Businesses Worldwide Facing Escalating Cybersecurity Threats
Businesses around the world are grappling with an ever-increasing onslaught of cyber threats, according to the latest Hiscox Cyber Readiness Report.
Here are some key takeaways from the report:
Growth in Cyberattacks: Over half (53%) of businesses experienced at least one cyberattack in the past year. This represents a growing trend, marking the fourth consecutive year of an increase in cyberattacks on businesses.
Major Financial Concern: More than 87% of businesses globally now view cyber threats as the foremost risk to their financial well-being, surpassing concerns about economic downturns and skill shortages. This shift underscores the critical importance of cybersecurity in today's business landscape.
Impact on Viability: Cyberattacks are not just minor inconveniences; they can threaten the viability of a business. The report reveals that 21% of attacked firms found the impact severe enough to endanger their survival.
Small Businesses Increasingly Targeted: Smaller businesses with ten employees or fewer are facing a growing frequency of cyberattacks. Cybercriminals are increasingly targeting these enterprises, emphasizing the need for robust cybersecurity measures for companies of all sizes.
Weapon of Choice: Business Email Compromise: Business Email Compromise (BEC) remains the favored tactic of cybercriminals. This method involves manipulating and deceiving individuals through email to gain unauthorized access to sensitive information.
Malware and Phishing Dominate Cyber Threats in 2023
The 2023 cyber threat landscape is dominated by malware and phishing attacks. The report reveals that 45.3% of all cyber threats involve malicious software infecting devices, while phishing, deceptive emails that trick users into revealing sensitive information, accounts for 43.6% of cyber threats.
Phishing, in particular, remains the most prevalent form of attack. A report by Comcast Business Cybersecurity found that nine out of ten attempts to breach customer networks began with a phishing attack.
In a world where cyber threats are growing in number and sophistication, businesses of all sizes need to remain vigilant and prioritize cybersecurity to protect their financial health and overall viability.
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Tech Giants Defend Against "Record-Breaking" DDoS Attacks
In recent months, major tech companies, including Google, Amazon, Cloudflare, and Microsoft, have successfully repelled a series of "record-breaking" distributed-denial-of-service (DDoS) cyberattacks. These attacks are notable not only for their scale but also for the innovative DDoS technique employed.
DDoS attacks aim to overwhelm a target's online services by flooding them with an enormous volume of traffic, rendering them inaccessible. These attacks have become increasingly common and are a significant concern for internet infrastructure providers.
The recent attacks, which have been described as "record-breaking," indicate a new level of sophistication and scale in the world of cyber threats. They underline the importance of robust cybersecurity measures, not just for individual organizations but also for the overall stability and security of the internet.
The tech firms involved have not disclosed specific details about the attacks or the new DDoS technique used, but it's clear that cybercriminals are constantly evolving their tactics to challenge the defenses of even the most prominent companies in the tech industry. As such, this serves as a stark reminder of the ongoing need for cybersecurity vigilance and innovation to safeguard digital infrastructure.
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Cyber Hygiene Remains a Major Concern for Cybersecurity
In the realm of cybersecurity, maintaining good "cyber hygiene" is paramount, yet it appears that a significant number of employees still struggle with adopting safe online practices.
Perceived Lack of Impact: Shockingly, one in three employees believes that their online behavior has no influence on the security of their organization. This misconception highlights the need for increased awareness and education regarding the individual's role in organizational cybersecurity.
Age-Related Discrepancies: The research indicates that Millennial and Gen Z employees exhibit riskier cybersecurity behaviors when compared to their older counterparts, those above 40 years of age. Some specific findings include:
Password Reuse: 38% of workers under 40 admit to using the same passwords across multiple devices, as opposed to 28% of older employees.
Sharing Work Devices: 34% of employees under 40 have shared their work devices with family or friends, compared to 19% of employees over 40.
Insecure Passwords: 34% of younger employees use easily guessable elements, such as birthdates, in their passwords, while only 19% of older employees do the same.
Falling for Phishing: 13% of younger employees have fallen victim to phishing attacks by clicking on deceptive links, whereas the figure is lower at 8% for employees above 40.
These statistics underscore the urgency of addressing cyber hygiene issues in the workplace, particularly among younger generations. Cybersecurity education and awareness programs are crucial for all employees, emphasizing the critical role each individual plays in safeguarding their organization's digital assets.
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