The year 2020 has seen a massive spike in cases of cybercrime owing to COVID-19 pandemic. Even though the basic nature of the cyber-attacks isn’t dramatically different from what we had earlier, the rate of these attacks seems to have accelerated.
The main cyber threats facing the industry
Social engineering threats: The social engineering threats have always been there but there has been a sharp upturn in such threats in the recent times. The hackers are leveraging the fears of people by tricking the online users and employees into poor decisions through phishing mails and fake websites thereby compromising their digital security. According to a survey the phishing attacks have grown three-fold. And 3% of phishing attacks were related to the pandemic.
Unintentional intensification of internal threats: The insider or internal threats happen because of the internal staff such as disgruntled employees or the third-party contractors that misuse access to the company’s resources either by mistake or intentionally. The insider threats are a big concern for most of the companies and most of the organizations consider accidental breaches or insider threats as more common in comparison to the external attacks.
Ransomware: The ransomware continues to be one of the most lucrative assets for the hackers and it continues to pose newer challenges for the enterprises beyond the pandemic times. The new variants and versions of the ransomware challenges are emerging and these attacks use a kind of malware for encrypting files. According to a survey and expert estimations ransomware payments will cross $1.4 billion in US and the cost might go beyond $9 billion when you factor in the recovery and downtime.
Data breaches: The pandemic has led to increased exposure of data breaches for the enterprises. The changes in work patterns, remote management and remote access to the confidential data have amplified the risks of data breaches and it will continue to pose massive challenges even in the post pandemic times.
Account compromises: The cyber attackers have increasingly targeted the account information and credentials such as their go-to entry point for enterprise systems. An account that is compromised leads to significant consequences such as crypto-jacking, data exfiltration, ransom demands amongst others. This will continue to be a big challenge for the corporation even in the post pandemic era.
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