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Have you heard of these cyber threats?

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With the rise in remote/hybrid working model, the systems and data of enterprises are accessed well beyond the organization’s perimeter. This has led to an increase in cyber-attacks due to the numerous access points through which one can get inside an organization’s systems.

While we may be familiar with common attacks such as phishing, there are some attacks which you may not have heard of. We have compiled an easy reference list for you: –

  1. Cloud Jacking:

Cloud jacking is a technique by which a cyber-criminal or hacker accesses the organization’s cloud. As soon as they gain access to the company cloud, they may try to reconfigure settings, access unauthorized discussion threads, tamper with critical data, edit communications etc. The worst part is that they could take control of the entire cloud and dictate terms.

A cybercriminal can create internal emails, upload false notices, and change corporate announcements and even commit financial frauds such as moving funds into their accounts.

  1. Mobile Malware:

As smartphones become omni-present and feature-rich, employees are increasingly using them for official purposes such as checking emails, downloading salary slips, etc.

Mobile malware specifically targets mobile devices of employees and gains access to sensitive information which can then be used by cyber criminals for nefarious acts.

  1. Deepfakes:

Deepfakes leverage the power of artificial intelligence to manipulate an image, audio, or video file by superimposing it with someone else’s voice or image.

Deepfakes have been popularly used in political campaigns wherein leaders of opposing parties are shown speaking something while their words are something else. It creates a very funny video and hence the chances of it going viral and reaching out to a mass audience is high.

In the corporate world, deepfakes can be used to steal critical information by impersonating a key executive. These pseudo identities can be used by cybercriminals to commit financial fraud, or even run independent phishing attacks within the organization.

  1. API Vulnerabilities and Breaches

For the uninitiated, an application programming interface (API) works as a conduit between applications enabling them to exchange information and communicate with each other. All the apps that we use in daily life mostly interact with other apps and pull relevant information through APIs.

While APIs are not visible in the forefront, it is vital to secure these APIs. They may be exposed to multiple external parties hence prone to attacks.

In the era of digital transformation where most organizations are relying on modernized applications to anchor their business, API usage is only going to surge and hence, the need for API security will only enhance further.

  1. Insider Threats

Insider threats are threats which might have been caused (often unintentionally) by employees of an organization. Such threats affect more than 34% of the companies in the world and hence needs to be taken seriously. Employees may intentionally want to create nuisance due to an unfavorable experience, or may do something out of ignorance, but it can cost the company not only money but also its reputation.  Employees need to be made aware of the cyberthreats and how to act when they work remotely. This step is critical, especially as our workforces now start operating in remote or hybrid models.  While organizations can employ the best cybersecurity practices, it would be wise to consider insider threat as a grave risk and ensure measures to mitigate or minimize such threats.

Cyber Threats and Digital Transformation – Two sides of a coin?

Digital transformation, cloud technologies, modernization drives etc. are here to stay. Hence, the control and management of systems, data, computation, etc. will increasingly become de-centralized. This would lead to an increase in vulnerable access points in an organizational network. It would mean that cyber threats are likely to rise. It will be prudent for organizations to safeguard themselves with robust measures to mitigate risks due to cyber threats.

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