Top 10 Cybersecurity Risks

Introduction

In this modern era of conducting business operations and banking online, it is more important than ever to stay ahead of any cybersecurity risks. This starts by identifying the possible threats that a company may face, and the impact that each may have. In this article, we explore the 10 most important cybersecurity threats currently affecting businesses.

1. Cloud Hijacking

Cloud jacking is the term to describe when cloud storage or a cloud computing service is infiltrated by an unauthorized third party. Once a hacker has gained access to a company’s cloud storage, they may try to seize sensitive data or even attempt to take control of the entire corporate cloud. A compromised cloud service could also create an opportunity for hackers to possibly create a phishing scheme and attempt to attack other devices on the network.

2. Phishing Attacks

A phishing attacked is described as when a hacker pretends to be someone you trust, such as a colleague or might imitate your bank. It is most common for hackers to use an email address that is very similar to one that is familiar to you, these emails will typically have a link or attachment embedded. These emails may direct you to go to a website, log into an account or enter personal information. Because of the likelihood that employees might be fooled by these falsified emails, phishing is one of the most important cybersecurity risks that companies need to be cautious of.

3. Insider Threats

Insider threats, which are security threats instigated by a company’s own employees, make up a large percentage of all threats; these can be caused intentionally or accidentally, or even sometimes out of ignorance. As more employees around the world now work from home, this can expose companies to additional security risks and should take extra precautions to prevent insider threats. It is fortunate that many tools are freely available to prevent these kinds of issues; for example, there are tools to detect unauthorized logins, installations of apps, new devices accessing restricted networks, etc. Companies would also greatly benefit from giving their employees training, in order to prevent these kinds of cybersecurity mistakes from happening in the first place.

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4. Mobile Malware

Mobile malware is a type of software that specifically targets mobile devices for the purpose of malicious activity. As more people are working remotely, company employees may access company resources from their tablet or smartphone. It is predicted that the use of mobile devices for work purposes will increase in the next year, which will also increase the likelihood of hackers attempting to infiltrate sensitive company information through these devices.

5. Internet of Things (IoT) Enabled Devices

In this time of technological progression, many commonly used devices such as fitness trackers, security systems and in-car infotainment systems are IoT enabled devices. To explain the concept more clearly, all of these devices are able to transmit and exchange information over a wireless network without requiring any human involvement.

With the wealth of information that these devices can gather about their owners, it is likely that hackers will attempt to infiltrate the security of these devices, as is common with any newly developing technology. While most IoT devices are currently marketed for personal or home use, more and more businesses are also making use of IoT devices in the workplace.

6. API Vulnerabilities and Breaches

API is an application programming interface, these act as an intermediary between different applications. The purpose of an API is to determine how apps can interact with one another. APIs work unobtrusively in the background of many applications, such as streaming services, instant messaging, social media, among others. Unfortunately, the security surrounding APIs is typically not as advanced as web app security is, for example. The result of this is that APIs could become more vulnerable to interference or attack from malware in the future.

7. Highly Developed Ransomware Attacks

The concept of ransomware has been around for a number of years now, and the unfortunate success of these attacks has resulted in hackers to keep developing and refining these kinds of attacks. According to this report, the means of procuring ransomware kits has become easier, while the software itself has become more advanced. The report has also indicated that the number of ransomware apps is likely to decrease, but these apps will become more sophisticated and capable of posing a bigger threat to companies. 

8. Increased Frequency of Credential Theft

Credential theft has been a fairly common method of cybersecurity attacks, simply because, in general, people don’t proper authentication protocols or secure enough passwords. In many cases where employees work from home, businesses have set up VPNs that are secured with a password, which can potentially be a recipe for disaster. The 2020 Verizon ‘Data Breach Investigations Report’ determined that more than 80% of hacking data breaches involved either a brute force attack or made use of stolen credentials. To combat this issue, it is always advisable to two two-step authentication or OTPs.

9. Tool Sprawl

Sometimes a company might face issues not with a lack of cybersecurity tools at their disposal, but having a large array of mismanaged tools. By having too many options, an IT team can easily become bewildered by the influx of information and can possibly miss seeing the vulnerabilities in their security. It is common for businesses to adopt a new tool to have a specific challenge, but soon they will be using dozens of monitoring applications for cloud environments, network infrastructure and cybersecurity.

The result of this tool sprawl is that IT teams have a diminished overall view of the systems and possibly be in a weaker position to detect threats.

10. Deepfakes

A deepfake is defined as the use of artificial intelligence to edit an existing photo, video or voice recording with the goal of manipulating a person’s image or voice. In this way, deepfakes can make people appear to say or do things that they have not, which can possibly damage their reputation.

With regards to businesses, it is predicted that deepfakes can be used to impersonate legitimate employees of a company to gain access to sensitive data. This fake identities could be used to commit fraud or lure in unsuspecting customers.

It goes without saying that having the right tools for the job can make any task much simpler. Regarding remote connection software, AeroAdmin’s remote desktop connection is one of the best options around.

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