This year, cyber security has become a key priority for sectors as cyber threats continue to increase in frequency and sophistication.
As Australia continues to move towards digital transformation, many have voiced their concerns about improving cyber security resilience against the growing threat landscape. One of the ways organisations can stay on top of the cyber environment is by being aware of different types of cyber attacks, as cybercriminals now use a range of tactics to gain unauthorized access and cause significant damage.
Understanding these kinds of cyber attacks, how they work, their common characteristics and how to prevent them is essential in the digital world, especially for those who are tasked with managing their organisation’s cyber security.
In this article, we list three cyber security threats that can bring significant damage to an organisation and what cyber security professionals can do to prevent them.
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Cybercrime-as-a-Service
Cybercrime has become a lucrative business in the criminal world, and cybercrime-as-a-service (CaaS) is an emerging trend in the cyber security landscape. In CaaS, criminal organizations offer a range of cyber attack tools and services to other criminals. This allows even the most non-technical criminals to launch sophisticated cyber attacks on organisations with relative ease.
To mitigate the threat of CaaS, governments, law enforcement agencies, and private organizations should collaborate through a multifaceted approach. Individuals and organisations should be educated on cyber security to reduce the risk of CaaS. Robust cyber security measures such as promoting information sharing and collaboration across different sectors should also be implemented.
In the government’s side, law enforcement agencies should be given more powers to enhance their capabilities to track and prosecute cyber criminals. It is important that cyber associations raise awareness about the criminality of CaaS and the harm it causes, so that society can better understand the need for proactive measures to counter this growing threat.
Ransomware
Ransomware has become a talked-about issue in the cyber security industry following last year’s attacks on Optus and Medibank. This type of cyber attack is designed to encrypt files and prevent an organisation from accessing their data unless they pay a ransom. Ransomware attacks have become the most increasingly common malware in recent years, affecting crucial services and bringing significant damage in organisations.
As such, it is important to implement robust cyber security measures such as maintaining up-to-date software and operating systems, using strong passwords, and conducting regular backups of critical data.
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Additionally, organizations can adopt a multi-layered approach to cyber security, incorporating a range of technologies, such as firewalls, intrusion detection and prevention systems, and anti-virus software. Employee education and training on how to detect and respond to phishing emails and suspicious activity can also help prevent ransomware attacks.
In the event of a ransomware attack, having a well-documented incident response plan that includes isolating the infected system, containing the spread of the malware, and restoring the affected data from backups can help minimize the damage and avoid paying the ransom.
Business email compromise
Business email compromise (BEC) attacks usually targets businesses through social engineering tactics which involve impersonating a senior executive or another trusted party and using email communication to deceive employees into transferring funds or sensitive data to the attacker.
To reduce the risk of BEC attacks, organisations should implement strong authentication measures such as multi-factor authentication, to verify the identity of the sender and the recipient. Implementing processes that require multiple levels of approval for high-value transactions or changes to sensitive information can also reduce the likelihood of successful BEC attacks.
Employees should also be educated on how to detect and respond to suspicious emails. This includes checking the sender’s email address and verifying the authenticity of the request with the supposed sender through a secondary means of communication.
It is also crucial to conduct regular cybersecurity training for employees, including how to identify and avoid phishing emails and other types of social engineering tactics. By adopting these measures, organizations can reduce their exposure to BEC attacks and better protect their assets and sensitive information.
Check out: How social engineering can lead to cyber attacks
Top three cyber security threats for 2023
While these are the most common cyber security threats that Australians are facing this year, there are many more out there that cyber security professionals should be aware and alert of.
The best way to defend against cyber attacks involve multi-layered approaches that include technical and non-technical measures. One can greatly enhance their cyber safety by staying updated and taking preventative measures to safeguard individuals and organisations.