As a small business owner in Rhode Island, it’s important to be aware of the potential cyber security threats that may affect your business, as these threats are increasing in both frequency and sophistication. In this blog post, we’ll discuss the most common cyber security threats facing businesses today and how they have worsened over time.
The average number of global cyberattacks increased by 15.1% in 2021, with ransomware attacks having the highest rate of increase (up 35%). This is partially due to the increasing use of 5G technology, which has left it vulnerable to attack vectors due to code vulnerabilities. Additionally, there has been an alarming new trend designed to bypass one of the best forms of account security - Multi-factor authentication (MFA). This is known as One-Time Password (OTP) Bypass.
Increased Attacks Surrounding World Events
The COVID-19 pandemic has caused a 600% increase in cyberattack volume worldwide. With many companies in RI having to rapidly transition to remote working, they were left more exposed to attack vectors and were targeted by criminals seeking access to sensitive data.
Smishing & Mobile Device Attacks on the Rise
Due to the increasing popularity and use of mobile devices everywhere, mobile malware rose by 500% in early 2022. Scammers are taking advantage of people’s trust and familiarity with text messages and SMS via smishing scams, which can be difficult for even experienced users to detect.
Conclusion: In conclusion, it’s clear that cyber security threats are on the rise for businesses today across all industries and sectors. Businesses need to be proactive about protecting themselves from these threats by investing in reliable cybersecurity solutions such as malware protection software or two-factor authentication methods like OTP bypass systems. By doing so, they can ensure their data remains secure despite increased attack volumes and increased sophistication from hackers around the world.
Cybersecurity risks have become a major concern for businesses across almost every industry. A recent survey confirmed that most business leaders feel that these risks are growing worse, with a staggering 68% saying that the risk to their organization is increasing. The rise of sophisticated hackers and malicious software threatens to disrupt operations, damage reputations and cost billions in lost revenue - all serious threats to any modern business. To safeguard digital assets and company information, businesses must make cybersecurity an integral part of their operation, setting in place measures to protect against security breaches. Companies should also stay informed on emerging digital threats, protecting themselves from falling victim to the latest cyberattack.
With the proliferation of connected tech devices, as well as digital banking, 2021 marked a notable uptick in the number of global cyberattacks. According to data released by security firms, the average number of cyberattacks increased by 15.1%, with nearly 10 billion dangerous events being reported worldwide. Cybercriminals are becoming more sophisticated and aggressive in their approach, developing creative methods to break down corporate defenses and encrypt systems for massive financial gain. Companies that aren't actively trying to improve their security posture may be vulnerable, making it essential for all businesses to take strong measures towards protecting their critical information from malicious agents.
5G Networks Poses Major Security Issues
With the rapid advancement of technology and its integration into our lives, 5G mobile networks have become a major player in connecting us. However, this is also an area of high attention due to potential code vulnerabilities with so much data being transmitted across the network. As a relatively new technological development, the sheer amount of data using 5G networks poses major security issues with potential hackers preying on any vulnerability they can find. Therefore, several measures are being undertaken to ensure that user data remains secure despite this threat. Security protocols such as multi-layered authentication mechanisms and encryption techniques will have to be used within the 5G ecosystem to make it more secure while still maintaining connectivity and accessibility.
OTP Bypass is a concerning
One-time Password (OTP) Bypass is a concerning development that has the potential to undermine multi-factor authentication, a widely used security measure. OTP Bypass works by using stolen or previously obtained credentials to access accounts and gain access despite having an additional layer of MFA in place. This technique negates the enhanced security benefits provided by MFA and represents an increased risk for businesses and individuals alike. Advanced cybersecurity measures need to be implemented to safeguard against this alarming new trend.
Smishing On the Rise
Mobile device attacks and smishing, which is the process of using social engineering techniques to manipulate individuals into disclosing personal information through text message, are also on the rise. This can be attributed, in part, to the rapid growth of mobile technology as we rely on our phones for almost all aspects of our life. People often take their devices with them everywhere; creating more opportunities for malicious actors to access sensitive data through public networks. In early 2022, mobile malware rose by an astonishing 500%, highlighting the severity of this issue. It is important that people remain vigilant and use all available security measures when working with any online or mobile device platform.
Schedule a Cybersecurity Check-Up Today
Is your Rhode Island business prepared for the cyber threats coming in 2023? Don’t wait to find out the hard way! Give us a call and schedule a cybersecurity check-up to stay one step ahead of the digital criminals.
