July 28, 2022

Internal & External Threats to Cyber Security Analysis

The year 2021 was a wake-up call for many businesses when it came to cybersecurity. With so many high-profile attacks making headlines, it's no wonder that businesses are scrambling to beef up their cybersecurity defenses. But what exactly should businesses be on the lookout for in 2022 and beyond? This blog post will explore the top 5 cybersecurity threats with examples and how businesses can take appropriate measures for prevention.

5 Cyber Security Threats You Need To Be Aware Of

1. Ransomware

Ransomware is malware that infects computers (and mobile devices) by restricting access to files, often threatening permanent data destruction unless the ransom is paid. This method of attack has reached epidemic proportions globally.

One of the most famous ransomware attacks was on the computer giant Acer which was hit by a REvil ransomware attack where the threat actors demanded the largest known ransom to date, $50 Million.

2. DDoS attacks

DDoS attack means "Distributed Denial-of-Service (DDoS) Attack" it is a cybercrime in which the attacker floods a server with internet traffic to prevent users from accessing connected online services and sites.

One notable example was the disruption caused by the AWS DDoS Attack in 2020. The scale of the attack and the implications for AWS hosting customers losing revenue and suffering brand damage was significant.

3 . Network intrusion

Network intrusion is a type of computer security incident that occurs when an unauthorized user gains access to a private network. Once the user is in, they can then exploit the data for their own purposes, such as seeking to extract critical information on either a one-time basis or as an ongoing parasitic relationship.

Some intruders will seek to implant carefully crafted code designed to crack passwords, record keystrokes, or mimic your site while directing unaware users to their site, just like Marriott Data Breach 2020, where 5.2 million guest records were stolen.

4.MITM Attack

A man-in-the-middle attack is a general term for when a malicious actor inserts himself into a conversation between a user and an application—either to eavesdrop or to impersonate one of the parties, making it appear as if a normal exchange of information is underway.

For example, the Ethereum Classic blockchain was the victim of a ‘51% attack’ in January 2019. This attack allowed the attacker to intercept and redirect over $1 million worth of cryptocurrency.

5. Password breaches

Credentials, like usernames and passwords, remain one of the most sought-after pieces of information for hackers. In November 2021, GoDaddy reported a security breach that left the accounts of more than a million of its WordPress customers vulnerable. The attacker used a compromised password to gain unauthorized access to GoDaddy's Managed WordPress hosting environment and the company's legacy code for Managed WordPress.

How To Prevent Cyber Attacks?

Attackers are on the lookout to steal your money and information or even disrupt your business. And you want to be prepared to fight these attacks as most of such cyber attacks can be prevented or detected. Being diligent about cyber security at the workplace and at home can make an enormous difference toward efficient cyber resilience. As highlighted by the examples above, cyber attacks can have disastrous consequences, not only for your organization but also for the customers who trust you to keep their data safe.

Ensuring endpoint protection, training your staff, and making sure your systems are backed up are some preventive measures. But, for your business, comprehensive security and insurance are what you need for the ultimate peace of mind.

1Fort combines cyber insurance coverage with a host of security tools to protect businesses from hacks. Learn more or try 1Fort for free today.