Since the dot-com boom brought the globe online in the later part of the 1990s, cybersecurity has become a top priority. Over 20 years later, extraordinary occurrences like contentious elections, and growing social and political tensions have led to a rapid increase in the number and severity of cybercrimes. Over time, cybersecurity threats are expected to get increasingly complex and costly.
According to analysts, the global expenses of cybercrime are expected to increase from $3 trillion in 2015 to $10.5 trillion by 2025.
The secret to preventing a cybersecurity assault is proactive defense. See which cybersecurity dangers experts predict will be most prevalent worldwide in 2024, and find out what you can do to keep your company and yourself safe with the most hazardous cybersecurity threats and the hazards they bring to businesses worldwide, ranging from financial loss to reputational damage.
Cybersecurity threats are actions taken by malicious people with the intention of stealing data, damaging computer systems, or interfering with operations. Malware, social engineering, man-in-the-middle (MitM) attacks, denial of service (DoS), and injection assaults are common types of cybersecurity threats.
Cybersecurity threats can come from a range of sources, including hostile nations and terrorist organizations, lone hackers, and reliable people who misuse their authority to carry out evil deeds, such as contractors or workers.
Billion-dollar enterprises are not the only ones who face cyber risks. The most frequent cybersecurity threats also target small- and medium-sized businesses (SMBs); in fact, they target them more frequently in certain situations since their lower security posture makes them more susceptible.
As per the 2021 Verizon Data Breach Investigations Report, SMBs accounted for 1 out of every 5 breach victims in the previous year, with a medium-cost of damages of $21,659.
While some attacks appear to begin instantly, most take days, weeks, or even months to be detected. In exchange, bringing attention to one of the main cybersecurity obstacles that small businesses must overcome: knowing how to protect themselves from threat actors and having the resources at their disposal. To help you overcome these obstacles, we’ve compiled a list of the most common cybersecurity threats that small and medium-sized businesses must be aware of.
It may be worthwhile to enlist the help of third-party cyber security services in addition to sound security procedures and training to safeguard your data. To further protect your website and keep an eye out for any threats, it’s a good idea to use one of the best antivirus programs. You should also use a VPN to keep your online activities private.
There have been reports of a phishing fraud that cost a South Korean government-affiliated institution 175 million won, or roughly $131,000, to expose. According to reports, this is the first instance of a phishing attempt on a public government organization in South Korea.
The most recent instance of this was the Colonial Pipeline attack, in which files and data had to be restored at a cost of around $5 million. In a similar vein, Baltimore had to halt accepting payments after falling victim to ransomware in 2019.
Usually, ransomware is the last stage of a cyberattack. As soon as an attacker enters the victim’s network, the payload is released. Usually, a web application assault, social engineering, or phishing scheme is the first step inside a network. They can begin spreading ransomware to every endpoint they can reach as soon as they get a footing in the network.
Cloud Vulnerabilities
Businesses are facing new hurdles in safeguarding their cloud environments as an increasing number of them move workloads and data to the cloud. Businesses with hybrid workforces who want to guarantee that their staff members have access to critical resources from any location must now consider cloud solutions as indispensable.
The technology, regulations, services, and security measures that guard any kind of data stored in the cloud from loss, leaking, or misuse due to hacking, exfiltration, and unauthorized access are collectively referred to as cloud data security.
Despite it might seem that cloud security will increase with time, the contrary is actually true: According to IBM, in the last five years, there has been a 150% rise in cloud vulnerabilities. More than 90% of the 29,000 breaches examined in the study, according to Verizon’s DBIR, were brought on by web app breaches. With a 41% increase from $595 million in 2020 to $841 million in 2021, cloud security is now the cybersecurity market sector with the quickest rate of growth.
Data Breaches
Apart from required by law, data protection is essential to preserving and safeguarding a corporation. However, a lack of data security puts the personal information of millions of people at risk and comes at a huge financial burden to organizations, even in the face of more stringent cybersecurity laws and penalties. Even said, there is still much space for improvement.
IT Verticals analysis indicates that 32% of the over 100,000 breaches might have been prevented with stronger data management and security.
Risky Hybrid or Remote Work Environments
The COVID-19 pandemic significantly increased the acceptance of remote and hybrid work models. Approximately 60 million full-time employees in the United States say, according to Gallup, “that their current job can be done remotely working from home, at least part of the time.”
Prior to the pandemic, just 8% of employees worked remotely only; by 2022, that percentage had increased to 39%. For 2023 and beyond, a projection of 24% has been made.
Although remote and hybrid work arrangements provide many advantages for both companies and individuals, there are risks associated with them as well. utilizing unsecured Wi-Fi networks to access sensitive data, utilizing personal devices for work, using weak passwords, and engaging in unencrypted file sharing are some of the most frequent security hazards associated with remote work.
