Cyber Security Trends of 2018 Every Corporate Leader Needs to Know
Are you still not over the shock of cyber security incidences in 2017? Wait for 2018 to unfold! No matter how much we hate to say it, cyber incidences are likely to become more frequent and sophisticated this year. As the Internet of Things (IoT) is getting bigger with every passing day, it is creating more opportunities for hackers and fraudsters to target new domains.
The year 2017 saw frightening number of data breaches — Equifax breach, Russian manipulation of social media, WannaCry, state-sponsored attacks and several phishing scams. From small businesses to government bodies, healthcare sector and Fortune 500 companies, cyber security breaches affected all. This terrible state of network breach due to the lack of cyber security awareness is likely to worsen with more phishing scams, state-sponsored attacks and new attack vectors.
Still, there are reasons to stay optimistic! If you take into account these top five cyber security predictions for 2018, you can prevent any major setback successfully.
- Ransomware as a Service Will Be on The Rise
Ransomware has become a common term in the cyber threat landscape. New strains of ransomware are being detected in the wild every other day. And, the most recent ones are WannaCry, NotPetya, and Bad Rabbit, which affected the corporate arena significantly last year. Ransomware attacks are likely to go up a notch this year in the form of Ransomware-as-a-Service. The rise of Ransomware-as-a-Service platforms on the Dark Web (that part of the web which is not indexed by search engines) is enabling even those with little or no hacking skills to extort money out of businesses.
How To Deal With It: Along with educating your employees about phishing emails and other malware pitfalls, you can try other tricks to prevent ransomware attacks. By conducting regular feedbacks along with restricting code execution and administrative access, you can put Ransomware-as-a-Service attacks at the bay.
2. IoT Attacks Will Go to The Next Level
The most common type of IoT attack is the Distributed Denial of Service (DDoS) attack. DDoS attacks are performed by botnets to create Interruption of Things (Infected version of Internet of Things). In this scenario, a new entity takes over the entire network of IoT to utilize your resources for hidden purposes, leaving you high and dry.
How To Deal With It: You need to expand the horizon of IT security to the IoT devices. By getting customized IoT devices with high safety standards, you can avert the threat of IOT attacks significantly. Also, by spreading awareness about IoT devices among employees, you can promote cyber security awareness and avoid chances of security breaches from inside.
3. Social Engineering Attacks Will Worsen
The primary reason behind most of the cyber-attacks is the lack of cyber security awareness on the part of employees. Malicious files and links are often doing rounds in the system of your employees. Just one click on a wrong link, and bazinga!
How To Deal With It: Around 1.4 million phishing websites are created every month. And, the human element is instrumental behind every other cyber-attack in varied proportions! So, start with training your employees about ways to detect and avoid malicious URLs.
4. High-Profile Names are Likely to Be Targeted
What hackers want? Money, for sure! But, there is something that motivates them more than money — It’s the buzz around their hacking activity. The bigger the affected brands are, the louder is the noise around their hacking activity. In the year 2018, hackers are likely to target some of the biggest names across different industries to be in the limelight. So, big enterprises are not secure against cyber-attacks anymore.
How To Deal With It: Rather than falling prey to a cyber security breach and facing its aftermath in the form of plummeting market share, you need to place cyber security awareness high on the agenda. Data encryption and the security of hardware are important steps to a secure corporate network. Further, you can conduct war games to check if you are ready to respond quickly and effectively to cyber-attacks. Cyberwar games can be conducted around a business scenario to simulate the experiences of a real attack and analyse loopholes.
5. Attacks on Cryptocurrencies Will Shoot Up
More than 1384 cryptocurrencies are available online by the first week of January 2018. Yes, that’s true! And, this number is bound to shoot up further! This hype and hysteria around cryptocurrency has made it the preferred target for hackers.
How To Deal With It: With new investors entering the realm of cryptocurrencies without being much aware of security loopholes, chances of grabbing the eyeballs of hackers are high! However, you can avoid the threat by adopting practices like keeping the information about your cryptocurrency private and adding ‘do not port’ SIM card to your account to avoid hacking through phone porting attack. Further, avoid keeping all your cryptocurrency investments in one place. Rather, diversify them among exchanges. Experts also suggest that you keep your cryptocurrency offline to reduce the opportunity for hackers stealing it through online sources.
Always be cautious about what you share online and what sites you visit. Further, make sure you create a backup of your data on a regular basis to minimize the effect of cyber-attacks.
Originally published at www.techjockey.com on January 18, 2018.