As we begin the final quarter of 2023, the landscape of cybersecurity presents us with a dynamic terrain marked by constant change and innovation.
The downside is that cyber threats, too, are innovating—and getting more costly. The average cost of a data breach has increased 15.3% from 2020 to 2023, according to IBM.
“Cybercriminals are honing their skills to new heights, harnessing advanced technologies and exploiting vulnerabilities within our interconnected systems,” said 360 Advanced Practice Director John Kadechka.
Let’s explore five prevalent cyber threats to your security and what can be done to secure your business.
1. AI-Fueled Attacks
While AI is useful for businesses, cybercriminals are capitalizing on the nefarious aspects of AI and developing attacks that are shrewd at getting past traditional security measures. Have you noticed how the people around you are increasingly falling prey to realistic phishing scams? That’s AI.
“To navigate this complex arena effectively, we must remain vigilant and adapt to the latest AI cybersecurity trends,” Kadechka said.
The double-edged sword of AI is now starkly evident.
“The surge of convincing phishing scams is a testament to how devious AI attacks can get,” Kadechka said. “To protect our digital domains, it’s imperative that we not only leverage AI for defense but also to cultivate a deeper understanding of its adversarial applications, enabling us to stay one step ahead.
2. Targeted Attacks to Vendors
Supply chain attacks focus on third-party vendors and service providers to infiltrate their customers’ systems and data. With businesses progressively leaning on a web of suppliers and collaborators, the susceptibility of supply-chain attacks grows.
Cybercriminals target vulnerabilities, and they view business partners as a weak link. Businesses must evaluate the security stance of their partners and enforce robust access controls to mitigate the potential for supply-chain breaches.
“Cybercriminals recognize that businesses are only as strong as their weakest link, and today, that link often extends to trusted third-party vendors and service providers,” Kadechka said. “It’s crucial for organizations to not only safeguard their own networks but also rigorously assess the security posture of their partners. You can outsource certain services, but you cannot outsource the risk.”
3. Not Having Cyber Insurance
Cyber insurance is costly but, within the realm of increasing cyber threats, it certainly makes sense to get it. Without it, businesses miss out on the opportunity to acquire coverage for losses stemming from cyberattacks.
Cyber insurance policies frequently include safeguarding against data breaches, cyber extortion, and inadvertent employee errors, among various other vulnerabilities.
Cyber insurance has become a fundamental necessity for any business maintaining an online presence. Not having cyber insurance is a threat to business continuity, and it could mean the difference between staying open—or having to shutter.
4. Ransomware Attacks
Ransomware continues to be a significant threat in the cybersecurity landscape. Cybercriminals use malicious software to encrypt a victim’s data, demanding a ransom for its release.
These attacks can disrupt business operations, compromise sensitive data, and lead to significant financial losses. Ransomware attacks have become more sophisticated and targeted, making them a persistent and evolving threat.
“Protecting against ransomware attacks requires a multifaceted approach that combines robust cybersecurity measures with a culture of vigilance,” Kadechka said. “Remember: It’s not a matter of ‘if’ but ‘when’ these threats will strike.
5. Zero-Day Exploits
Zero-day exploits are vulnerabilities in software or hardware that are unknown to the vendor and, therefore, unpatched.
Cybercriminals often seek out and exploit these vulnerabilities to gain unauthorized access to systems or launch attacks. These exploits can be challenging to detect and defend against because security patches are not yet available.
Investing in advanced intrusion detection systems and threat hunting capabilities can help detect and neutralize these threats before they wreak havoc.
“Perhaps the most critical aspect is fostering a cybersecurity culture that emphasizes the importance of constant vigilance and adaptability in the face of the recent threat landscape, Kadechka said.
Turn to 360 Advanced
We can help you navigate the complexities of today’s ever-evolving cyber threat landscape and help you elevate your cybersecurity practices.
Our professional assessors guide you through the cybersecurity and compliance process, helping your organization elevate your security posture to meet the required cybersecurity controls to keep your business safe today—and when new threats arise. Get started today.