Cybercrime threats have evolved over the last couple of years, and as incidents have escalated quickly, it’s essential to gain awareness of the most critical threats that could affect businesses this year.
The technology that powers progress and improved performance also leaves companies vulnerable to cybercrime. The number of cyber-attacks has grown and become more dangerous and sophisticated than ever. As the number of incidents is on the rise, their associated costs are expected to reach $24 trillion in the following 3 years.
This article explores the top cybersecurity threats of the year and offers insights into how to mitigate them to protect your business.
Poor cyber hygiene
When running a business, it’s essential to remember that prevention and education can go a long way in preventing cyber threats. Therefore, all companies should have good cyber hygiene, which includes effective practices and habits that establish how technology should be used. Let’s have a look at a list of practices that promote good cyber hygiene:
– Data encryption
– VPN use
– Limited data access for employees
– Firewall use
– Multi-factor authentication
– No use of unprotected Wi-Fi networks
– Use of complex passwords
– Software update
– Use of password managers
Unfortunately, many companies fail to implement the above practices, transforming them into ideal targets for cybercriminals.
Human risk
Employees will always be considered a risk when it comes to security (online and offline) because of their role in your business’s core processes. Usually, human risk arises when people perform careless actions like failing to meet the criteria for setting passwords, neglecting to secure their physical devices, downloading malicious software because they fail to recognize it as it is, or mishandling sensitive data. As mentioned earlier, poor cyber hygiene can lead to vulnerabilities, but you should also consider insider credential theft, which often facilitates data attacks and exploits.
Social engineering
It continues to be one of the most dangerous methods digital criminals use because it relies on human errors, which are more common than technical vulnerabilities. Sadly, they cause more extensive damage because employees are usually easier to trick than systems. According to statistics over 70% of data breaches included a form of human interaction. Last year, social engineering techniques were quite common for gaining access to employee credentials and information. These methods are also very effective due to the advanced technology cybercriminals can use these days, like Generative AI and deepfakes.
Here is a list of common social engineering attacks:
– Phishing is a well-known technique used by cybercriminals because it allows them to gather sensitive information about individuals, like their social security number, account credentials, and bank account info, by sending malicious messages through social media, text, or email.
– Bailing is a social engineering method that allows scammers to install malware on people’s devices or gain personal information by convincing them to clock on fake advertisements that promise unbelievably good promotions and offers.
– Whaling is a strategized cyber method that usually targets business leaders and employees in key positions as it aims to gather only valuable information and large sums of money.
– Spoofing is a social engineering technique similar to phishing which implies creating a website or email address similar to a well-known one (but which usually differs in name by a single letter) to make people visit it or respond to a message and provide their information.
AI-powered attacks
Artificial Intelligence is a subject widely discussed nowadays because it brings numerous benefits for businesses, regardless of their sector. However, it can also have negative implications in terms of cybersecurity because attackers can use it to develop sophisticated tools and methods like autonomous bots, deepfakes, and adversarial AI to steal data. When businesses become victims of AI-powered attacks, they are often left to deal with the consequences of the incident, which could include data breach claims. As seen on the website https://www.databreachcompensationexpert.co.uk, victims can claim compensation from companies that fail to protect their information, which has negative financial consequences for the company.
GenAI tools provide cybercriminals with the necessary tools to conduct malicious activities and create compelling phishing vectors that allow them to reach their goals.
Configuration mistakes
No security system is perfect. In fact, even professional ones contain at least one error that cybercriminals can exploit. A small bug can cause a massive incident, especially when cybercriminals know where to look. According to data, a great number of servers contain misconfigurations that leave them vulnerable to cyberattacks. This means that online criminals can steal and use sensitive information.
Configuration problems can take many forms, from improperly set firewalls to weak passwords. But let’s take a look at the most commonly encountered configuration mistakes.
– Weak passwords are by far one of the main issues that lead to cyberattacks. All employees should create complex passwords for the devices and accounts they use to work in your company. But because not everyone has a sense for securing their information, it’s your role to set strict criteria everyone should meet, regardless of their position in the company.
Software lacks updates. Often, people neglect updating software to the latest version, which leaves both devices and programs vulnerable to cyber threats. As mentioned before, cybercriminals don’t take a step back from using the latest technology to create tools and programs that infiltrate software, and if it lacks upgrades, it will pose a barrier to an attack.
All devices work according to their default configuration, which is easily breachable. Because the default configuration is the easiest to access, all your devices constitute a means for cybercriminals to breach your company, so you should ensure they feature customized security settings that prevent attacks. Hire an IT team to personalize all security systems and set them properly to stop criminals from hacking them.
– Network segmentation is crucial in protecting networks because it allows you to separate sensitive data.
As you could expect, these aren’t the only threats your business is exposed to this year, but they definitely are some of the most dangerous.
