Digital transformations have become a key business priority for many firms, whether small or large. From digitizing data to incorporating new technologies into operations, firms look to harness a wide range of benefits in the age of digitization.
However, at the same time, these businesses might be unknowingly exposing themselves to preventable and avoidable emerging cyberthreats.
Discover the top 3 emerging cyberthreats to watch.
Being aware of the type of threat and how they can be detected is the key step in developing preventive measures.
Emerging Cyberthreats from Ransomware Attacks
It works by developing malware that attacks the user’s files and access to them is denied. As the name suggests, once these critical company documents are in the hands of cybercriminals, they demand a ransom payment.
The emerging trends are:
- Extortion beyond denying access: Usually attackers withhold access to sensitive data until the ransom is paid. Now, they are going a step further to threaten the leak of this sensitive information as well.
- Ransomware as a Service (RaaS): Some low-level criminals that do not have the skills to pull off sophisticated attacks hire the services of those with expertise. This allows them to “rent” the criminal while reaping benefits.
Such attacks are becoming more sophisticated, and criminals are becoming better at evading detection.
Also Read: How to Compose a Solid Security Policy for Your Firm
Cyberattacks with AI
While AI is being used by businesses to transform and revolutionize their operations, on the other hand, criminals are using it to level up their attacks.
The emerging trends are:
- Creating hyper-realistic deepfakes: Perhaps one of the biggest threats, AI is being leveraged to develop deepfakes of individuals and then used to dupe others. These are used to carry out social engineering attacks that can cause a firm to provide access to unauthorized individuals.
- Automating phishing attacks: Phishing attacks are a classic strategy of conducting cybertheft. But they have become more sophisticated by using AI to write phishing emails that mimic writing patterns.
AI and machine learning (ML) can greatly enhance the level of attacks as well as the speed.
Emerging Cyberthreats Attacking Supply Chains
The world depends on properly functioning supply chains to receive their products. Any damage to it can have a domino effect leading to widescale issues. A lot of money is spent ensuring they are properly functioning. Thus, cybercriminals see it as a gold mine.
The emerging trends are:
- Targeting software and hardware: By penetrating different software development processes, malicious code can be injected to hamper the supply chain. Additionally, corrupting the hardware before it reaches the end user is another strategy.
- Locating vulnerabilities in vendors: Every third-party vendor has some vulnerability which cybercriminals look to locate and exploit. This can affect multiple clients.
The end goal is to target the large network and compromise it for financial and other reasons.
