As organizations adapt to innovative IT solutions, they simultaneously open the door to a plethora of cybersecurity challenges. Cybercrime has witnessed an upgrade, giving rise to far more sophisticated cybersecurity threats. These malicious actors are in a perpetual state of innovation, ceaselessly crafting and advancing strategies to evade even the most intricate cybersecurity measures.
The amalgamation of factors paints a vivid picture of the contemporary cybersecurity domain, where companies grapple with challenges of unprecedented magnitude. In the year 2022 alone, cyberattacks surged by a staggering 38% compared to the previous year, magnifying the severity of the situation. As cyber threat actors continue to hone their tactics, these attacks will become more pervasive, presenting organizations with novel and increasingly perilous cybersecurity threats.
While certain cyber threats demonstrate long-lasting persistence, many exhibit a fluctuating pattern, making it essential to spotlight some of the foremost cybersecurity challenges that businesses must stay-put to confront.
Ransomware Extortion
What started as a malicious attempt at extorting payments via data encryption has now evolved into an insidious trap that blocks legitimate users from accessing their data. The data is encrypted by the malware and is now owned by the attacker, demanding the user for ransom for its recovery.
However, the rise of cybersecurity threats is a two-way street. With the immense damage cyber-attacks inflict come the research to combat these challenges. Among them, ransomware has gained notoriety. Ransomware attacks involve encrypting all files on a targeted system, a time-consuming process. However, there’s a chance to stop the malware before encryption and rely on backups to recover data.
Recently, a new threat has emerged: double extortion attacks. These combine data theft with encryption, posing a greater threat. Some ransomware operators skip the encryption ordeal and focus solely on extorting sensitive data. This shift makes breaches faster, harder to detect, and immune to backup recovery. It’s a potent and immediate threat to businesses, demanding greater vigilance.
Cloud Third-Party Threats
The increasing adoption of cloud computing brings forth significant cybersecurity challenges. Among these challenges, third-party cloud security threats have become a growing concern. Factors like a lack of familiarity with cloud security best practices and the unique cloud shared security model contribute to the vulnerability of cloud environments.
Cybercriminals are actively exploiting vulnerabilities within cloud infrastructure, necessitating constant vigilance from organizations. However, a more alarming trend is emerging, as attackers are directing their efforts towards cloud service providers. This approach enables them to potentially breach not only the providers’ systems but also gain access to their customers’ sensitive data and IT infrastructure. By exploiting trust relationships between organizations and their service providers, attackers can significantly magnify the scale and impact of their malicious activities.
Mobile Malware
It was only a matter of time when malware had to infest mobile phones much the same way as servers and computer systems. This insidious threat is evolving, posing significant cybersecurity challenges for individuals and organizations alike.
One of the most troubling aspects of mobile malware is its ability to disguise itself as harmless applications. QR code readers, flashlights, games – these seemingly harmless apps have increasingly become hosts for cybercriminals to infiltrate mobile devices. This deception is not confined to unofficial app stores; it has infiltrated official ones as well.
As the battle against mobile malware intensifies, cybercriminals are constantly innovating their tactics. Beyond fake apps, they now offer cracked and custom versions of legitimate applications. The malware operates through malicious APKs via direct downloads and third-party app stores. By exploiting the familiarity of well-known app names, the malware deceptively takes over the device.
Wipers and Destructive Malware
Recent years witnessed the encounter of the notorious wipers, operating as programs that don’t just infiltrate systems; they wipe out data entirely.
While wipers were once relatively rare, 2022 witnessed their resurgence. They were employed in various attacks, notably against Ukraine in its conflict with Russia. This alarming trend extended to other nations like Iran and Albania, highlighting the growing popularity of destructive cyberattacks for hacktivism and cyberwarfare.
Weaponization of Legitimate Tools
One of the subtle cybersecurity threats lies in the blurred line between legitimate penetration testing and system administration tools and malware. Often, the functionalities used by cyber threat actors are also found within the operating systems or available through legitimate tools, evading detection by conventional signature-based systems.
Cyber threat entities are increasingly capitalizing on this, opting to “live off the land” in their attacks. By exploiting built-in features and mainstream tools, they reduce their chances of being detected and increase their odds of a successful assault. Utilizing existing solutions also aids in scaling attack campaigns, empowering cybercriminals with cutting-edge hacking tools.
Zero-Day Vulnerabilities in Supply Chains
Zero-day vulnerabilities are software flaws that are unknown to the vendor and have no patch available. This gives attackers a significant advantage, as they can exploit the vulnerability without fear of detection.
Even after a patch becomes available, organizations may not implement it immediately. This can be due to a number of factors, such as the complexity of the patch, the need to test it thoroughly, or the potential for disruption to business operations.
The software supply chain is a particularly attractive target for zero-day attacks. Companies often rely on third-party and open-source code in their applications, but they may not have full visibility into the security of this code. If a vulnerable library is used in multiple applications, attackers can exploit it to target multiple organizations.
A Global Menace
Cybercrime is a rapidly evolving global threat, posing one of the paramount cybersecurity challenges for businesses and organizations of all sizes. In Q3 2022, global cyberattacks surged by 28% compared to the same period in 2021, and this trend is anticipated to continue into 2023.
To combat this global menace, it is essential to have a robust corporate cybersecurity program that can defend against threats originating from anywhere in the world. This defense strategy must include comprehensive threat protection, continuous monitoring, and access to up-to-date threat intelligence.
How to Deal with the Cyber Security Challenges
To effectively handle cybersecurity challenges, consider these key factors:
Security Consolidation: As cyber threats evolve, relying on numerous specialized solutions can complicate security management. Optimize your approach with a unified security platform to enhance threat management capabilities.
Prevention-Focused Security: Shift your focus from detection to prevention. Identify and thwart inbound attacks before they breach your systems to minimize damage and reduce costs.
Comprehensive Protection: With the expanding threat landscape, ensure comprehensive coverage. Safeguard against threats across cloud services, remote work setups, mobile devices, and IoT to mitigate cybersecurity risks effectively.
