As more people learn about the importance of protecting their data, this leads to massive expansion in the cyber security industry. Many businesses are more aware than ever before, as they take notice of the many incidents and the costs, which runs into the billions that many such companies are forced to fork out in the name of damages.
For this article, I’ve gone through the trouble to research the various cyber risks, so you do not have to. Identifying the many trends, that should keep you both prepared and informed. Below you will find a list of 6 cyber security threats that you should be aware of.
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1. Third Party Exposure
A large number of retailers opt to use third parties for a number of services like payment processing. Because of this fact, they believe that they aren’t liable for any third party breaches. But in truth, just because they’re only using a third party vendor, it doesn’t mean they are exempt from responsibility, in the event of a data breach.
Even if the specific company doesn’t handle the personal affixes of its clients, such as credit card numbers or social security numbers, a third party is still capable of putting them at risk. The negligence of data handling is capable of putting a lot of sensitive information into the hands of cybercriminals, as has been shown in the past with incidents involving Audi and Volkswagen. Even if the source of the attack started with a third party, the business that used the third party vendor is just as liable and thus required to legally notify their regulators and clients, in the event of a data breach. The penalties and fines can also be quite substantial, ranking from thousands all the way up to millions, depending on the severity of the situation.
2. Spam
Many web surfers tend to view spam as more bothersome than anything else. Despite that you have the CAN-SPAM Act, which was put in place to combat this problem, so that may not be a widely held view. Spam is essentially unsolicited junk email. It can come in many different forms, such as advertisement, scams etc. It’s also incredibly time consuming, shifting through such emails and is capable of consuming great amounts of bandwidth.
3. Rootkits
Rootkits are amongst the most difficult cyber threats to detect, this is because they are designed specifically to be able to conceal themselves from the owner of the system they’ve infiltrated. These virus types are activated the moment the system is switched on, just before any antivirus software starts, and provides the computer hacker with administrative access to your system – so they can access it remotely. A rootkit allows the hacker to install files and accounts, for the sole purpose of stealing sensitive data.
4. MITM Attacks
A MITM or man-in-the-middle attack occurs when a cybercriminal is able to position themselves between a server and device machine, for the purpose of intercepting communications, for reading or alteration.
MITM attacks occur most often when an end user logs into a public Wi-Fi network that is insecure. A computer hacker is capable of inserting themselves between the user’s device and the network. This leads to the user unknowingly passing confidential information to the hacker.
5. Botnets
A botnet is basically a series of computers, all synced together for the purpose of executing a particular function. Botnets aren’t always bad, but this kind of technology can be used for nefarious purposes, which is why it’s important that users be aware of it, and its potential risks.
There are many different ways that you can be at risk of your system unwillingly joining a botnet. The first such situation is when a program searches the internet looking for security vulnerabilities so that they can enter unsuspecting machines. The second way you can fall victim is by downloading infected programs, which contain Trojan horses. As this will link your computer or other devices to the botnet network.
Once the hacker has successfully taken control of your system, they’ll immediately lunch Internet Relay Chat or IRC client, and join a chat room, so that they can start a denial of service attack. These botnets can also be used to drive fake traffic to specific websites for the purpose of making money. Other things it can be used for, include making changes to ads that appear on your browser, and creating pop-ups that inform you of something that isn’t true, in order to trick you into paying for something you don’t need.
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6. Ransomware
Ransomware attacks are amongst the most severe cybersecurity threats out there. These attack types work by infecting your network, stealing confidential data, and holding it hostage until the victim pays a ransom. The amount of money that is typically lost, on the surface, is only the beginning for any company that falls prey to these kinds of attacks.
There are also the monetary damages to consider, the result of lost productivity and data loss, as these are amongst the most destructive to any company. These ransomware attacks are responsible for over 60% of small businesses going out of business, within a six month period, once they’ve fallen prey to such an attack.
Ransomware is one of the most common and popular cyber-attack types, a favourite amongst many cybercriminals that are looking to exploit any business. We can expect this situation to not change, for the time being. According to data compiled by the U.S Department of Homeland Security, ransomware attacks have been increasing and continue to increase all over the world.
In addition to that, due to ready-made kits, that can be purchased, ransomware attacks have become available to novice, less sophisticated computer hackers. These kits are now known as Ransomware-as-a-Service. These inexperienced hackers are now using these kits to target primarily smaller businesses, due to them usually having weaker internet security measures in place.
This has led to a decrease in the number of attacks on individuals, as many hackers go after companies, in hopes of making a big score. Because of these kits, you have an even larger number of cybercriminals out there, putting more small businesses at risk.
