This report provides a comprehensive literature review on the challenges businesses face due to increasing cyber security threats. It explores the impact of the internet and online services on business operations, highlighting the vulnerabilities associated with cyber threats. The report delves into various cyber-attack methods, including those targeting mobile banking, social media, and online transactions, and discusses the rise of ransomware, hacktivism, and insider threats. It examines the reasons behind these attacks, such as poor network infrastructure, lack of digital literacy, and inadequate security measures. The research also addresses the increasing use of IoT devices and the challenges they pose to cyber security. The report concludes by emphasizing the need for businesses to invest in robust security measures, including advanced infrastructure and employee training, to mitigate risks and protect against data breaches and financial losses. The report is contributed by a student to be published on the website Desklib, a platform which provides all the necessary AI based study tools for students.