Cyber security threats are the one thing that is taking global businesses by storm. In 2022, they consistently stayed in the headline and will continue to be in 2023, as well. In fact, according to the PwC Survey, businesses are more concerned about cyber security threats in 2023. 65% of business executives polled said cybercriminals will have a more significant impact on businesses in 2023 than they did in 2022.
Another report by CyberEdge’s Cyberthreat Defense stated that 85% of organizations suffered from a successful cyberattack last year. The numbers prove that cyber security threats are emerging in this highly volatile and downturn marketplace. To get a firm hold of the threats, we are not only going to examine the emerging cyber security threats but will also talk about effective remediations.
Top 10 Emerging Cyber Security Threats SMEs Will Face
Cyber security threats are undoubtedly and inevitably making their presence felt. Businesses are already and in future will be under grave threat that will not only make them lose a competitive edge but also disrupt their business operations. To add more to it, cybersecurity experts have observed a trend emerging. The top 10 emerging trends in cyber security threats are:
01. Ransomware
Ransomware is amongst the most frequent cyberattacks businesses will fall victim to. Corporate data is encrypted by ransomware to prevent usage or access, and the business is then required to pay the ransom to have the data decrypted. Therefore, businesses must make a difficult choice between paying the ransom, losing vast sums of money, and risking having their services jeopardized by losing data. SMEs will be at the most risk from these cyber security threats, which they can mitigate with strong endpoint protection and effective cloud backup solution.
02. Cloud Vulnerabilities
The use of cloud data storage has significantly risen in the last few years. One would think that the cloud is getting more secure, but the numbers show otherwise. According to IBM Reports, cloud attacks increased 150% last year. A report by Gartner also shows that cloud security is the fastest-growing cybersecurity market. Cyber attackers are developing new methods to take advantage of the data companies are putting in the cloud. Effective cloud security solutions and a comprehensive strategy can only prevent threats.
03. Social Engineering
Social engineering attacks are quoted as one of the biggest cyber security threats of 2022. These threats are not now but growing significantly in numbers, especially with remote employees. Besides targeting employers’ networks and jacking SIMs, attackers also attack messaging applications like WhatsApp, Skype, WeChat, and more. Even the most advanced cybersecurity systems cannot halt the attack if the victim grants the hacker system access. That is why it is critical that businesses create plans to counteract them.
04. Frequent Use of Artificial Intelligence (AIs)
It is difficult for humans to manage all of the cyber security risks alone. As a result, businesses are increasingly using Machine Learning (ML) and Artificial Intelligence (AI) to improve their security infrastructure. Unfortunately, cybercriminals can and will infiltrate systems using the same technology that is deployed for defensive purposes. Criminals are also leveraging technology to automate their assaults and employ more programs that produce a lot of malware to strengthen their attacks. An AI-driven hack would use far more computer and cyberspace resources than a person could use. And it will help the attackers assault quicker, more unexpectedly, and more sophisticated than anything the best cybersecurity team can defend against.
05. Internet of Things (IoT)
Assaults on IoT or smart devices have increased sharply due to the rising WFH setting. From January and June of 2021 alone, 1.5 billion breaches took place. When a smart device connects to the internet, it is often attacked within five minutes. And these devices are predicted to double between 2021 and 2025. Cellular IoT connections are also expected to reach 3.5 billion in 2023. Always monitor devices and install security updates as they become available while handling vulnerabilities. You must also secure your IoT devices with secure passwords to prevent these attacks.
06. Third-Party Exposure
Cybercriminals circumvent security measures by breaking into less secure networks belonging to third parties with privileged access. At the start of 2021, hackers exposed personal information from over 214 million Facebook, Instagram, and LinkedIn accounts. These breaches will pose an even greater threat in 2023. According to CyberArk, 96% of firms provide these outside parties access to their vital systems, opening a potentially vulnerable entry point for hackers to access these businesses’ data.
07. Misconfigurations and Unpatched Systems
Misconfigurations and mishandling patches are frequently considered to be easy targets. Unpatched systems, improper access controls, the disclosure of critical data, and obsolete and vulnerable components are some of the most typical misconfigurations. Attackers can purchase tools to search for these vulnerabilities on deep web markets, just like a penetration testing contractor could for your business. Businesses can avoid this by updating computer software, promoting patch management, and addressing misconfigurations.
08. Misinterpreting Compliance for Security
Maintaining strong security policies and procedures year-round differs from completing compliance obligations. Security compliance standards are changing. Even though many businesses may have received certification for upholding new criteria during an audit, they frequently need to pay more attention to the rules subsequently. Being obedient is insufficient. Establish yourself as a security expert in your field.
09. Phishing Attacks
90% of breaches that affect enterprises are caused by phishing. It has increased by 65% in the past year, costing companies over $12 billion in revenue. When an attacker pretends as a trustworthy source, the victim is persuaded to download a malicious file, click a dangerous link, or supply sensitive data, bank details, or login credentials. It can be stopped from getting to employees’ inboxes by implementing a reliable Email Security Gateway. The multi-factor authentication (MFA) is also crucial to reduce the dangers of phishing.
10. Poor Data Management
Keeping storage systems organized is only one aspect of data management. To put things in perspective, the volume of data customers produce doubles every four years, but more than half of this new data is never used or examined. Data becomes vulnerable to cyberattacks when there are mountains of extraneous information. Teams will rely more on automation to separate relevant data from irrelevant data, but automation has its own problems. To protect data against cyber threats, businesses must emphasize hiring data privacy officers.
11. Credential Stuffing
Another significant threat SMEs will face is credential stuffing. It occurs when an attacker uses stolen login information to access a user account at another business. These credentials are frequently bought on the dark web or acquired through a breach. Despite reports of hacked Disney Plus accounts in the news, Disney has not discovered proof of forced access. The dark web has just provided cybercriminals easy access to a working username and password database. These assaults are successful because employees frequently reuse their passwords. Business password management solutions will alone help you prevent these attacks.
Remediations for Emerging Cyber Security Threats
CISOs must establish strong relationships with end users and provide a welcoming atmosphere where anybody can voice concerns or suggest ways to enhance services to defend the business
against evolving threats. Training is also a big part of the security strategy. Businesses must conduct awareness and training programs for user security and social media. These are just a few measures. The others are:
- Patch, Third-Party Risk, and Vulnerability Management
- Threat Intelligence, Protection, and Modelling
- Secured Software Development Lifecycle for businesses who are into software development
- Secured Firewall Configuration and Network Continuous Monitoring
- Assets Hardening and Implementing Deploy Zero Trust Model
- Stringent Access Controls and Regular Audit (AAA)
- Pentesting and Implementing IDS/IPS
- Putting in Place Risk based Assessments and Strategy
- Data Encryption in Transit, at Rest and at Envelop Level, along with Data Classifications and Handling techniques
- Defense in Depth
- Email Security and Phishing Testing
- Security Incident, BCP & DR Mock Runs
Safeguard Your Business Against Cyber Attacks
It is not only billion dollar businesses facing cyber security threats. SMEs and SMBs are also falling victim to cyber-attacks. Verizon Data Breach Investigations Report stated that 1 in 5 breach victims were small and medium-sized businesses last year. At Compliance Logic, we are dedicated to safeguarding your business against cyber security threats and helping you build a strong cybersecurity culture. And we do it with the correct processes and approaches.