Monday, March 8, 2021

The Latest Upsurge in Cyberattacks Shifts Focus on Importance of Data Security

Cyber-threats were already there from the very beginning. Rather you can say the concept of cyber-attacks came into play with the birth of the internet. But, over the years, the internet is getting more evolved and so are cyberattacks.

 

The year 2020 was delicate for every company or industry due to the impacts of COVID-19. Not only that, in that year several companies faced some major cyberattacks, making their data vulnerable to anonymous sources.

 

Rather you can say that cybercriminals have used the COVID-19 situations as an opportunity to leak more encrypted data. According to research, between the months’ May and June, 60 per cent of emails a user has received were actually baited for phishing attacks.

 

Seeing the exponential growth in cyberattacks, companies have also taken numerous steps to increase their data security. Read to know more:

 

Cyberattacks — Ransomware Being the Main Threat

If you are a company that deals with various online accounting services and requires SSL security, then you can be the next target of a cyberattack.

 

This is the paranoia created inside the minds of the companies from the year 2020. During the first six months of 2020, ransomware has seen the steepest exponential growth, followed by other cyber-threats.

 

But, if ransomware is capable enough to breach your SSL security and leak valuable data, then what is the need for other variations. Trojan attacks in banking sectors, within this period of time, was 7 times more than that of the previous growth.

 

Now, you calculate the growth and your vulnerabilities. But, it does not end here. It has also been surveyed that the ransom demand of these cyber threats has also increased by 47 per cent.

 

Another notable mention is that — now the cyber-attackers are not following their traditional way of hacking. The main aim of these cyber-attacks now is to threaten the victim, to make the hacked data public, unless the company agrees to pay the ransom.

 

As the ransomware is using the COVID-19 subjects as a shield, that is why companies are getting more affected, as the virus is easily breaking the initial level of security. Ransomware is not only the prime culprit, but there are also a lot more types of cyberattacks that have evolved during this pandemic situation, such as –

 

1.   Credential Stuffing

Credential Stuffing is a threat to all banking sectors and companies dealing with daily monetary transactions. It is a way to steal the personal banking credentials of users, from various banking and transactional websites.

 

What the cybercriminals do is create a replica of the payment gateway web page and replace it with the original one. This indicates — when a user will use that banking website to complete some transactions, they will be actually entering their personal information on the hacker’s webpage. This type of fraudulent cases has come into the limelight more in 2020.

 

2.   Cloud Jacking

The concept of attacking via cloud jacking has increased more in 2020. Most of the employees are now working from home, and as a result, companies are now investing more in cloud computing and cloud storage.

 

Cloud computing has given every industry an edge of advancement, but it has also made it more vulnerable to threats like cloud jacking. Just like credential stuffing, the aim of cloud jacking is to breach the encryption and steal user credentials and personal information. Not only that, but via cloud jacking hackers can also spy on users and keep an eye on their activities.

 

3.   IoT devices

IoT or Internet of Things is a very innovative advancement of technology and holds a major section of the global hardware market. The IoT market is expected to grow over $1.1 trillion by 2026. But, IoTs are also a valuable tool for hackers and can be used to perform advanced cyberattacks

Focus more on your Data Security

With the rise in the rate and capabilities of cyberattacks, companies and individuals are focusing more on cybersecurity. And, yes a cybersecurity practice in every company (big or small) is very important. The cybersecurity of a company also depends a lot on its employees — like what kind of network they are using to access the company database.

 

Therefore, keeping all these things in mind, we have created a list of precautions which will help you and your company both.

 

1.   Always Connect to a Secure Network

Most of the cyberattacks take place over a non-secure network connection, mainly including public WIFI. That is why it is always mandatory to make sure that you are connected to a secured network while accessing any organizational database.

 

In these types of cases, sometimes the hacker does not hack into the system connected to the non-secure network. But, rather they use that system as a medium gateway to access the company’s database.

 

Therefore, according to us the first step toward building successful cybersecurity is — every organization should educate their employees regarding various cyber threats.

 

2.   Never ever forget to keep a Backups

Backups are like lifeboats when your ship is sinking or about to sink. If you have a proper backup, then you can actually reimburse any kind of data loss.

 

Like we always say precaution is always better than the cure. And, if you get victimized by a serious cyberattack, then there is no cure. But, what if your backup also gets hacked?

 

There is a solution to this issue also. Never store the original data and the backup data within the same server. Invest some more money in buying separate servers to store backup data. And, one more thing, always keep the backup data encrypted and practice a regular backup procedure.

 

3.   Check your SSL Certificates

SSL certificates are responsible for making every transaction on your website safe and secure. Therefore, from time to time keep a check on your SSL certificate validation. The more you secure your users the more secure your company will be.

From the year 2020, with the spike in cyberattacks, large organizations are taking cybersecurity seriously like never before. And, that is very much-needed in every sector of business. Any company you pick is solely dependent on their stored data.

Last year, cybersecurity was the third largest commercial concern in the world. As most of the companies are now shifting to online platforms, therefore the opportunity for cyberattackers are also increasing.

Finally…

Over the year, we have seen some major technological advancements, just like that the intensity of cyberattacks has also gradually increased. At the current moment, global cybersecurity is worth $173 Billion and is projected to hit $270 Billion by 2028.

The only thing that can be concluded from this discussion is that cybercrime and cybersecurity both are parallelly getting advanced day by day. The one way to tackle this issue is by training and educating the employees and customers about various cyber-threats and teach them how to take preventive measures.