Top 5 Security challenges you may face

Here are the top cyber security challenges you may face in your business

1. Cloud Attacks

What started as merely an option for backup storage, cloud computing has since evolved into a comprehensive computing platform that has revolutionized the way organizations handle, store, and share data. It is, therefore, essential to know what constitutes a cloud cyber attack so your company can bolster its defense against them. 

A cloud cyber attack involves malicious activities targeting an off-site service platform that provides storage, computing, or hosting services via its cloud infrastructure. 

This further encompasses attacks on services utilizing service delivery models such as Software as a Service, Infrastructure as a Service, and Platform as a Service, and more. Each of these models offers its distinct features, making them prime targets for cybercriminals. 

• One of the most used methods malicious actors use is exploiting vulnerabilities in the service software itself. 

• By exploiting these weaknesses, attackers gain access to confidential information or disrupt business operations and cause havoc. 

• Ransomware has also become a favorite tactic of malicious hackers. It works by encrypting users’ data and holding it hostage until they provide the ransom amount in exchange for a decryption key that unlocks their information.

Thus making it challenging for businesses to protect themselves since it requires extensive security measures both on-premise and within their cloud assets to ensure complete protection from attacks. 

The most recent example is that – In March 2020, CAM4, an adult live-streaming website, faced the unimaginable when their cloud account was hacked to reveal a staggering 10.8 billion sensitive entries. 

Compiling over 7TBs of data ranging from location details and email addresses to usernames and payment logs, no stone was left unturned in this hack. The magnitude of this attack illustrates how critical it is for companies to ensure the security of their cloud platforms. This example is a constant reminder that good cybersecurity practices are essential in protecting one’s users’ privacy and safety.

This is why cloud companies usually turn to Sprinto to get SOC 2 or ISO certified. After all, prevention is way better than cure!

2. Ransomware Attacks

Ransomware is malicious software that can cause irreparable damage to your computer and your data. It revokes your access to your data by locking the device itself or encrypting the files stored on it. 

Moreover, ransomware has been known to spread from one machine to another to infect a larger network, as seen with the Wannacry attack that impacted the UK’s National Health Service in May 2017. 

The perpetrators behind ransomware attacks usually demand payment for unlocking your computer or granting access to your data again. This is often done through anonymous emails or websites requiring payment in cryptocurrency. 

Unfortunately, paying the ransom does not always ensure that access will be granted and victims may lose not only their money but also any sensitive information they have stored on their devices. 

Moreover, there is no surefire way to guard against ransomware attacks, and even the best security measures may prove insufficient if hackers are determined enough. In addition, many new variants of ransomware are being constantly developed, so staying abreast of these developments is crucial for protecting yourself from them.

Also, check out: List of cybersecurity certifications

3. IoT Attacks (Internet of Things)  

Given their versatility, IoT gadgets do not usually maintain the stringent security safeguards that would safeguard them against malicious activity when compared to other computational assets. As a result, attackers have exploited these weaknesses to access the systems. Though this is witnessing change, the change has not amassed mass adoption globally.

IoT devices are breached to gain access to confidential data and information. These breaches usually involve installing malware on a device, damaging or corrupting the device itself, or using it to access deeper levels of confidential data belonging to the concerned business.

For instance, a cybercriminal may use any weaknesses in an IoT device connected to an organization’s temperature control system. By taking advantage of the device, they could possibly alter the room temperatures associated with this particular machine. Consequently, organizations must prioritize security measures for their Internet-of-Things devices to protect themselves from attacks and malicious activities.

This attack can have severe implications for businesses as it could lead to increased energy costs and disruption of services due to damage caused by extreme temperatures. Furthermore, if successful, this attack could provide access for the assailant into more sensitive areas within the network and leave open doors for further malicious activities.

For example, this massive attack was one for the records, wreaking havoc on the internet as one of the most significant DDoS attacks ever orchestrated. Malware dubbed ‘Mirai’ was used to infect and commandeer IoT devices such as digital cameras, set-top boxes, and home routers so that it could cohesively operate them as a botnet. 

This horde of enslaved gadgets then attacked Dyn’s DNS servers, effectively taking big-name websites like Twitter, Reddit, Netflix, and CNN offline while they scrambled to contain the confusion. 

It was later revealed that lax security measures on these devices opened the door for Mirai malware to infiltrate them using their default name and password easily – hence bracing itself for further reconnaissance on other vulnerable IoT gadgets.