A report by The Telegraph shows cybercrime is one of the fastest-growing crimes today. Cybercriminals know too well where the money is and rush there to grab every opportunity they can find. Cybercrime has grown into a strong industry where organized cyber criminals plan and execute serious attacks. 

Cybercriminals are getting smarter by using the latest technologies to identify security gaps in organization systems. Companies should implement tight security controls to help them identify gaps before criminals take note and swing into action. Cybercriminals are using sophisticated technologies to launch some of the fastest-growing cyberattacks. 

The most common types of cyberattacks

Cyberattacks range from mild to serious attacks that disrupt or damage programs, systems, and data. There are different types of attacks cybercriminals use to disrupt systems. These are the most common types of attacks. 

Phishing

The most common type of phishing attack is email phishing, where attackers send emails injected with a malicious application. This attack has existed since the 1990s, but attackers are becoming smarter. One of the fastest-growing email phishing trends is business email compromise (BEC). 

Attackers target employees and send them emails as though they are coming from top executives or owners. They contain instructions to send large amounts of cash or to reveal sensitive data. In 2021, 77% of companies experienced BEC attacks. This is an 18% rise from the records in 2020. The trends shot to 84% within the first half of 2022. 

Malware

Malware attacks are a fast-growing trend in today’s business environment. Attackers inject computer systems with malicious software. They may use Trojans, worms, ransomware, spyware, or adware. Some of the software might look genuine, while some take the company network hostage. All types of malware attacks take advantage of security gaps in a company’s security system. 

Current trends show adware attacks are growing fast. Attackers display ads in a computer system without user permission. The attackers then claim payment from the ad owner after achieving a certain number of views. Next in the trend is ransomware which takes systems hostage, and then its developers claim ransom. 

Various types of viruses and worms come third. SonicWall 2022 report shows malware attacks in 2022 have been about 40 million each month. In the first half of 2022, there were 270,228 new malware variants used. This was an increase of 45% compared to the same period in 2021. PDF and MS Word files were the most used to execute malware attacks. A report by Kaspersky shows adware attacks on mobile devices rose by 25.28% in the first quarter of 2022. 

Insider attacks

Attacks originating from within the target have been increasing in recent days. These types of attacks are harder to deal with because they involve workers who already have the authority to access the system. The role of technology leaders plays an important part in preventing insider attacks from happening. The attack results from an accident or intentional. There are three main types of insider attacks.

• Careless attacks: An employee takes an innocent action that exposes the entire system to attack. They might receive a link and innocently open it only to realize it is malware. 
• Malicious attacks: An employee intentionally infiltrates the computer system to steal information or allow an external attacker access. These attacks often happen when employees become dissatisfied, hold grudges with employers, or are greedy to get quick money. 
• Mole attacks: An outsider pretends to be an employee or partner to gain access to a well-secured network. Globally, insider threats 2022 increased by 44% from 2021 to 2022, according to Ponemon Institute. Each attack incident costs organizations up to $15.38 million. Cybersecurity Insiders report that at least 90% of companies fear insider attacks have more chances of happening. 

In January 2021, an employee of Ubiquiti Data gained access to the company’s sensitive data and demanded a $2 million ransom. As a result, its market cap dropped by $4 billion, and its stock price dropped by 20%. These details are published on the Department of Justice website. 

Hacking

• Hackers look for weaknesses in a computer system and take full advantage. Mostly, hackers gain access to sensitive data and use it for monetary gain. Their activities may include methods such as:
• Password hacking: Sometimes, they use AI algorithms to generate various password combinations and then use them to try to access secure systems. 
• Backdoor access: Attackers try to gain access by introducing software into the system. 
• Leveraging social engineering: Criminals use different psychological tricks to obtain information and access systems. 

The main types of hackers are cybercriminals, script kiddies, insiders, and hacktivists. Norton reports that there are about 2,200 cyberattacks recorded daily. These add to over 800,000 hacking incidents annually. Since early 2020, the FBI has recorded a 300% increase in cybercrimes. Due to this, the FBI records that losses per second due to cybercrime are $190,000 every second. 

Current technology trends that are helping improve cybersecurity

Hackers are smarter and know vulnerabilities are increasing daily. There are vulnerabilities in servers, computers, websites, applications, and any other technology that depend on codes to function. Cybersecurity professionals leverage different types of the latest technologies to identify and prevent online threats. 

Cloud-based technologies: These are technologies that dwell in the cloud to offer fast analysis of large volumes of data. This option is important to companies that process large amounts of data and are connected to a large number of users. 

AI and machine learning: Technologies such as machine learning, deep learning, and smart systems are all branches of AI. Experts use big data to train the system to detect attacks and prevent them before they happen. 

Use of chips: This is newer technology where microchips are implanted in employees as a way to improve online security. 

Blockchain: Blockchain technology has been in use for over a decade now. The technology stores information in a way that is impossible to hack, change, or cheat. Each distributed block stores data and updates it in all the other blocks. It is another good option for end-to-end encryption. 

Other important online security enhancement trends are: 

• Web security
• Apps security
• Intrusion detection and prevention system
• Data loss prevention and encryption
• Use of firewalls

Conclusion

Cybercrime has been growing faster than any other form of crime in recent years. It is estimated that companies could record losses exceeding $10 trillion in the next five years due to cyberattack activities. The commonest attack in modern times is phishing, malware, insider attacks, and hacking. Organizations should have in place proper online security measures.