Recent Cyberattacks and Potential Ways Companies Can Adopt
Author : kumar shrey | Published On : 22 Apr 2024
Due to the high usage of the internet and cloud platforms, there are chances of data threats and cyberattacks. To counter these the requirement and adoption for cybersecurity is increasing day by day. Companies and individuals use cybersecurity to protect their confidential data from unauthorized access or any other kinds of threats.
The cybersecurity market has experienced significant momentum across various domains in recent years, including cryptocurrency, healthcare data theft, financial frauds, and social media user data hacks. According to a report by Astute Analytica, the global cybersecurity market is projected to grow at a CAGR of 13.40% from 2024 to 2032.
List of Cyberattacks and Potential Ways Companies Have Adopted
There are many ways in which fraudsters attack the confidential data of a company or individuals. Some of the ways in which fraudsters have caused major damage to some of the most renowned brands are:
Social engineering attacks- In these types of attacks, the fraudsters manage to get the passwords of employees of an organization and get unauthorized access to their confidential data.
Victims- Cisco
In November 2022 fraudsters managed to conduct a series of sophisticated voice phishing attacks to access a Cisco employee’s Google account. They could easily access the internal system of Cisco as the employee’s credentials were synchronized in a browser. After getting initial access, they tried their best to increase their level of access to Cisco’s network.
To counter these types of attacks a company should time to time give their employees the training to increase their cyber security awareness. Cybersecurity methods like multi-factor authentication (MFA), user and entity behavior analytics (UEBA), and continuous user monitoring are best for securing a user’s account.
Data leakage: Sometimes data of an organization may leak due to unintentional actions like using unsecured devices, using incorrect security configurations, or unintentionally sharing data can act as an opportunity for fraudsters to cause data breaches.
Victim- Pegasus Airlines
In June 2022, Pegasus Airlines discovered an improper configuration of an AWS bucket which caused 23 million files with flight charts, navigation materials, and the crew’s personal information to be available for the public to see and modify. 6.5 terabytes of the company’s data was exposed.
To counter these kinds of cybersecurity attacks companies must always train their employees to know the correct configuration methods and the incorrect ones. They should perform regular security audits in their databases and systems and enable user activity monitoring on them.
Data breach by an employee: Sometimes even the current employees, former employees, or even partners of an organization can leak its data which can lead to disastrous results.
Victim- Cash App
In December 2021 a former employee of Cash App downloaded internal reports which leaked the confidential information of more than 8 million customers.
To counter these attacks companies should limit their employees’ access to certain confidential data. they should also have an access management system and regularly do security audits.
Attacks by third-party vendors: Sometimes third-party vendors and contractors may not follow the proper cybersecurity protocols which can lead to data breaches of the company’s sensitive data.
Victim- T-mobile
In January 2023 a fraudster hacked one of the APIs of T-Mobile’s supply chain. between the time of November 2022 to January 2023, the fraudster managed to extract personal data from over 37 million customer accounts.
In order to counter these attacks companies must include in their service term agreement that the third-party vendors must follow the cybersecurity protocols. they should also audit from time to time. they should take security measures like manual login, MFAs, etc.
