2023 was a significant turning point for cyber-attacks with the introduction and wide proliferation of AI (artificial intelligence).  This advancement has empowered malicious actors who are actively using it to find faster and easier ways to rob you, extort you, or simply burn your business to the ground.

As I write this, I’m aware there’s a tendency to shrug and just accept the “we’re all gonna get hacked anyway” mantra to avoid addressing the issue.  Additionally, like exaggerated weather reports, it’s also tempting to just ignore the warning signs, thinking all of this is just fearmongering rhetoric designed to sell stuff.

Nevertheless, it is increasingly evident that the question is no longer IF your organization will be hacked, but WHEN.  The Hiscox Cyber Readiness report recently revealed that, over the past year, 53% of all businesses suffered at least ONE cyber-attack, with 21% stating the attack was enough to threaten the viability of their business.

This year is anticipated to be a particularly nasty one, given the U.S. presidential election along with the ongoing wars between Russia and Ukraine and Israel and Hamas.  Tensions are high and hacking groups are often motivated by monetary gain and the desire for retaliation.

Now, here are the 5 biggest developments in cyber threats you need to know about.

1. The Proliferation Of AI-Powered Attacks:

If cybersecurity were compared to a chess game, AI would be the Queen, providing the person in control the most powerful advantage for whomever plays it best.  Cyber-related reports anticipate a surge in advanced deepfake social engineering attacks designed to separate you from your money.

We’ve already seen scams using AI-generated voices to impersonate family members and deceive loved ones into believing they are in danger, in order to extort money.  This is also being used to hack into companies by tricking employees into providing login credentials to individuals posing as their IT department or supervisor.

This is where employee awareness training becomes essential, along with implementing security measures like MFA (multi-factor authentication).

2. Increased Risk Of Remote Workers:

The expansion of remote work is a trend that is here to stay, bringing about a significantly increased vulnerability to cyber threats.  From carrying laptops around and connecting to unsecure Wi-Fi networks, as well as using mobile phones to access important applications (like your bank account, Microsoft 365, line-of-business and credit card applications), these devices pose a high risk for being easily lost or stolen.  Additionally, when people use their own devices or work remotely, they tend to mix business and personal activities on the same device.

The employee who frequents gambling or adult websites might be utilizing that same device to access company email or critical applications.  Also, logging into personal social media accounts that have been compromised can provide a gateway for a hacker to get to YOUR company’s information through a user’s (employee’s) personal accounts.

3. Escalation Of Ransomware Attacks:

Approximately 1.7 million ransomware attacks occur daily, which means every second 19 people are hacked worldwide.  If you’ve been lucky enough to steer clear of this situation, know that someone else is getting hacked on a very frequent basis, and you are very likely to be hit.

Ransomware attacks increased by 37% last year, with an average demand of $5.3 million and the average ransom payment exceeding $100,000.

Fortunately, not all ransom attacks are successful.  Companies are becoming increasingly savvy about cyber protections and have been able to put in place protections that prevent hackers from successfully extorting their victims.  One of the ways we protect our clients from ransomware is by installing advanced endpoint security.

4. IoT Attacks:

The term “Internet of Things” (IoT) is used to describe the proliferation of Internet-connected devices.  Nowadays, kitchen appliances can be connected to the Internet to tell you everything from when it’s time to change the water filter in your refrigerator to alerting you if there’s a power outage.

This implies that hackers have a FAR greater number of access points into your realm.  If there are 100+ more doors to walk through in a house, you have a much greater security risk than if there are only five.  That’s why IoT attacks present a significant challenge for us, while simultaneously offering a tremendous advantage to hackers.

It is common knowledge that securing your PC is important, but some individuals may overlook the importance of securing their fridge or their dog’s tracking collar.  However, failing to secure these devices could potentially grant unauthorized access to your personal information, including your email, credit card details, and more.

5. Cyber Protection Legal Requirements

To address the escalating wave of cybercrime, the government is initiating more comprehensive federal and state laws requiring business owners to have in place “reasonable security” protections for their employees and clients.

The FTC (Federal Trade Commission) has shown significant activity in this area, taking numerous actions against companies it alleges failed to implement reasonable security measures, issuing monetary penalties.

Of course, all 50 states plus Washington D.C. have passed laws imposing security requirements as well as data breach notification laws that require businesses to notify anyone whose data and PII (personally identifiable information) has been stolen or accessed by cybercriminals via the company.  For instance, in California, according to the California Privacy Rights Act (CCPA), a business could face a penalty of $100 to $750 per consumer and per incident if that company gets hacked and the court determines they failed to put in place reasonable security procedures.

Not Sure If You’re As Protected And Prepared As You Should Be?

To make sure you’re properly protected, request a FREE, no-obligation Cybersecurity Risk Assessment.  During this assessment, we’ll review your entire system, so you know exactly if and where you’re vulnerable to an attack.

Schedule your assessment with one of our senior techs by calling us at 281-646-1200 or clicking here.