Every year, new cybersecurity stats serve as a reminder that hackers and scammers never sleep. From traditional attacks like phishing to entirely new methods like crypto jacking, businesses must keep up with the latest threats.
Most security breaches begin with a stolen login credential. This can be due to phishing, hacking, or reused passwords across multiple sites and services.
A lack of security awareness and access controls, a misconfigured firewall, failure to use managed security services, or adequately trained cybersecurity professionals can also contribute to a data breach. Physical actions, such as stealing paperwork and mobile devices, account for 4% of data breaches.
Ransomware
Common cybersecurity statistics indicate that there is a data breach every 39 seconds. A ransomware attack occurs every 14 seconds on average. Also, when it comes to ransomware, most cybersecurity professionals know that paying the ransom doesn’t guarantee a company’s data will be restored.
It’s also not likely to deter cybercriminals from attacking the same organization again, as they will see that the business was willing to pay up to get its data back. Instead, cybersecurity teams must focus on reducing risk by using threat intelligence-driven solutions that provide actionable intelligence on vulnerabilities and threats.
This will enable them to understand better how attackers exploit these risks and mitigate them before they escalate into a costly ransomware attack. Ransomware attacks continue to be a big problem for businesses across the globe.
They’re the most profitable hacks for cybercriminals and are particularly prevalent in industries that rely on technology to function, such as healthcare and government.
These attacks can cause significant financial losses due to lost productivity, rework, and reputational damage. The cost of dealing with a ransomware attack doesn’t include the costs associated with recovering from a breach that involves compromised third-party vendors.
Phishing
Phishing attacks are a common cybersecurity threat that is as dangerous as ever. These attacks can cost companies billions of dollars yearly and are often the start of more extensive hacking campaigns like business email compromise (BEC) or ransomware.
Cybercriminals are using advanced phishing techniques to attack companies more efficiently and accurately. For example, on average, a new phishing website is created every 20 seconds. The attack vectors are becoming more diverse, from email to text messages, voice, or even social media.
In addition to traditional phishing, cybercriminals use artificial intelligence to create more personalized and sophisticated attacks. For instance, a phishing campaign could be tailored to target specific groups or individuals in a company by correcting spelling errors and incorporating their names or product details.
The good news is that phishing is one of the more accessible types of cyberattacks to prevent. To do so, employees should be trained to spot phishing attempts in all forms and at all times.
This includes training on identifying phishing threats on communication platforms such as video conferencing software, workplace messaging apps, and cloud-based file-sharing platforms, which are increasingly used by cybercriminals to deliver phishing attacks.
Social Engineering
Cyber attacks target a variety of business sizes, from large corporations to small businesses and mid-sized firms. Small businesses have more limited resources and may be less equipped to handle cybersecurity breaches than larger enterprises.
This explains why over 43% of all cyberattacks are targeted against small and medium-sized businesses. Often, cyberattacks are the result of a social engineering ploy or two. Hackers can use phishing emails or text messages, phone calls, or social media posts to trick recipients into divulging sensitive information, downloading malware, or taking other damaging actions.
These ploys often appeal to the victim’s natural curiosity or sense of indebtedness by pretending to be helpful. Some social engineering ploys take advantage of common security mistakes, such as employees using the same password for their personal and work accounts.
This could lead to a breach of the workplace’s IT security and allow hackers to steal data or funds. Others rely on the principle of scarcity, such as posting fake links to websites offering a limited number of a product or service to trick victims into clicking on them.
Data Breaches
The most significant cyber threats of 2023 and beyond are those that lead to data breaches. These attacks can devastate businesses and result in lost revenue from system downtime, notification costs, and damage to a company’s reputation.
Cyber attackers can steal data by placing skimming devices on point-of-sale terminals and hacking into a restaurant’s point-of-sale systems to access customer information. They can also hack into a business’s email account, pose as the CEO, and ask an employee to wire money for a phony reason.
This type of attack is called cyber espionage, and it has become a growing concern for companies across all industries. Criminals can perpetrate these attacks for many reasons, including stealing money or confidential information and disrupting operations. Government organizations are often targeted for ransomware, which can cripple a country’s public services like hospitals and schools.
Scams
The most common cyberattacks in 2023 are phishing, malware, and DDoS. These can result in stolen login information, identity theft, or data breaches. Scams such as investment schemes and stalkerware (software that’s unknowingly installed on a device to spy or monitor activity) also occur.
Cyber attacks can be expensive to recover from and can cause consumer distrust. They can also put small businesses out of business; 60 percent of those that experience a cyber attack close within six months. Almost all companies face the risk of a cyberattack, and cybersecurity is an essential investment.
The best way to protect against a breach is with a solid disaster recovery plan and an understanding of how to recognize threats. Investing in security defenses such as zero trust and micro-segmentation is essential. This will help prevent attackers from spreading throughout your network. Also, implementing preemptive solutions like threat detection and response tools can stop them before they can do any harm.
