Cybersecurity Threats in 2023 You Should Be Aware Of
What is a Cybersecurity Threats?
A cybersecurity threat is an act that refers to any kind of malicious activity that aims to steal data and disrupt or damage computer systems, networks, or devices. Cybersecurity threats can range from annoying spam emails to devastating ransomware attacks, and they continue to evolve as attackers develop new techniques and strategies to exploit vulnerabilities.
Singapore albeit small is not exempt from cybersecurity threats. Kroll, a financial and risk advisory service, published their research on the Cyber Threat Landscape in Singapore. According to the report Singapore businesses have experienced fewer cyber incidents (46%) than the APAC average (59%). Data loss (55%) and business interruption (52%) are the top concerns in Singapore and across the APAC region. Training (69%) and purchasing security tools (68%) are the most common measures to address cyber threats. However, Singapore is unique in valuing cyber insurance (66%) as a top means to address cyber threats compared to other surveyed markets.
Here are some of the most common cybersecurity threats you should be aware of.
Malware is a type of software designed to cause damage to a computer system or network. Malware can come in many forms, such as:
a piece of code injects itself into an application. When the application runs, the malicious code executes.
Malware exploits software vulnerabilities and backdoors to gain access to an operating system. Once installed in the network, the worm can carry out attacks such as distributed denial of service (DDoS).
Malicious code or software that poses as an innocent program, hiding in apps, games or email attachments. An unsuspecting user downloads the trojan, allowing it to gain control of their device.
a user or organization is denied access to their own systems or data via encryption. The attacker typically demands a ransom be paid in exchange for a decryption key to restore access, but there is no guarantee that paying the ransom will actually restore full access or functionality.
Malware can spread through infected files, links, or websites, and can cause damage to data, systems, and networks.
Phishing is a type of social engineering attack that involves tricking people into divulging sensitive information, such as usernames, passwords, or credit card numbers. Phishing attacks can be carried out through emails, text messages, or phone calls that appear to come from legitimate sources, such as banks or social media companies.
According to IBM's 2022 Cost of a Data Breach Report. Compromised credentials and phishing are the most common initial attack vectors, with phishing being the costliest at an average of USD 4.91 million. Verizon's 2022 report also identifies stolen credentials and phishing as the leading causes of breaches, with the human element driving 82% of breaches. Therefore, it is essential for businesses to take measures to protect themselves against phishing attacks.
3. DDoS attacks:
Distributed Denial of Service (DDoS) attacks involve overwhelming a website or server with traffic, causing it to crash or become unavailable. DDoS attacks are often carried out using networks of infected computers, known as botnets, to flood a target with traffic.
4. Password attacks:
Password attacks involve trying to guess or steal passwords to gain unauthorized access to a system or network. Common types of password attacks include brute-force attacks, dictionary attacks, and credential stuffing.
5. Man-in-the-middle attacks:
Man-in-the-middle (MitM) attacks involve intercepting and altering data between two parties without either party's knowledge. This type of attack is often carried out in unsecured public Wi-Fi networks, where attackers can intercept and modify data transmitted between users and the network.
6. Insider threats:
Insider threats refer to the malicious or unintentional actions of employees, contractors, or other authorized users of a system or network. Insider threats can take many forms, such as data theft, sabotage, or unintentional data leakage
7. Advanced persistent threats:
Advanced persistent threats (APTs) are sophisticated, long-term attacks that target specific organizations or individuals. APTs often involve multiple stages and techniques, such as social engineering, spear-phishing, and malware, to compromise a target's systems and exfiltrate sensitive data.
Cybersecurity threats are constantly evolving and pose a significant risk to both individuals and organizations. Cyber safety is important.
Understanding these common types of cyber threats will allow us to take good measures to protect ourselves from such attacks. This includes implementing security measures such as firewalls, anti-virus software, multi-factor authentication, and training on security best practices.
The increase in cyber threats has created a huge demand for cybersecurity professionals. Kickstart your journey now to fight these Cyber Security Threats.
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