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Cyber Vulnerabilities Can Severely Impact Global Companies
Chris Swagler | July 25th, 2022
Growing cyber threats are exceeding societies’ capacity to properly prevent and manage them given the widespread reliance on complex digital systems. For instance, physical supply chains that rely on technology companies and other third parties are more susceptible to cyberattacks, and the digitalization of the supply chains can create new cyber vulnerabilities. More than 100 attempts to exploit a significant security flaw in a widely used software library (Log4j) were found every minute in December 2021, one week after the flaw’s discovery. This demonstrates how free access coding can spread cyber vulnerabilities broadly.
Global Impact of Cyber Vulnerabilities
Software for monitoring and managing information technology (IT) exemplifies the possibility of viral exposure, which can overcome critical cybersecurity supply chain defenses, as demonstrated by the Solar Winds Orion attack that took place in late 2020. Even though the attack was likely carried out by a highly sophisticated state-based institution, other criminal groups will undoubtedly attempt to replicate this strategy. Older cyber vulnerabilities, in the meantime, persist since many companies still rely on outdated systems or technologies.
With growing cyber vulnerabilities, malicious activities are on the rise because there are few entry barriers and minimal chances of extradition, prosecution, or other sanctions for those involved in the ransomware industry. In 2022, there has been a 358% increase in malware, a 435% increase in ransomware, and a fourfold increase in the total value of cryptocurrencies received by ransomware addresses. Even non-technical criminals can carry out attacks due to “ransomware-as-a-service,” a trend that may intensify with the introduction of malware using artificial intelligence (AI). Profit-driven threat groups are prepared to give access to advanced cyber-intrusion technologies to support such attacks. Cryptocurrencies have also made it possible for cybercriminals to collect money with a very low risk of detection and financial penalties.
Cyberattacks are evolving into something more aggressive and widespread. Public utilities, healthcare systems, and data-rich businesses are among the targets impacted by threat actors utilizing ransomware to apply tougher pressure methods on more vulnerable targets. DarkSide ransomware group, responsible for the Colonial Pipeline attacks, offered clients various services (triple or quadruple extortion) in addition to encrypting files, including data leaks and distributed denial-of-service (DDoS) attacks before it disbanded. To pressure victims into paying ransoms, threat operators will contact victims’ clients or partners. Gathering information on top executives for blackmail is one of the services provided.
Cyberthreat actors can now attack their targets of choice more effectively rather than targets of opportunity thanks to sophisticated cyber tools, raising the possibility of future attacks with more specific goals that can cause more societal, financial, and reputational damage. Attacks can be timed to occur during periods when cybersecurity teams and leadership can be preoccupied with other priorities, including the COVID-19 outbreaks or natural disasters.
Threat actors involved in cybercrimes are gaining access to victims’ more sensitive and high-quality information. Deepfake technology, during periods of extreme volatility, enables threat actors to enhance social engineering ploys, spread misinformation, and devastate businesses. According to respondents from the Global Risks Perception Survey (GRPS), “cybersecurity failure” is among the top 10 risks that have gotten worse since the beginning of the COVID-19 pandemic.
Additionally, ransomware is becoming a major concern for public safety according to 85% of the World Economic Forum’s Cybersecurity Leadership Community. Even though data and privacy regulations are crucial to preserving the public’s trust in digital systems, already overworked IT and cybersecurity professionals are facing a rising load due to the expansion of remote work and the increased complexity of those regulations.
Over 3 million cyber experts are needed globally to test and secure systems, offer cyber leadership, and educate users on digital hygiene. Even with new initiatives to democratize cybersecurity, including offering free cybersecurity risk management tools to help fill the gaps for small businesses or other institutions, a continuous shortage of cybersecurity professionals can ultimately hinder economic growth like other key commodities.
The sensitive and vital nature of the financial, personal, and other data secured by IT teams raises concerns that quantum computing might be strong enough to crack encryption keys, posing serious security risks. By adding new entry points for malware and data breaches, the emergence of the metaverse can increase the attack surface for malicious threat actors. These attacks will increase in frequency and aggression as the scope and the value of digital commerce in the metaverse expands (some estimates are projected to be over US$800 million by 2024).
Numerous types of digital property, including NFT art collections and digital real estate, can encourage further criminal activities. The government’s attempts to prevent cybersecurity failures and control cybercrime continue to be hampered by patchwork enforcement mechanisms across jurisdictions. Potential cross-border cooperation is hampered by geopolitical divisions since some governments are unable or unwilling to regulate cyber intrusions originating inside but impacting outside their borders. Given the geopolitical difficulties surrounding digital sovereignty, it’s no surprise that artificial intelligence and cross-border cyberattacks, and misinformation were among the categories with the least successful international risk mitigation efforts.
Companies need to act in advance of new regulatory shifts because cross-border data flows can be impacted by political undercurrents and geopolitical conflicts between various nations. Moving data processing to stronger jurisdictions can allow better customer protection regarding data privacy issues. With more companies relying on technology providers and other third parties, it’s crucial that they remain ahead of the latest threat landscape and regularly update their networks’ security infrastructure to prevent potential cyber vulnerabilities.
At SpearTip, our advisory services allow our certified engineers to examine companies’ entire security posture when performing cybersecurity risk assessment processes. Our engineers compare technology and internal personnel to discover blind spots in companies that can lead to significant compromises. Our ShadowSpear Threat Hunting is our pre-breach process which allows the engineers to evaluate the effectiveness of companies’ current security measures to determine the overall health of environments and stop breaches.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.
View our articles that cover trending topics in cybersecurity with insights from our 24/7/365 Security Operations Center.
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