Emerging threats and your cyber incident response plan
In today’s business environment, the question isn’t if a cyber attack will occur, but when. As businesses increasingly rely on interconnected systems and data, cybersecurity threats continue to evolve at an alarming pace. Traditional approaches to cybersecurity—such as focusing solely on how to prevent cyber attacks for known vulnerabilities or relying on static “top 10” threat lists—are no longer sufficient to protect against sophisticated and ever-changing threats.
While understanding how to prepare for a cyber attack remains crucial, modern organizations (in particular, government, financial institutions, healthcare, and education) must adopt a proactive stance that anticipates and adapts to emerging threats before they materialize. This is where the importance of threat forecasting and response planning in modern cybersecurity risk management comes into play.
A comprehensive cyber security incident response plan is no longer a luxury—it’s a necessity. However, even the most well-crafted plan can quickly become obsolete if it doesn’t account for the dynamic nature of cyber threats. To truly safeguard their digital assets and maintain operational resilience, businesses must integrate emerging cyber threats into their cybersecurity strategies.
As we explore the current state of these threats, we’ll delve into the art and science of predictive threat analysis and examine how businesses and other organizations can leverage these insights to create more effective and adaptive digital defense plans. By understanding the interconnected nature of modern threats and how threat actors are constantly evolving their tactics, we can better prepare for the cybersecurity challenges of today and tomorrow.
What are the most common cybersecurity threats for businesses?
In our comprehensive guide, Under Siege: Your Organization’s Complete Cyber Protection Playbook, we list the three most common types of cyber crimes.
#1: Social engineering tactics, which exploit human psychology, remain a key concern. Phishing, a prevalent form of social engineering, involves cybercriminals masquerading as trusted entities to trick individuals into revealing sensitive information or taking actions that compromise security. If you’re wondering how to protect personal data security at work, creating awareness among employees about social engineering attacks needs to be a top priority.
#2: Beyond social engineering, malware and ransomware pose significant risks, infiltrating systems to cause damage or encrypt files for ransom.
#3: Data breaches, resulting in unauthorized access to confidential information, continue to plague organizations across sectors, often as a result of these other threat vectors.
Exponentially increasing threats demand the attention of every leader in every sector and industry.
The interconnected nature of modern cybersecurity threats
Cyber attacks are now often characterized by the complex interconnectedness of various threat vectors. Multi-stage attacks have become increasingly common, with cybercriminals combining techniques such as using phishing to deliver malware, which then leads to a data breach.
This interconnected nature is evident in successful cyber attacks on federal government and financial institutions, where sophisticated threat actors often exploit multiple vulnerabilities to gain access to sensitive data. Supply chain vulnerabilities further complicate the threat landscape, as weaknesses in one organization’s security can provide entry points to attack their partners or customers.
Federal and local government cyber attacks
The 2020 SolarWinds supply chain attack exemplifies how vulnerabilities in trusted partners can lead to widespread compromises. Russian-backed hackers infiltrated SolarWinds, injecting malicious code into the Orion platform’s software update. This compromised update affected numerous high-profile U.S. government agencies, including the Departments of Homeland Security, State, Energy, and Treasury.
Local governments are also increasingly targeted. In just the past 12 months, Cleveland and Columbus city governments fell victim to separate cyberattacks. Cleveland, Ohio, experienced a ransomware attack that disrupted emergency services, while Columbus, Ohio, faced a data breach that potentially exposed employee information. These incidents highlight the vulnerability of local infrastructure and the need for strong cybersecurity measures at all levels of government.
Banking cyber attacks
The financial sector, particularly cryptocurrency exchanges, remains a prime target. In January 2022, Crypto.com suffered a $35 million breach, while AscendEX lost $77.7 million in a hot wallet compromise in December 2021.
Traditional institutions aren’t immune, either. In March 2022, TransUnion South Africa experienced a significant data breach affecting approximately 3 million customers. IRA Financial Trust, a provider of self-directed retirement accounts, lost $36 million in cryptocurrency to theft in February 2022.
Even major banks face substantial threats. Finland’s largest bank, OP Financial Group, suffered a service-disrupting cyberattack in January 2022. Phishing scams continue to pose significant risks, as evidenced by the OCBC Bank incident in Singapore, where a sophisticated campaign resulted in losses exceeding $13.7 million between December 2021 and January 2022.
These examples underscore the complex and evolving nature of cybersecurity threats facing both government entities and financial institutions worldwide, emphasizing the need for comprehensive security strategies and constant vigilance.
Additional emerging threats in cybersecurity
Several more emerging threats demand attention in cyber incident response plans:
- Quantum computing, which poses a significant future threat to current encryption methods.
