| If your business is reliant on computers to function, a cyber-related business interruption can have a massive impact on turnover. In extreme cases, malicious attacks can hinder your ability to generate income for weeks or even months. In 2022, cybercriminals are more vicious and dexterous than ever before. And, as businesses trade static workstations for a more ‘fluid office’ the threat of cyber-attacks has increased exponentially. Today, even organisations with advanced security and firewall technology are at the mercy of cybercriminals. Key cyber risks include: 1. Inadequate passwords:
It does not matter how secure your organisation’s secure infrastructure set-up is – humans are creatures of habit and their actions are easy to interpret. Weak passwords are an easy target for hackers. Passwords your staff should avoid include: - Passwords based on easily traceable personal data (birth dates, anniversaries etc.)
- Passwords used on other platforms
- Feeble passwords for example digit/letter combinations.
2. Phishing assaults
Phishing is an older attack method – but, according to a 2021 report by CISCO Umbrella, it still accounts for almost 90% of all data breaches. In a Phishing attack, the user receives communication (usually an email) that appears to be from a source they trust. The email requests personal data like passwords or security question answers, which the email’s real sender can use to access sensitive information. Like password-related hacks, phishing attacks take advantage of human error. What makes phishing so effective is that through the social distribution of links and files, victims often inadvertently propagate malicious content. 3. Malware
Malware, or ‘malicious software’, is arguably the most widespread form of cyber security threat. Malware causes systems to behave strangely. This includes preventing access to programs, deleting files, syphoning information to other sources, and infecting connected systems. 4. Trojan viruses
Trojan Viruses are a form of malware. They disguise themselves as legitimate, helpful software. But under the surface, they are harmful. A common ploy is to send a warning to a user saying that it detected malware in their system. They offer to scan your device, but the ‘scan’ it carries out is actually the transfer of malware. 5. Crytopjacking
A definitive sign of the times – Cryptojacking is the act of hijacking a computerised device and syphoning computing power from the machine without the official user’s knowledge. The additional power is usually used to mine cryptocurrency. | 6. Ransomware and extortion
Ransomware can be described as malware’s nastier cousin. Ransomware encrypts your files in a way that is nearly impossible to remove without the necessary software codes. Organisations can be held to exorbitant ransoms to free their systems and data. Although ransomware has been around for many years, 2021 saw increased ransomware complexity. New trends include:- Extortion
When an organisation’s system is seized by threat actors, and money is extorted in exchange for the release of system functionality.
- Double-Extortion
When cybercriminals deprive companies of data in addition to encrypting it, allowing them to dictate greater ransom demands.
- Ransomware-For-Hire
There are syndicates-for-hire that will attack large enterprises for a big payout from a third party. These are well-organised crime rings with global networks, capable of attacking large enterprises.
- Supply Chain Attacks
2021 saw a stark surge in attacks on tech companies. Experts believe it’s due to the appeal of attacking software code, and then launching an attack on the company’s vendors and customers, creating a chain reaction of malicious attacks, often with the intent to collect multiple ransoms.
The risks associated with these threats are different for individuals and businesses. Password breaches: The scale of a password breach is generally larger for a business than an individual. An organisation-wide breach can compromise the classified data, personal information or even bank accounts of thousands of clients. Phishing: The impact of phishing depends on what information is accessed by the hacker. Individuals tend to be targeted for identity theft, while businesses tend to be targeted for bank account access. Malware: Malware can result in the total loss of company data, or company client lists with costs running into the millions. Ransomware: Ransomware attacks are by far the costliest. And unfortunately, they are becoming increasingly more frequent. According to Coverware, in the first quarter of 2021, there was a 43% increase in the demands from cybercriminals, averaging an extortion cost of $220k. This cost is exclusive of productivity loss, loss of system and network access, data loss, damage to brand reputation, client loss and loss of revenue. Extortion costs aside, the IT manpower and hours required to solve these onslaughts, is enormous. They can easily take weeks, if not months, to resolve and run into millions of dollars. The below chart shows cybercrime statistics for the 20/21 financial year. It is a good indication of how prevalent cybercrime is in Australia at the moment. |
