SHOULD YOU BE CONCERNED ABOUT CYBER ATTACKS?

SHOULD YOU BE CONCERNED ABOUT CYBER ATTACKS?

According to Sophos’ State of Ransomware Report for 2021, India tops the list of 30 countries that have experienced ransomware attacks in 2021. In addition, more than 68 percent of the companies in India have experienced ransomware attacks in the past 12 months. Of that number, 66 percent eventually paid the ransom to regain access to their data. With coronavirus having confined businesses and enterprises to function remotely, cyber attacks seem to be flourishing on a daily basis across the globe. Cyber security consulting and end-to-end cyber security services are regaining importance like never before.

Types of cyber attacks

Network intrusion

Intrusion is defined as any illegal activity on your network that puts your company’s security in danger by stealing valuable resources. Multi-routing, hidden scripting, protocol impersonation, and traffic flooding are some of the most prevalent cyber attack strategies used in cyberattacks. 

Ransomware

Ransomware attack is one of the most destructive cyberattacks. It attempts to hold corporate systems hostage in order to collect money from victims. It is one of the most employed cyber-attack strategies today, owing to the fact that it is often effective and leads to settlements. An assault usually starts with an on-screen message that data on your network has been encrypted and will be unavailable unless a ransom is paid. 

Insider threats

When someone associated with an organization with authorized access misuses that access to jeopardize your company’s data or vital systems, it is known as a security insider threat. Insiders don’t have to be employees; they might be partners, third-party providers, or contractors. The most challenging part of spotting an insider security threat is that it starts with people rather than systems.

DDoS attacks

A distributed denial of service (DDoS) attack occurs when criminals try to disrupt normal traffic on a network/server/system. Typically this is done by overwhelming the target’s infrastructure by clogging up the internet traffic. 

Data exfiltration

The unlawful transfer of data outside of your business is known as data exfiltration. This typical cyber assault is often carried out manually. It can also be sent to a third party as a file attachment in an outgoing email or transferred to an unsecured local device like a smartphone, laptop, camera, or external drive.

Malware

Malware refers to malicious software, including spyware, ransomware, viruses, and worms. Malware breaches a network through a vulnerability, typically when a user clicks a dangerous link or email attachment that then installs risky software. Once inside the system, malware can block access to key components of the network, install harmful software, covertly obtain information by transmitting data from the hard drive, Disrupt certain components and render the system inoperable. 

Why should you be concerned?

Data breaches have increased in frequency and scope. Some of the world’s biggest organizations like Marriott International have fallen prey to data breaches. This puts a blot on their well-earned reputation besides bringing down their stock value and making them lose out on customers. 

How can businesses defend themselves from cyber-attacks?

A study ‘Beyond Boundaries: The Future of Cybersecurity in the New World of Work’, conducted by Forrester Consulting on behalf of Tenable shows that ‘’71 percent organizations attribute recent cyberattacks to vulnerabilities in technology. 53 percent of security and business leaders showed concerns that their organizations are only somewhat or not at all prepared to secure their workforce strategy. It’s clear that organizations need to eliminate blind-spots by shoring up their defenses to support the next phase of their workforce model.’’

The recent high-profile data breaches of over 6.07 lakh in the first six months of 2021 (CERT-In), offer an opportunity to learn from the mistakes of others for businesses. A proactive network security monitoring system keeps you prepared for novel ways of cyberattacks. Companies like Skillmine Technology Consulting Services offer end-to-end cyber security services that ensure robust security for businesses.  From a long-term perspective, synergy in cyber security efforts and a national framework on cyber security with a strong data protection law can go a long way in securing businesses.

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