Several articles on the Internet, including one from Forbes, cite that by 2025, global cybercrime will cost the world $10.5 trillion annually. That is a lot of reasons to take cybersecurity seriously. With the business landscape constantly changing thanks to the rapid evolution of technology, cybercriminals are finding ways to be more sophisticated and compromise organizations more frequently. Given the gains the attackers have, it is time to explore some of the latest cyber threats and their impact at a high level.
Top Cybersecurity Threats of 2024
Sun Tzu said, “Know thy enemy and know yourself; in a hundred battles, you will never be defeated.” While applicable to military strategy, the same principle can be applied to your business. If you do not know what the threats are against your business and do not know how to defend against the enemy that would harm you, you may have issues down the road. So, understanding these threats and their impact can help you have informed conversations on protecting your business against them.
Business Email Compromise (BEC)
What It Is: BEC involves attackers gaining access to company email accounts to impersonate executives or employees, often leading to unauthorized financial transactions or data theft.
Impact: The consequences can be severe, with potential financial losses, damaged business relationships, and damage to your reputation. Articles can be found on Google about civil legal cases where courts determine that the parties that had their email compromised may be the most likely at fault due to poorly implemented email security. This could put a business in a position to pay twice for poorly implemented cybersecurity practices.
Phishing and Social Engineering Attacks
What It Is: Phishing scams are crafted to look like legitimate emails or messages, tricking recipients into revealing sensitive information. Social engineering takes this further, using personal or business-specific details to gain trust.
Impact: These attacks can compromise passwords, financial information, and even entire networks. While they sometimes lead to BEC, they can also give cybercriminals access to your network or sensitive information. Depending on what they get access to, an organization can suffer minimal or catastrophic losses.
Ransomware and Blackmail
What It Is: Ransomware locks up your systems and demands payment to restore access. Attackers increasingly use a double-extortion tactic (ransomware and blackmail), threatening to leak data if the ransom is unpaid.
Impact: Loss of data access and productivity, along with potential reputational damage if data leaks occur. There are also cases where cybercriminals continue to ask businesses for payments on an ongoing basis, producing ongoing financial and psychological harm.
There is no time like the present to get ahead of the evolving threat landscape. If any of these things sound familiar or you need a partner to help you fill the gaps, IntelliSystems can provide you with the strategies you need to defend against cybercriminals.
Since 1993, IntelliSystems has supported businesses in adopting smart technology solutions. From basic setups to complete cybersecurity strategies, our experience equips us to guide businesses of all sizes through today’s technology challenges. Connect with us to explore how we can help protect your business.