4 Future Cybersecurity Threats Every Business Should Be Aware Of

18:02 12 September 2020

With the exponential growth in new and emerging technologies, governments, organizations, businesses, and the general public will be subjected to increased cybersecurity threats. As technology evolves, so do cyberattacks, with the perpetrators becoming increasingly more sophisticated.

 

While the threats are ever-increasing, there is a severe lack of cybersecurity professionals; it is estimated that there are over one million unfilled positions available globally. This shortage is making the war against cyberattacks increasingly difficult. Fortunately, companies such as Bulletproof Cyber Consulting can help defend your business against cyberthreats.

 

New technology opens new windows for opportunistic cybercriminals; listed below are just four of the many cyberthreats trends that will be taken advantage of.

 

Artificial Intelligence (AI) Advances

 

Advances in AI will be a blessing and a curse; many businesses are already embracing machine learning technology and deep learning algorithms for threat detection, natural language processing, face and voice recognition, and more. Unfortunately, cybercriminals are also using AI deploying malicious algorithms to evade detection in existing security setups. Using AI, they can scan for vulnerabilities in networks and launch automated phishing attacks.

 

Recently, just like something out of a movie, a voice-spoofing cybercriminal utilized AI to impersonate a CEO's voice that resulted in a UK-based energy company being defrauded to the amount of €220,000. The cybercriminals managed to perfectly mimic the UK CEO's Boss's German accent using AI technology.

 

Internet of Things Attacks

 

IoT is becoming more pervasive each day; Statista projects that there will be over 75 billion devices connected to the IoT by 2025. While the benefits of connecting devices are both useful for consumers and offer excellent insights and data analysis opportunities for businesses, it is also a potential playground for cybercrime.

 

The more devices that are connected, the bigger the potential for a cyberattack. Over 50% of the Internet of Things connected devices are said to be vulnerable to cyberattacks, which could allow cybercriminals to use them as access points to hack into a company's network, causing untold damage to their business.

 

Ransomware Attacks

 

While Ransomware isn't a new cyberthreat, it is one that is on the rise and is believed to cost individuals and organizations millions of dollars each year. It can be especially devastating to small businesses that are also the most targeted.

 

Ransomware is a type of malware; examples include Ryuk, LockerGoga, MAZE, and WannaCry. The ransomware will either encrypt computer files so that they can't be accessed by the user or lock them out of the device to prevent them from being used. The hacker will then demand a ransom from the user if they want access to their data returned.

 

The growth of cryptocurrencies, such as Bitcoin, has also facilitated ransomware attacks. Hackers are able to receive their ransom demand payments anonymously, leaving less of a footprint.

 

The most common form of ransomware is sent via a phishing email, and a single click on an attachment or a hacked website can be disastrous for your business. Staff should be educated on the dangers of ransomware/phishing, and back-up files should be stored offline to mitigate these types of attacks.

 

Cryptojacking

 

Cryptojacking is when hackers use someone else's computer without authorization to mine for cryptocurrency. The user will infect their computer by either clicking on a malicious email link or visiting an infected website. A crypto mining code will then load in the user's browsers without their knowledge. However, the more significant risk is if the crypto mining script is one that has worming capabilities, which then allows it to further infect servers and computers on a network.

 

Unlike most malware scripts, the aim isn't to harm a computer or steal data. What crypto hacking scripts do is slow down the performance of computers. If a business has been crypto jacked, it can cost in time and money to find and resolve the performance issues incurred.

 

In Conclusion

 

The few examples given above are just the tip of the iceberg when it comes to current and future security threats from cybercriminals to your business. Yourstaff should be made aware of cybersecurity and the high potential for data breaches from malicious websites and phishing emails.

 

While future technology can pave the way for many great opportunities, it also presents potential cybersecurity dangers that cannot be ignored. Your business’s security is paramount, so every step should be taken to mitigate the risk of cyberthreats by putting preventative measures in place.