- Advanced, AI-powered deepfakes will be a potent tool for sophisticated social engineering attacks.
- Biometric data breaches, a unique threat because, unlike passwords, biometric data can’t be changed if breached.
- State-backed cyber attacks blur the lines between corporate and national security.
- Augmented and virtual reality technologies introduce new attack surfaces and privacy concerns
Anticipating these emerging threats is crucial for developing tough, future-proof cybersecurity strategies and incident response plans. Organizations must stay vigilant and adaptive, continuously updating their security postures to meet these evolving challenges.
How threat actors are adapting their strategies
How do cyber attacks happen? Cybercriminals are constantly evolving their tactics to bypass security measures and exploit new vulnerabilities. The rise of AI-powered attacks has enabled more convincing phishing attempts and automated attack operations at scale. Threat actors are also quick to exploit current events, adapting their social engineering tactics to take advantage of global crises or trends.
Emerging technologies present new opportunities for cybercriminals. As organizations adopt 5G networks, IoT devices, and cloud services, attackers are finding innovative ways to exploit vulnerabilities in these systems. This adaptation extends to evasion techniques, with threat actors developing advanced methods to avoid detection by security systems.
The evolution of ransomware attacks is particularly concerning. Beyond merely encrypting data, attackers now often threaten to leak sensitive information, a tactic known as double-extortion. This shift has significantly increased the potential costs associated with these attacks. When considering how much secure data recovery costs, organizations must now factor in not only the potential ransom payments but also the expenses related to incident response, system recovery, and potential reputational damage.
How to prepare for a cyber attack: the art and science of threat forecasting
What is threat forecasting?
Cybersecurity threat forecasting combines data analysis, trend observation, and expert knowledge to anticipate future attack vectors. This proactive approach helps organizations prepare for emerging cyber threats, allocate resources effectively, and enhance their defense strategies. For small to medium-sized businesses (SMBs), city governments, educational institutions, and healthcare systems, partnering with experienced cybersecurity consultants can provide access to this critical capability without the need for substantial in-house investments.
Key components of effective threat forecasting
Effective threat forecasting relies on comprehensive data collection and analysis from various sources, including threat intelligence feeds, historical attack data, and vulnerability databases. Skilled analysts examine this information to identify emerging trends in attack methodologies, target selection patterns, and malware evolution. Predictive modeling then leverages this analysis to forecast future cyber threats, informing strategic decision-making.
While large enterprises may have the resources to build internal threat forecasting capabilities, most organizations benefit from the expertise and economies of scale offered by specialized cybersecurity companies like Storm7. These partners bring depth of experience, cutting-edge tools, and broad threat intelligence that would be prohibitively expensive for individual entities to develop and maintain in-house.
Tools and technologies used in threat forecasting
- Threat intelligence platforms (TIPs)
- Security information and event management (SIEM) systems
- Artificial intelligence and machine learning algorithms
- Dark web monitoring tools
- Vulnerability scanners
- Network traffic analysis tools
- Cyber risk quantification tools
- Visualization tools
By leveraging the expertise of cybersecurity consultants who use these advanced tools and technologies, organizations can benefit from proactive and adaptive data security posture management without the burden of significant upfront investments or ongoing operational costs. This collaborative approach not only enhances security but also offers long-term cost savings and access to specialized skills that are often challenging to develop and retain in-house.
Navigating the next threat
Why partnering with cybersecurity experts is your best cyber incident response plan
Unknown cybersecurity threats demand a proactive and adaptive approach. As we’ve explored, the most common cybersecurity threats for businesses are continually changing, and there are many emerging threats on the horizon. Organizations must look beyond traditional defense methods and embrace comprehensive strategies that include threat forecasting and robust incident response planning.
Partnering with a trusted cybersecurity company like Storm7 provides access to cutting-edge tools, expertise, and threat intelligence that many organizations find challenging to develop and maintain in-house. By leveraging the specialized skills and experience of cybersecurity consultants, businesses can enhance their security posture, stay ahead of emerging threats, and focus on their core operations. Such partnerships aren’t just beneficial—they’re essential for maintaining resilience against the complex and ever-changing world of cyber threats.
Need help with cybersecurity risk management?
Storm7 specializes in threat forecasting and proactive security solutions tailored to your organization’s unique needs. Our team of cybersecurity experts leverages cutting-edge tools and extensive experience to anticipate and mitigate potential risks before they impact your business. For SMBs, city governments, educational institutions, and healthcare systems, our services offer access to enterprise-level threat intelligence and security expertise without the burden of building and maintaining an in-house team.
Contact Storm7 today for a complimentary consultation. Let’s work together to develop a forward-thinking security strategy that safeguards your valuable data and supports your long-term objectives.