Mobile Attacks
In 2021, an average American cell phone user used their gadget for 4 hours and 23 minutes. Smartphones are widely used and not just for personal communication and connections, but they are also frequently necessary for business, which increases their susceptibility to cybersecurity threats. Similar to PCs and laptops, cellphones are vulnerable to a variety of security risks, such as malware, malicious software, weak password security, and phishing, particularly through text messaging.
The rise in remote work has increased the vulnerability of mobile devices, prompting more businesses to adopt bring-your-own-device rules. A security event involving a malicious mobile application that an employee downloaded occurred in 46% of firms in 2021.
Mobile Device Management technologies, which are ironically intended to help businesses control mobile devices in a way that protects corporate data, have also become a target for cybercriminals. Because MDMs are linked to the company’s whole mobile device network, hackers can use them to attack every employee at once.
Cryptojacking
Hackers use device compromises to install cryptojacking malware. The program mines cryptocurrencies in the background or steals from wallets containing cryptocurrencies. The gullible victims use their gadgets as usual, but they can experience lags or poorer performance.
There are two main methods by which hackers can get a victim’s device to mine cryptocurrency covertly:
1. By tricking the recipient into clicking a malicious email link that causes the device to run crypto mining software
2. By inserting JavaScript code inside a webpage or online advertisement so that it will automatically run when the victim’s browser loads it.
There are more ways in which the cryptocurrency movement impacts cybersecurity. Cryptojacking, for instance, is a trend in which online criminals take control of other people’s computers at home or at work in order to “mine” bitcoin. Because mining cryptocurrencies—like Bitcoin, for instance—requires enormous computer power, hackers might profit by surreptitiously using other people’s systems. Businesses may have significant performance problems and expensive downtime while IT attempts to identify and fix cryptojacked systems.
Cyber-Physical Attacks
There is risk associated with the same technology that has allowed us to computerize and upgrade vital infrastructure. Going forward, a significant risk is the persistent threat of cyberattacks that target water treatment plants, transportation networks, electrical grids, etc. A new article in The New York Times claims that even the nation’s multibillion-dollar military systems might be the victim of high-tech cyberattacks.
Although cyberattacks take advantage of weaknesses in digital systems like networks, software, or databases, physical attacks usually concentrate on attacking an organization’s physical assets, such as buildings, machinery, or infrastructure. But since physical security equipment is frequently digitally connected, teams with lax cybersecurity policies run the risk of being compromised. Because they attempt to concurrently exploit vulnerabilities in the digital and physical worlds, cyber physical attacks constitute a distinct and worrisome category.
Cyber physical attacks provide a high risk since they target integrated digital and physical systems, which could lead to major operational disruptions, monetary losses, the compromising of sensitive data, or even physical safety. Organizations must put strong cybersecurity and physical security measures in place to guard against these risks and secure their assets.
State-Sponsored Attacks
Businesses operating in a variety of vital areas, such as energy, healthcare, finance, or defense, are seriously threatened by state-sponsored actors. These players possess advanced tools and resources to initiate complex cyber espionage operations with the intent to pilfer intellectual property, interfere with infrastructure, or affect political results.
This kind of incident happens when a foreign government funds or launches a cyberattack against another foreign government or group. There are several reasons why state-sponsored assaults (SSAs) occur:
1. To breach IT infrastructure and computer systems
2. To use institutions and governments as a financial advantage
3. To obtain information
SSAs are more resource-intensive than standard cyberattacks and have the potential to seriously harm a foreign company or government in the long run. Cybercriminals, for instance, have the ability to steal military intelligence and intellectual property from governments. Hackers are even capable of breaking into vital infrastructure, such as water and electrical networks.
IoT Attacks
Someone else may breach your programmed worker registration control centre. They are able to infiltrate your company. Additionally, someone might discover out your untrustworthy secret word. By then, they will have the opportunity to take over your ingenious back home security system.
Any such attack against an IoT device or organization is referred to as an IoT attack. It might introduce malware into your devices. On the other hand, getting into your frameworks through security flaws, for example, unoptimized client authorizations.
Since 70% of homes have at least one smart device, the epidemic has caused almost 25% of American workers to move their job from the office into their homes. Not surprisingly, this led to an increase in attacks against smart, or “Internet of Things (IoT)” devices; between January and June of 2021, over 1.5 billion breaches occurred. The lack of good cyber hygiene practices among the common American coupled with IoT connectivity creates a world of vulnerability for hackers.
Experts predict that a smart house with a variety of IoT gadgets may be the subject of up to 12,000 hacking attempts in a single week. The average smart device is attacked within five minutes of connecting to the internet.
