Introduction
Going by a recent report from Forbes, 2022 is likely to be rife with a plethora of evolving cyber security challenges. This will include everything from supply chain attacks to attacks targeting smart and IoT devices. Apart from keeping pace with the evolution of cyber-attack tactics, industries will also be faced with a particularly painful cyber security talent crunch that will make it even more painful to manage the threat of cyber-attacks. According to estimates from Cybercrime Magazine, the global cost of cybercrime is likely to reach $10.5 trillion annually by 2025. But perhaps even more frightening is the prediction that global cybercrime costs are likely to rise by as much as 15 percent year on year, at least for the next four years. It is hardly surprising then that the cyber security market is posting healthy growth and is likely to continue to do so. The market is expected to grow from $217 billion in 2021 to $345 billion by 2026, with a CAGR of 9.7% from 2021 to 2026. Let's look at some of the most evident types of cyber-attacks that businesses are likely to encounter the most going forward. Cybersecurity for small businesses is an essential need, and IT Security In Denver can help local businesses with strategic guidance with cybersecurity policy and cybersecurity awareness.
Types of Cyber-attacks
Malware
Everybody is familiar with one or more types of malware. This is software that is intended to carry out a variety of malicious tasks. These are used by hackers for various purposes, including the distribution of other malware and viruses, launching persistent attacks on corporate networks, acting as spyware on the target system, and covertly collecting valuable data such as usual credentials and bank logins. A particularly popular form of malware is ransomware. This kind of attack has been incredibly popular among hackers and a major cause of headaches for enterprises the world over. Ransomware attacks effectively lock targets out of their own systems once the malware successfully infiltrates the system. This lock can only be decrypted with the key provided by the hackers. In return, the hackers often try to extort the victims and manipulate them in order to carry out desired actions or large financial settlements. Malware attacks like this can be incredibly disruptive to the entire business as it jeopardizes the integrity of all data sensitive information contained within the systems and causes complete production stoppage. Recently, ransomware attacks have even been targeted at public utilities such as gas pipelines - actions that can impact the general public and potentially even result in loss of limb or life and social disruption.
Phishing
Phishing attacks are also incredibly popular and often used as a tool to launch ransomware attacks. Phishing attacks are conducted through the use of some form of communication such as email, text or voice messages where the communication appears to be from a trusted source such as an individual or an organization. The individuals, in this case, could be a coworker or even a leader at the victim’s organization. Phishing emails from organizations can take the form of highly trusted sources such as your bank, the tax department, a widely known charitable organization, or a brand that you trust enormously. These attacks try to manipulate targets into taking action, such as revealing sensitive information, clicking on a malicious link or attachment, and logging on to spoofed websites where user credentials and even financial information can be easily deciphered. Advanced phishing attacks, such as spear phishing, also make use of the victim’s social information to scrape details about his/ her personal and professional lives to fine-tune and target their attack.
Distributed Denial-of-service attack
DDoS attacks have been around since the early days of the Internet. In this kind of attack, the malicious actors try to overload a company or a website’s server with spurious traffic that prevents genuine pings and visitors from ever reaching the company server. This could result in a server crash and definitely causes disruption in the performance of the website. What sets DDoS attacks apart from traditional denial-of-service attacks is that the former can leverage a network of compromised devices to launch the attack and successfully evade even the most sophisticated firewalls that can usually prevent traditional denial of service attacks.
Zero-day exploit
Zero-day exploits are quickly gaining popularity as hackers make use of time gaps where a company may have left a vulnerability unpatched. Hackers are constantly on the lookout for security patches issued by major product/ service providers so that they can exploit companies that have even the slightest delay in implementing those patches. They also make use of vulnerabilities in widely-used software applications and operating systems before a security patch can be released and the company can find a fix. In order to understand the full potential of Cybersecurity Threats and build an effective Cybersecurity Framework, please contact IT Support Denver.
Reasons why Cybersecurity is essential
Cyberattacks impact everyone
Cyberattacks are increasing in both intensity and volume. Recent statistics show us that cyber-attacks have become so common that a hacking event reportedly takes place in the US every 39 seconds. Because hacking has become so common, the range of victims of hacking attacks is also increasing. It has become increasingly common for hackers to target educational institutions, public facilities, local and federal governments and even public utilities in acts that could amount to terrorist-level disruptions. As the size and scale of the attacks increase, more and more people get affected by the attacks, even if they are not related to the entity currently being targeted. The National Cyber Security Centre (NCSC) has issued warnings to businesses and citizens that hostile enemy states such as Russia could try to exploit network infrastructure devices, such as routers, globally in order to coordinate and launch attacks on critical infrastructure and public utilities such as power stations, energy grids and even nuclear plants. If you think the scope of such an attack is far-fetched, consider the attack by a computer worm called Stuxnet that targeted Iran's nuclear facilities and is reported to have destroyed nearly a fifth of Iran's nuclear centrifuges. The heating of the centrifuges could have also caused an explosion that resulted in lives lost.
The fast-changing pace of technology will also quicken the pace of cyberattacks.
With IoT devices mushrooming all over the world, the attack surface potential cyber-attacks are also expanding. This is especially concerning because IoT devices come with very few security capabilities, if at all. Hackers are also increasingly making use of emerging technologies such as artificial intelligence and machine learning to automate parts of their attack resulting in even more deadly accuracy and outcomes. Please reach out to IT Consulting Denver for essential cyber security risk management.
About Andrew:
Andrew Eckerling is a sales representative at Greystone Technology, Managed IT Service Denver company. Andrew will use his technical knowledge to help companies find the right solution at the best price. He received an MBA degree in Technology Management from Western Governors University. @LinkedIn.
