Cybersecurity incidents are among the greatest threats to businesses and individuals alike. These incidents can cause much harm, including financial damage, loss of data, and even loss of life. Below we discuss the dangers of cybersecurity incidents.
1. Ransomware Will Be a Top Cybersecurity Risk
As ransomware actor behavior becomes more uniform, ransomware continues to be a top cybersecurity risk as it is an effective way for criminals to make money quickly. The behavior of ransomware actors has also become more uniform. As such, one security solution will not guard against all ransomware attacks.
For several years, ransomware has grown from a nuisance to an actual threat due to its ability to shut down critical business functions. The best way for businesses to protect themselves is to back up their data, so it’s accessible during an outage caused by ransomware. While many companies are aware of this solution, they don’t implement it because they either can’t afford it or there isn’t enough time to complete the backups.
2. Increase in Use of Multiple Forms of Extortion by Ransomware Attackers to Pressure Victims into Paying the Ransom
Ransomware is not the only cybersecurity incident victimizing businesses. Many organizations have also faced data breaches and malware infections, to name a few examples. The more prevalent these incidents become, the more likely businesses will experience them due to a lack of preparation.
The trend will become more common as ransomware actors tend to follow a pattern of behavior that makes them easily identifiable. That, in turn, is expected to allow security firms and victims alike to predict how they are likely to respond in certain situations. Thus, the risk of targeted attacks on organizations for purposes other than ransom payment, such as sabotage or data theft, is expected to increase.
3. Cryptocurrency Will Continue To Fuel Cybercrimes Such As Ransomware and Malicious Crypto Mining
Cybercriminals will continue to use cryptocurrency, most notably Bitcoin and Monero, for various reasons. Cryptocurrencies offer significant advantages for criminals. They provide near-instantaneous funding, and they give the attackers a degree of anonymity that is unmatched even by cash, such that investigators can’t track them.
Cryptocurrencies are so popular among cybercriminals despite their anonymous nature. This is because it’s still possible to track some transactions on the blockchain since cryptocurrencies don’t rely on a central bank or treasury for issuance. Instead, they use cryptography techniques that allow users to control the overall money supply. This makes it possible for cybercriminals to take advantage of cryptocurrencies by using malware designed specifically with cryptocurrency mining in mind.
4. Hackers Will Continue To Use Techniques That Reduce the Chances of Being Detected
Cybercriminals are getting better at creating malware that is harder to detect. It means that cybersecurity solutions won’t permanently block attacks, putting organizations and individuals at risk of having their data compromised. It also means they’ll be more likely to get infected with ransomware or other forms of malware since they never received an alert about the issue, let alone instructions on how to deal with it.
These new techniques may appear simple on the surface, but there’s a lot involved in adequately executing them. Attackers already do more than enough hacking activities for this threat, only to grow stronger over time.
Cybersecurity threats are becoming more sophisticated. Every single day, hackers are devising new ways to exploit devices and data that can be worth millions of dollars. With this in mind, organizations need to go beyond traditional cybersecurity solutions. They should also implement cutting-edge technology explicitly designed for countering cyber threats.