Cyber security is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. It’s also known as information technology security or electronic information security. The term applies in a variety of contexts, from business to mobile computing, and can be divided into a few common categories.
The global cyber threat continues to evolve at a rapid pace, with a rising number of data breaches each year. A report by RiskBased Security revealed that a shocking 7.9 billion records have been exposed by data breaches in the first nine months of 2019 alone. This figure is more than double (112%) the number of records exposed in the same period in 2018.
Medical services, retailers and public entities experienced the most breaches, with malicious criminals responsible for most incidents. Some of these sectors are more appealing to cybercriminals because they collect financial and medical data, but all businesses that use networks can be targeted for customer data, corporate espionage, or customer attacks.
With the scale of the cyber threat set to continue to rise, the International Data Corporation predicts that worldwide spending on cyber-security solutions will reach a massive $133.7 billion by 2022. Governments across the globe have responded to the rising cyber threat with guidance to help organizations implement effective cyber-security practices.
In the U.S., the National Institute of Standards and Technology (NIST) has created a cyber-security framework. To combat the proliferation of malicious code and aid in early detection, the framework recommends continuous, real-time monitoring of all electronic resources.
The importance of system monitoring is echoed in the “10 steps to cyber security”, guidance provided by the U.K. government’s National Cyber Security Centre. In Australia, The Australian Cyber Security Centre (ACSC) regularly publishes guidance on how organizations can counter the latest cyber-security threats.
The threats countered by cyber-security are three-fold:
So, how do malicious actors gain control of computer systems? Here are some common methods used to threaten cyber-security:
Malware means malicious software. One of the most common cyber threats, malware is software that a cybercriminal or hacker has created to disrupt or damage a legitimate user’s computer. Often spread via an unsolicited email attachment or legitimate-looking download, malware may be used by cybercriminals to make money or in politically motivated cyber-attacks.
There are a number of different types of malware, including:
An SQL (structured language query) injection is a type of cyber-attack used to take control of and steal data from a database. Cybercriminals exploit vulnerabilities in data-driven applications to insert malicious code into a databased via a malicious SQL statement. This gives them access to the sensitive information contained in the database.
Phishing is when cybercriminals target victims with emails that appear to be from a legitimate company asking for sensitive information. Phishing attacks are often used to dupe people into handing over credit card data and other personal information.
A man-in-the-middle attack is a type of cyber threat where a cybercriminal intercepts communication between two individuals in order to steal data. For example, on an unsecure WiFi network, an attacker could intercept data being passed from the victim’s device and the network.
A denial-of-service attack is where cybercriminals prevent a computer system from fulfilling legitimate requests by overwhelming the networks and servers with traffic. This renders the system unusable, preventing an organization from carrying out vital functions.
What are the latest cyber threats that individuals and organizations need to guard against? Here are some of the most recent cyber threats that the U.K., U.S., and Australian governments have reported on.
In December 2019, the U.S. Department of Justice (DoJ) charged the leader of an organized cyber-criminal group for their part in a global Dridex malware attack. This malicious campaign affected the public, government, infrastructure and business worldwide.
Dridex is a financial trojan with a range of capabilities. Affecting victims since 2014, it infects computers though phishing emails or existing malware. Capable of stealing passwords, banking details and personal data which can be used in fraudulent transactions, it has caused massive financial losses amounting to hundreds of millions.
In response to the Dridex attacks, the U.K.’s National Cyber Security Centre advises the public to “ensure devices are patched, anti-virus is turned on and up to date and files are backed up”.
In February 2020, the FBI warned U.S. citizens to be aware of confidence fraud that cybercriminals commit using dating sites, chat rooms and apps. Perpetrators take advantage of people seeking new partners, duping victims into giving away personal data.
The FBI reports that romance cyber threats affected 114 victims in New Mexico in 2019, with financial losses amounting to $1.6 million.
In late 2019, The Australian Cyber Security Centre warned national organizations about a widespread global cyber threat from Emotet malware.
Emotet is a sophisticated trojan that can steal data and also load other malware. Emotet thrives on unsophisticated password: a reminder of the importance of creating a secure password to guard against cyber threats
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