Whether it is an internet user or an organization (small, medium, or large), cyberattacks have been posing severe threats for quite some time. Even the risks and severity of cyberattacks are on the rise with extreme repercussions both financially and reputation-wise.
In other words, the situation puts a big question mark on the efficiency of existing cybersecurity practices in place.
Needless to say, most people nowadays spend a long period on the internet for both personal and professional requirements. That is why it has become more crucial than ever to protect the user’s critical data from getting exploited by cybercriminals.
Whether you are a business owner with daily requirements for online transactions or data exchange or an online content creator, ensuring best-in-class cybersecurity is mandatory.
Therefore, it is a must to know about the advanced cyber threats with serious repercussions in detail to take preventive measures in time.
Top Advanced Cybersecurity Threats with Severe Repercussions
Since the global pandemic has transformed the structure of businesses worldwide, cybercriminals have also structured advanced threats to exploit the cybersecurity loopholes and wreak havoc on the target system.
The severity of advanced cyber threats lies in their level of impact, which is felt much beyond the actual target. It is because such cyberattacks are flashier and bigger than previous threats, causing higher impacts and more disastrous repercussions.
Highly professionalized and meticulously-planned cyberattacks are designed to cause optimum effects and maximum results. And these state-of-the-art strategies leave no stone unturned to put the entire organization’s cybersecurity at risk.
Needless to say, the severe impacts of these exploitations are also felt by the target’s sister organizations and other dependents. It is time to talk about a few advanced cyber threats that can put an independent internet user or a business at heavy financial risks and reputation loss:
The last few years have been witnessing the rise of disastrous ransomware attacks and these threats have been considered among the biggest cybersecurity challenges worldwide.
In short, ransomware attacks are about taking complete control of the target system’s data and preventing the user from accessing the system. Cybercriminals demand a hefty amount as a ransom from the system user. Hence, the attack forces the user to pay the ransom to the cybercriminals if they want to get back access to their system.
Both individual users and companies are at risk of falling into the traps of ransomware. And we can easily imagine the consequences that the targeted user has to bear when they are unable to access the critical data necessary to carry out their day-to-day business operations.
The worst part is that the majority of cybercriminals do not release their hold on the target system’s data despite receiving the desired ransom amount. They try to extract more and more money from the user by luring them with system access.
Not only are high-profile organizations susceptible to ransomware attacks but educational institutions and healthcare clinics are also at high risk in this regard. Since ransomware attacks have been extremely profitable for cybercriminals, it is expected to constantly act as one of the most disastrous cyber threats for many years to come.
Needless to say, the preventive measures for ransomware must be strategically planned and thoroughly tested by experienced professionals.
Blockchain & Cryptocurrency Attacks:
We all know how blockchain and cryptocurrency have gained immense popularity over the last couple of years. Therefore, it is no wonder why cybercriminals have made these new technologies their new victim to exploit the security and confidentiality of a business.
Regular internet users are not very aware or familiar with blockchain and cryptocurrency. Therefore, the chance for individual internet users of getting attacked by cybercriminals in this regard is low.
On the other hand, blockchain and cryptocurrency attacks may make Crypto based businesses face heavy consequences. In other words, cyber threats on these frameworks may pose severe challenges to the chain’s security and trust in the same. Needless to say, the entire ordeal can put customer data at stake, which can halt day-to-day business operations.
Supply Chain Attacks:
One of the advanced cybersecurity threats in recent times is supply chain attacks. Did you know supply chain attacks came to the limelight in late 2020? Then, it kept spreading from 2021 through to date.
Reputable hardware or software is used as bait to lure victims. In other words, cybercriminals exploit the trust of customers and the reputation of popular software or hardware companies to perform supply chain attacks.
In this attack, criminals leverage the power of software updates or an application as a “Trojan Horse” to spread malicious code inserted into the targeted software or hardware. Supply chain attacks can spread from the infected system to the other systems the user is working or interacting with.
The highly disastrous supply chain attacks of 2021 have already proved that it has become one of the most profitable and feasible attacks for cybercriminals. Hence, there is no wonder why cyber threat actors would keep using the power of supply chain attacks to reach more and more targets and augment the level of repercussions of the attack.
The Exploitation of Low-Hanging Clouds:
Leveraging the power of cloud-based applications as well as data storage has become the latest trend to streamline business operations worldwide. And if your business relies on cloud-based applications, you need to have proper measures in place to ensure your company’s cybersecurity.
In other words, leaving the entire security part to your cloud provider can put your system at risk with severe consequences later on. That is why more and more companies using public clouds are interested in having customized protection. Otherwise, cybercriminals can exploit low-hanging clouds, such as weak passwords, to perform data breaches with severe impacts.
The global pandemic has transformed the work culture worldwide, which enabled remote and hybrid working to come to the limelight. However, it has also created viable opportunities for cyber threat actors to materialize endpoint attacks.
In other words, companies have to allow remote and hybrid employees to access systems and critical business data to perform day-to-day tasks. Nonetheless, the unprotected endpoints, such as mobile phones, laptops, and servers, create doorways for cybercriminals and enable them to exploit compromised data stolen from the infected system.
Did you know the year 2019 witnessed one or multiple endpoint attacks in 68% of organizations worldwide?. Hence, it is crucial for companies to go the extra mile to boost their endpoint security, especially for remote and hybrid employees. Monitoring endpoints on a day-to-day basis can be a lifesaver in this regard.
Getting ahead of advanced cybersecurity threats should be one of the prime goals of every organization worldwide. Whether you are an individual computer user or a business owner, it is high time to dedicate your time and resources to take necessary actions to strengthen your system’s cybersecurity. Thus, you can save yourself from spending time later to address the severe damages or impacts caused by a cyberattack.
Take the help of a state-of-the-art cybersecurity framework or contact a professional to keep common, extensive, and financially-impacting cyber threats at bay.