The world is heading towards a digitized phase at a very fast pace. And this results in ample opportunities for cyberattacks to play their games. Now, all the organizations store their data in digital formats only, barring a few ones. And they are also in the transformation process of becoming fully digitized. This trend has been rising even more since the pandemic struck the whole world. And hence, the need for cybersecurity is on the rise also.
Table of contents:
- Why do we need Cybersecurity?
- Main cyber threats that are prevailing in the industry
- How to ensure security from cyberattacks?
- Conclusion
Why do we need Cybersecurity?
1. Hybrid and remote modes of work are on the rise
Organizations were forced to move towards hybrid and remote modes for the continuation of their work. And this has become the new norm now, with every other business switching to either of these modes. 24% of the US employees were reported to be working exclusively remotely, and 53% were to be working in the hybrid arrangement as per Gallup reports.
These work modes are surely more flexible. But this also opens doors for various forms of cyberattacks. The main reasons for this are the use of personal devices for official work and access to unsecured Wi-Fi networks. This makes the data vulnerable to several cyberattacks.
2. The omnipresence of the Internet of Things (IoT)
IoT is a network of systems and devices which are linked to the Internet. Security cameras and thermostats are some of their examples. The count for IoT devices is estimated to cross 43 billion by 2023.
The main problem with it is that some IoT devices do not possess the kind of security that traditional computers possess. And this enables the hackers to take advantage of it by accessing networks, stealing information, and controlling linked devices.
3. The rise in the reliability of the cloud services
The global cloud revenue is already touching new heights, and it's going to rise further only in the future. Businesses are moving towards cloud services due to the great extent of scalability as well as flexibility that it offers. And the cyberattacks accompany this usage of cloud devices as well if the cloud environments are not secured. It becomes even easier for hackers to gain access to your sensitive data when you are storing it on unsecured cloud devices.
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Main cyber threats that are prevailing in the industry
The methods of performing cyberattacks are evolving even faster than the number of cyberattacks taking place. Having discussed the need for cybersecurity, let us move on and skim through the given main cyberthreats:
1. Ransomware
The data is encrypted by the attackers by the attackers, and the payment of ransom is demanded in return for the decrypted data. These types of cyberattacks particularly are getting more detrimental since the companies result in paying huge amounts just to get their data back. Even a single strain can shut down the Colonial Pipeline.
And they had to pay $5 million to the hackers to get back their systems' control and resume operations. The most attractive industries to these hackers include financial services, IT, and healthcare. In fact, for those attackers with no experience in coding, a subscription-based model for ransomware has also been developed now. This makes it necessary for the companies to ensure security from such ransomware well in advance.
2. Phishing
Phishing refers to a scam that involves sending fake messages to the victims, prompting them to click on unsecured links and reveal sensitive data. Traditionally, emails have been the most common channels for such cybercriminals to fraud people. But phishing has even more evolved with the introduction of other ways such as business messaging software, video conferencing, and SMS.
There are several schemes through which such phishers enable the performance of cyberattacks. The popular ones these days are using COVID-19 and impersonation of genuine business as pretexts to make their plan work. And since the traditional security measures are not able to identify and prevent such scams, they end up losing huge amounts of their sensitive data.
3. DDoS (Distributed denial-of-service)
Analysts believe that Distributed denial-of-service cyberattacks are going to be the most popular cyberattacks in 2022. The main aim of these kinds of attacks is to disrupt the work progress of the business and gain financially from them. This is achieved by crashing the server or website of the given business by sending a vast pool of traffic to it. These kinds of attacks are usually undertaken with botnets consisting of several malware-infected device networks. Again, it becomes tough for traditional security systems to identify and prevent such tricks.
4. Theft of password
It is a kind of attack that we all can prevent. But usually, we don't pay much attention to it, and it results in major cyberattacks taking place. A lot of people and organizations still use conventional and easy passwords such as "123456" or their birth dates. This is no tough task for the hackers to get access to these super easy passwords. Moreover, a lot of people have the tendency to use the same given password for multiple applications and sites. Hence, a single attack by these scammers can lead to the loss of access to the data stored in all your software and accounts.
There are several ways through which the attackers can execute these attacks. They can simply research the user and try to decode the passwords. Phishing is another common way to undertake such scams. And now, technological evolution has led to the production of such tools that end up guessing your password by trying various combinations. Moreover, keylogger malware can also be used by them wherein the keystrokes of the users are detected for stealing their passwords.
5. Artificial Intelligence-enabled cyberattacks
Although Machine learning and Artificial Intelligence are being used to produce great software solutions, they bring with them some drawbacks also. Just like AI and ML can be leveraged to automate any other process, the attackers can use them to deploy tools for quick analysis and identification of system vulnerabilities. These enable the launch of even more sophisticated cyberattacks. The frauds can also be committed by them through the impersonation of genuine executives by using deepfakes.
How to ensure security from cyberattacks?
There are several security strategies available that can be deployed to ensure the security of your networks. You can refer to some of the main ones that are given below-
- Use the technologies of sandboxing and intrusion prevention for security against more sophisticated techniques.
- Install and keep updating the anti-malware software and firewalls.
- Keep your data backed up to reduce the effects of loss of data.
- Utilize the tools for filtering emails to steer away from potential scams and spam.
- Keep educating your employees to treat every call, message, and email with great caution and not get scammed.
- Enable the authentication via multifactor methods as well as password managers for the defence against data theft.
- Create an instant reaction plan for response against any occurrence of cyberattacks in the organization. It should contain comprehensive techniques to tackle such instances.
- Restrict the access to your sites and network based on the user location, user role, device permissions, etc.
Conclusion
Cyberattacks can lead to drastic consequences. Firstly, it would have a severe impact on the reputation of your business. People would lose trust in you and discontinue using your services. Additionally, you might lose users meanwhile you are busy resolving the cyberattacks. And this would provide a lucrative option to the competitors to grab this chance and steal your customers. Hence, this makes it extremely important that you have taken all the necessary measures beforehand to avoid such cyberattacks in the future. It is always better to prevent it before than to repent later. Take this advice seriously if you don't want any chance of losing access to sensitive data of yours.