The Rise of Cybercrime

 

Cybercrime is a growing threat with significant financial implications. The average data breach cost is R39.86 million, and the global annual cost of cybercrime is projected to reach $6 trillion by 2021. Phishing attacks alone steal an estimated $17,700 per minute. Hackers employ a variety of techniques, but trends indicate their preferred methods. Notably, six out of ten breaches involve unpatched vulnerabilities, 45% of reported breaches involve hacking, and 94% of malware is delivered via email. In the first half of 2019, attacks on Internet of Things (IoT) devices tripled, and fileless attacks increased by 265%.

Data breaches affect organisations of all sizes, with 63% of companies reporting potential data compromise due to hardware-level security breaches in the past 12 months. Moreover, 40% of IT leaders find cybersecurity positions the most difficult to fill.

Top Cybersecurity Vulnerabilities

Businesses must be aware of the most common cybersecurity vulnerabilities, which include:

Legacy Software: Outdated systems are often susceptible to known vulnerabilities.

Default Configuration: Default settings can provide easy access points for attackers.

Lack of Encryption: Data not encrypted is vulnerable to interception and theft.

Remote Access Policies: Insecure remote access can create backdoor entry points.

Gaps in Policies and Procedures: Weak or incomplete policies can lead to security oversights.

Lack of Network Segmentation: Unsegmented networks can allow attackers to move laterally across systems.

Unpatched Security Weaknesses: Failure to apply patches leaves systems exposed.

Unprotected Web Applications: Web applications without proper security measures are prime targets.

Unrestricted User Account Access: Excessive user permissions can lead to unauthorised access.

Unknown Programming Bugs: Undiscovered bugs can be exploited by attackers.

Common Types of Cyberattacks

Hackers continue to use various techniques, but seven basic types of cyberattacks remain prevalent:

Malware Attacks: Malicious software is installed via dangerous links or email attachments, causing disruption or data theft.

Phishing Attacks: Impersonating reputable sources through email to steal sensitive data or install malware.

Man-in-the-Middle (MitM) Attacks: Intercepting transactions to steal data, often through unsecured public Wi-Fi.

Denial-of-Service (DoS) Attacks: Flooding systems with traffic to cripple operations, sometimes using multiple compromised devices (DDoS).

SQL Injection: Inserting malicious code into servers to reveal sensitive information.

Zero-Day Exploit: Targeting vulnerabilities before a patch is available.

DNS Tunneling: Masking outbound traffic as DNS to exfiltrate data and send commands to compromised systems.

Emerging Cybersecurity Threats

Deepfakes: AI-generated images, videos, or sounds that appear natural, posing risks of false incriminations.

Synthetic Identity Fraud: Combining real and fake credentials to create false identities.

AI-Powered Cyberattacks: Using AI to mimic human behaviour and deceive individuals into revealing information.

Vehicle Cyberattacks: Accessing vehicles to steal data or turn off safety functions.

Cloud Jacking: Infiltrating cloud systems to misuse resources for activities like cryptocurrency mining.

Tips for Protecting Yourself from Cyberattacks

For Individuals

Unique Passwords: Use unique, original passwords for each account and update them every three months.

Software Updates: Regularly update software to fix known vulnerabilities.

Social Media Privacy: Set accounts to private and avoid sharing sensitive information.

Use a VPN: Protect data with a virtual private network, especially on public Wi-Fi.

Educate Children: Teach children proper internet usage and social media safety.

For Organisations

Secure Hardware: Protect physical devices from unauthorised access.

Data Backup and Encryption: Regularly back up data and use encryption to safeguard information.

Cybersecurity Insurance: Invest in insurance to mitigate financial risks.

Promote Security Culture: Encourage a security-focused mindset among employees.

Robust Cybersecurity Software: Use comprehensive security software to protect systems.

Reducing Risk

Prevention is essential to reducing the risk of data breaches. By investing in robust cybersecurity software, using a VPN, and staying informed about standard attack methods, individuals and organisations can deter hackers and protect their data.