loss. You might need to spend a lot of funds to gain your access back and to protect your website against such attacks in the future. More specialized needed to be hired and put your business in a position where you are unable to meet expenses. 

Sabotage Your systems

When a hacker inserts a malicious code or software into your system, it results in sabotaging your network and systems. Your system might get crashed and your valuable information might lose. You need to pay a lot of funds for system repair or to change your systems. Your website might slow down when hacked and may not be able to accommodate you and your customer and hence sabotage your business completely.

Results in Account suspension 

In some cases, hackers usually hack a business website just to use it as a platform to run illegal cyber-attacks on some other website or to run an illegal transmission or for sending spam emails or maybe involve your website in the DDoS attack. In any of these situations, a web hosting company may penalize you and can suspend your account and results in losing your business account and website.

Difficulty in Returning to Normal Operations

It would be very difficult for a business to return to normal operations after being successfully hacked. Businesses might lose key information which results in identity loss so businesses cannot return to normal quickly. The stakeholders might also switch off from the business so it would be hard for the business to survive in this harsh time. Once you start losing public trust your business sales volume drastically declines down and results in losses for the business. 

Conclusion 

Hacking methods and techniques are evolving with the passage of time. Hackers are using the latest methods for hacking businesses. Commonly used methods in which hackers usually get successful are Ddos attack, DNS spoofing, SQL injection, Phishing. Businesses can get protected against such common types of hacking attempts by using Ddos protection, looking for website performance analyzer, malware scanner, getting managed WordPress hosting for the business. If a business pays attention to web security so it will help in building trust and may protect businesses from losing precious information as well as customers.

Written by: Farwa Anees

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