Page 126 - Cyber Defense eMagazine September 2022

environments and penetration of the internet and the internet of things (IoT) in developing countries are
major factors behind such statistics.

Ransomware involves infecting devices with the virus that creates restricted access to the user with
unbreakable cryptography and threatens to destroy the file and other data unless a certain ransom is
paid. In such cases, untraceable cryptocurrency is used. Moreover, hackers may threaten to publish
private information, which can compromise the organization and make it liable for fines.

2. Risk in cloud services and cloud security threats

Cloud vulnerability will continue to be a concern in the future and a major cyber security trend. Rapid
adoption of work-from-home following the pandemic increased the need for cloud-based services and
infrastructure tremendously. But there are some security implications for organizations that may have
been overlooked.

While cloud services are flexible and offer an array of benefits including scalability, cost-saving, and
efficiency, they are the main target for cybercriminals. Misconfigured cloud settings are backdoors for
cyber-attacks and cause data breaches and unauthorized access, account hijacking, and insecure
interfaces. Data breaches in an organization could cost millions to the company. Along with this,
organizations face numerous network security and cloud security challenges, such as:

• Cloud migration issues
• Dealing with potential entry points for hackers
• Ensuring regulatory compliance
• Insider threats

3. Social engineering attacks to get smarter

Social engineering attacks such as phishing are not a new threat to use but they have recently become
more troubling, especially during the global adoption of remote working. Now, attackers target people
connecting to their employer’s network from home as it is an easy target. Along with traditional phishing
attacks on employees, there is increase in whaling attacks that target executive organizational leadership.
Moreover, SMS phishing has gained prominence due to the popularity of messaging apps such as Slack,
Skype, and WhatsApp. These apps make it easy for attackers to trick users into downloading malware
onto their phones.

Over the last two years, another variation has gained traction- voice phishing. Hackers pose as IT staff
such as customer service representatives and trick users into offering access to important credentials
and access to internet tools. Voice phishing has cost millions to various companies, especially financial
institutions and larger corporates.

These are a few trends in the cybersecurity industry. Such threats will only increase in the future and
create challenges for IT professionals. There is a dire need to develop counter-attacking technologies to

Cyber Defense eMagazine – September 2022 Edition 126
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