How Have Cyberattacks Evolved Over Time?

The evolution of the internet and related technology have fostered new crimes that improve with time. Cyberattacks have increased in number, range, and sophistication. As a leading provider of NJ Cyber Insurance, we are too often witness to the devastating consequences of these attacks as they grow in severity and numbers.

Today, all businesses and virtually every computer are potential targets for hackers. Anyone with an internet connection can commit cyberattacks, and likewise, anyone with a computer connected to the internet is a potential cybercrime victim.

Hackers can steal information from computers, servers, and networks through many different methods. For example, they may break into a system and copy files, delete them, or change them. Or they may install malicious software (malware) on a networked device that allows them to spy on users and steal sensitive information.

Cyberattacks Are Growing in Size and Sophistication.

Cybersecurity threats are increasing at an alarming rate, primarily because they’re increasingly targeting smaller companies rather than large enterprises. Cybercrimes have matured into international businesses supported by state actors and organized criminal groups, driven by victims paying ransoms.

It’s mind-boggling to realize ransomware is now packaged and sold as a software service on the black market. Amazingly, it sometimes comes with customer support. The development of ransomware as a software product and its distribution allows hackers with little expertise to cause considerable damage to their victims.

The magnitude of criminals with minimal computer technology knowledge who find it easier than ever to commit crimes online is scary. Their numbers are snowballing because the entry barriers to cybercrime are low. As a result, cyberattacks represent a persistent and growing threat to businesses and individuals, particularly those who ignore them. 

Cybersecurity Is the Price for Using Technology.

Cyberattacks have evolved from being an attack against a single computer system to become an attack against multiple computers, structures, and networks. Consequently, hackers are no longer limited to stealing data from one computer; instead, they can compromise numerous devices simultaneously. This threat means that if hackers breach your company’s network, you could lose everything—and not just your data.

In addition to compromising individual computers, hackers can also use malware to infect other devices such as smartphones, tablets, and laptops. For example, hackers can even remotely control infected devices using tools like the Mirai botnet.

While most companies continue to pay ransom demands for their stolen data, the sad fact is roughly only half gain access to all their stolen data upon payment. Their experiences are red flags to businesses of all sizes that implementing effective cybersecurity practices is a critical Job One mission. 

The Types of Cyberattacks Are Evolving.

Malicious Code.

Malicious code can exploit vulnerabilities in operating systems, applications, and hardware to gain unauthorized access to a computer. It can also spread via email attachments, USB drives, and removable media.

Phishing Emails – Malware.

Phishing emails, websites, social media posts, and text messages are malware delivery options. They look legitimate, so employees are more likely to click on links or open attachments. Once inside the network, malware spreads quickly. The level of sophistication in social engineering, graphic design, and trickery cybercriminals use is sobering.

Ransomware.

Ransomware is a form of malware designed to encrypt user data until the victim pays a ransom. It has become the fastest-growing type of malware today. In fact, according to Kaspersky Lab’s Global Threat Intelligence Team, there were over 1 billion infections worldwide in 2018 alone. One can imagine how frightening the numbers are today.

Recently, we’ve seen the emergence of new variants of ransomware that target specific industries and organizations. For example, WannaCry was used to extort money from hospitals, while NotPetya targeted Ukrainian infrastructure firms.

According to Symantec, the average cost of a ransomware infection is $3,000 per incident. However, that number doesn’t include lost productivity and revenue, which can run into the millions when dealing with major disruptions to critical operations.

Cyberattacks Are More When Than If Today.

If your organization hasn’t been hit yet, prepare yourself – you may soon find you’ve been hacked or that you have thwarted one if you are lucky and on top of your cybersecurity. Cybercriminals are constantly evolving their methods to stay ahead of security defenses. They will keep finding ways to bypass traditional antivirus solutions. They’re also developing new techniques to avoid detection by firewalls, intrusion prevention systems (IPS), endpoint protection software, and cloud-based services. 

You can use tools to help detect malicious activity. But ultimately, you need to be vigilant about what happens within your network, including training and monitoring human behavior to prevent social engineering, which is often a key component in successful cyberattacks.

Here are tips to help protect your business:

• Keep up to date with the latest threats. Ensure you or your cybersecurity team knows how to spot them, whether they come from phishing emails, website exploits, or suspicious apps.
• Use two-factor authentication whenever possible. It requires something you know, like a password and a physical token. This procedure helps prevent someone from accessing your account.
• Monitor all incoming traffic. Look for unusual patterns of behavior that could indicate an attack.
• Install updates regularly. Antivirus programs are no match for hackers who constantly evolve their tactics. Instead, update your software as soon as patches become available.
• Routinely back up your data to an off-network site before you lose everything and have nothing to fall back on.
• Be careful clicking on links in an email. Please don’t download files unless you know exactly where they came from. And never open attachments without first reading the sender’s name and address. Make these practices are gospel to your employees and vendors.
• Consider using a VPN service. A virtual private network allows users to access the internet securely from anywhere. Many companies offer free versions of this tool but shop carefully as all are not equal or safe.
• Watch out for suspicious apps. Many malware-laden apps are distributed via third-party app stores. So, make sure everyone in your business only installs trusted apps.
• Train everyone on your network to report any suspicious activity immediately. Have them contact IT support if they see anything odd.

Cyberattacks are getting more sophisticated because criminals can use them for various purposes, such as stealing money, spying on people, and disrupting business operations. And it’s not just businesses that are at risk. Instead, hackers now routinely target personal information for medical records, financial details, and even social media accounts.

As your local NJ Cyber Insurance experts, the Dickstein Associates Agency designs insurance programs to help clients recover after a ransomware attack or data breach. Our team and policies do more than offer coverage providing financial support to mitigate losses when bad things happen. Agency clients use our expertise to help fix the damage and manage the legal and regulatory headaches that come in the wake of a cyberattack. We welcome you to tap our experience to help you improve your preventative measures and strengthen your cybersecurity operations.

About Dickstein Associates Agency

Dickstein Associates Agency has distinguished itself as a leading provider of personal and business insurance in the tri-state area since 1965. We pride ourselves on being advocates for our clients and providing them with quality and affordable coverages. As Trusted Choice™ independent insurance agency, we partner with various national and regional carriers, allowing for flexible coverage for each client’s unique circumstances. For more information on how you can leverage all your insurance to work best for you, and how we can secure the best insurance in the marketplace suited to your specific needs and business objectives, contact us today at (800) 862-6662 or www.dicksteininsurance.com.