As we approach the end of financial year (EOFY) period for 2024, the sad reality of business is the fact that there are still a number of major cybersecurity threats that are still present and impacting organisations.
This is shown by the top 5 biggest data breaches in Australia, over the past 5 years. These incidents include:
- Canva Data Breach
- Latitude Finance Data Breach
- Optus Data Breach
- Medibank Data Breach
- ProctorU Data Breach
Combined, these five data breaches account for approximately 170 million users affected, indicating just how severe the consequences are from cybersecurity threats for businesses. These data breaches are a harsh reminder on just how impactful cyberattacks are, and how it is not just a business that can face negative effects from a cybersecurity threat, but also the customers who trust you with their data and private information.
Let’s take a look at 10 major cybersecurity threats that are currently impacting businesses in 2024.
Cybersecurity Threat #1: Ransomware
Ransomware is an increasingly common type of cybersecurity threat, and a dangerous type of malware. Malware is a type of code or program that is used for malicious purposes. Malware is commonly used for:
- Stealing business information, account details or sensitive data.
- Encrypting stolen data.
- Installing other malicious software onto business devices.
Ransomware refers to these practices, however, is focused heavily on the encryption aspect of malware. Hackers and malicious individuals will encrypt stolen data from a business and proceed to demand a ransom in return.
Hackers are becoming more and more sophisticated and are targeting businesses of all sizes. Some of the impacts of ransomware are financial losses, reputational damage and operational disruption. These are all major impacts that can cripple a business, and even force its premature closure.
Cybersecurity Threat #2: Phishing Scams
Phishing scams are a cybersecurity threat that has increased over the past few years. Phishing is the use of emails, text messages and even social media in a bid to trick individuals into revealing sensitive information. This sensitive information is then used to access accounts and platforms that should be secure.
A large reason for phishing scams increasing was due to COVID, and the surge in remote working environments. This led to hackers targeting these circumstances, as businesses that had staff working from home were more susceptible to being tricked into opening malicious files or programs unknowingly.
Cybersecurity Threat #3: Insider Threats
Insider threats represent a unique and complex cybersecurity threat for businesses. Unlike external attacks, insider threats originate from within the business. These threats can be intentional, where individuals deliberately misuse their access, or unintentional, where negligence or ignorance leads to security breaches.
Ensuring that employees only have access to the data and systems that are truly necessary for their role is an effective step in protecting a business’ sensitive information. By implementing strict access controls, continuous monitoring, employee training, and fostering a culture of security, businesses can significantly reduce the risk of insider threats.
Cybersecurity Threat #4: Supply Chain Attacks
Supply Chain Attacks have emerged as a leading cybersecurity threat in the business landscape, impacting companies of all sizes. These attacks target the less secure elements of a business’ supply chain to infiltrate larger networks, causing, but not limited to, widespread disruption, data breaches, and financial losses.
Supply chain attacks occur when cybercriminals exploit vulnerabilities in a company’s supply chain to gain unauthorised access to its systems and data. These attacks can target software, hardware, or service providers, compromising the security of all interconnected entities. These supply chains can be via software, hardware or services.
Cybersecurity Threat #5: Cloud Security Vulnerabilities
As businesses continue to migrate to the cloud, the convenience and scalability offered by cloud services come with security challenges. Cloud security vulnerabilities can lead to data breaches, financial losses, and reputational damage. Implementing robust security measures is essential for protecting sensitive data and ensuring the integrity of cloud-based operations.
Cloud security vulnerabilities pose significant risks to businesses, but with the right strategies and practices, these risks can be effectively managed. Businesses can aim to fortify their cloud environments by focusing on strategies such as:
- Configuration management
- Robust access controls
- Secure API practices
- Data protection
- Continuous monitoring
- Understanding of the shared responsibility model
Cybersecurity Threat #6: Internet-of-Things Security Risks
The rise of Internet of Things (IoT) devices has revolutionised various industries by enhancing operational efficiency, enabling real-time monitoring, and fostering innovation. However, the widespread adoption of IoT technology introduces significant cybersecurity threats. IoT devices often lack strong security features, making them attractive targets for cybercriminals.
There are a number of common IoT security risks that can be seen as a cybersecurity threat. This includes:
- Insecure devices
- Lack of standardisation
- Weak authentication and authorisation
- Insufficient updates and patch management
- Data privacy concerns
- Physical security risks
IoT cybersecurity threats present significant challenges for businesses. By focusing on device management, strong authentication, data encryption, network segmentation, and lifecycle management, businesses can lessen the risks associated with IoT devices.
Cybersecurity Threat #7: AI Cyberattacks
The concept of Artificial Intelligence (AI) and its capabilities is one that is exciting. However, when it comes to potential cybersecurity threats, it is also worrying. While AI offers substantial benefits for enhancing security measures, it also presents new opportunities for cybercriminals.
AI-powered cyberattacks leverage machine learning, deep learning, and other AI techniques to automate, enhance, and scale malicious activities. These attacks can be more precise, adaptive, and harder to detect than traditional methods, making them particularly dangerous.
By leveraging advanced threat detection technologies, enhancing phishing awareness and training, implementing robust authentication measures, and staying vigilant against adaptive malware threats, businesses can strengthen their defences against AI-powered cyberattacks.
Cybersecurity Threat #8: Zero-Day Exploits
A zero-day exploit refers to an attack that occurs on the same day a vulnerability is discovered. Because the vendor is unaware of the vulnerability, they have “zero days” to fix it. These exploits are highly prized in the cybercriminal community for their potential to bypass existing security measures and exploit systems with freedom.
Mitigating these risks requires a proactive approach that includes rapid patch management, continuous threat intelligence monitoring, advanced security solutions, comprehensive incident response planning, and network segmentation.
Cybersecurity Threat #9: Data Privacy Breaches
A data privacy breach involves the unauthorised access to or disclosure of sensitive information, such as personal data, financial records, or intellectual property. This can occur through various means, including hacking, insider threats, physical theft, or accidental exposure.
Mitigating these risks requires a proactive approach that includes robust data encryption, stringent access controls, continuous monitoring, regular employee training, comprehensive incident response planning, and diligent third-party risk management. By implementing these strategies, businesses can better protect sensitive data.
Cybersecurity Threat #10: Social Engineering Attacks
Social engineering attacks manipulate human psychology rather than exploiting technical vulnerabilities to gain unauthorised access to information or systems. These attacks can be highly effective, as they prey on individuals’ trust, emotions, and cognitive biases. Understanding the various social engineering tactics and implementing robust security measures can significantly reduce the risk of falling victim to these attacks.
Mitigating these risks requires an approach that includes continuous employee training, robust authentication measures, effective incident response planning, stringent access controls, and thorough verification protocols.
Cybersecurity Threat Help – Contact Adept IT Solutions Today
Sick of Googling “IT support near me” and not being satisfied with the results? Looking to ensure that your business is best set up to face these cybersecurity threats mentioned above?
Adept IT Solutions, a leading provider of local IT support in Newcastle, Central Coast, Lake Macquarie and Sydney areas, can support your business through all your IT service needs.
We provide all the services a modern-day business could need from its IT Support provider. This includes Cybersecurity, IT Strategic Planning, and much more.
To chat further about our extensive list of services, contact us at 1300 423 378 (ADEPT) or email us at info@adept-it.com.au.
