Biggest Cyber Security Threats 2023

Undoubtedly, there have been endless benefits to the internet boom. However, unprecedented cyber threats have only increased since they first emerged. With cyberattacks getting more sophisticated, take a look at some of the biggest cybersecurity threats that can affect you.

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What do I Need to Know About Cybersecurity in 2023?

Cybersecurity has always been a global concern ever since the world connected through the internet and other means. The COVID-19 pandemic completely changed the way of life and forced many more people to rely on digital devices.

Cybercriminals find new ways to breach enterprise defenses and keep security teams on edge with every passing year. Malware attacks, phishing, SQL injection, ransomware and insider threat continue to be some of the top security threats to businesses and regular people in 2023.

Practicing cyber hygiene and ensuring your organisation is protected by a cybersecurity insurance is one of the surest ways to tackle these cyber threats.

What are the Biggest Cyber Security Vulnerabilities of 2023?

India alone saw a 500% increase in cyber-attacks since the pandemic, as per the National Security Agency. Cyber-attacks have become extraordinarily professional and continue to expand the threat landscape. Take a look at some of the biggest cyber challenges we can face in 2023:

  1. Supply Chain Attacks

    Supply chain attacks remain a persistent threat to software developers and suppliers, where they can infect legit applications. These attacks rose exponentially in 2020 and are likely to remain a serious concern in 2023.

    Supply chain attacks are done by gaining access to build processes, source codes or update app mechanisms to distribute malware.

    Organisations need to be careful with all the suppliers and third-party vendors. It is equally important to know the components of the software the third party is using so that no vulnerable versions can pose a threat.

  2. Insider Threats

    Lack of security or awareness among regular employees is one of the biggest cyber risks in 2023. Any cyber security risk originating from within the organisation is considered an insider threat.

    For business owners, having a proper strategy to tackle security threats must be a priority to deal with malicious acts. This can be caused due to a malicious insider or a negligent insider, both enough to cause serious damage to the company. This can be done by a current or former employee, or anyone with the potential to misuse network access or assets to modify, disclose or delete sensitive data.

    Tackling insider threats requires a layered approach consisting of regular risk assessments, providing security awareness to the employees, implementing 24/7 endpoint monitoring and more.

  3. Phishing

    Social engineering threats such as phishing remain a huge risk in 2023. This is because this hacking technique relies more on human error than any technical vulnerabilities. With more and more Indians getting access to mobile internet without a solid knowledge of these security threats, phishing is a dangerous threat on every level.

    Phishing has affected individuals, small businesses, and multinational organisations. The attacks usually involve elaborate ways to reach employees and trick them into revealing their bank account details, credit/debit card numbers, passwords or revealing sensitive information that can compromise their safety.

  4. Internet of Things

    While the use of smartphones and other smart devices has significantly improved quality of life, more than 1.5 billion breaches occurred in 2021 with attacks on these smart devices or the 'Internet of things.

    Poor cyber hygiene has enabled hackers to attack smart devices as soon as 5 minutes of connecting to the internet. As the number of these IoT devices is likely to increase in 2023, the wider network of access points is also prone to security breaches. Hackers can connect through these vulnerable devices and breach corporate as well as personal systems.

  5. Ransomware Attacks

    Ransomware attacks are among the oldest cyber threats that will keep on persisting in 2023 and beyond. What's worse, they have become more expensive, especially to victim companies. On average, the system downtime after an attack is 21 days. The companies often suffer revenue loss due to the ransom, as well as the income lost while the system was down. This is also followed by dismissal or forced resignations to meet the fiscal deficit.

    2023 is likely to see a more sophisticated version of ransomware, where RaaS or 'Ransomware as a Service' will let malicious criminals deploy pre-developed ransomware tools to attack individuals and organisations.

  6. Security Risks due to Mobile Devices

    Along with remote work, many organisations adopted BYOD or bring your own device policy, letting their employees work from their personal laptops or systems.

    While this has improved productivity significantly, companies have lost security visibility and the ability to tackle threats to their systems.

    The use of cyberespionage tools such as Pegasus is likely to increase this year, along with mobile malware Trojans that can gain access to target devices because of weak application security controls.

Over to You,

Cybercriminals were quick to adapt to these changes and have since then increased, improved and improvised their methods to prey on people. While there are several ways to prevent these risks, one of the safest ways to deal with the aftermath of a cyber-attack is by buying cybersecurity insurance. This insurance is a must for businesses and other organisations to cover any financial losses caused by cybercrimes.

Written By: PolicyBazaar - Updated: 04 January 2023

Cyber insurance news

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Cyber Fraudster Target Customer under Disguise of Insurance Officer

09 Jan 2023

Cyber fraudsters are targeting customers under the disguise of not a bank official but an insurance company official. In one such event, a 67 year old citizen from Thottakattukara, Kochi, lost Rs 1 lakh.
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He was approached by a woman name Radhika Jain who claimed to be from an insurance company. She promised the victim to make the financial settlement for the raised claim if he pays Rs 1 lakh to renew the policy. When the victim filed the complaint, Rural Cyber Police, Ernakulam, launched the investigation. The incident took place on October 29 and the fraudster claimed to be an ICICI Prudential Insurance official. The fraudster fooled the elderly person by telling them that his insurance policy has expired and the settlement cannot be made disbursement of the insurance amount. As per the Police officer, “The fraudster suggested the victim to pay Rs 1 Lakh to renew the insurance policy. If the policyholder pays the amount then he will be considered as Senior citizen and the disbursement will be done. In order to make it look genuine, the caller sent ICICI Prudential life insurance letterhead through Whatsapp.” “The fraudster promised the complainant that within 45 days the settlement of Rs 2.45 lakh will be done. The victim transferred the amount to the fraudster’s Canara bank account and once the payment was made the fraudster sent some fake documents. However, the promised settlement of Rs 2.45 lakh was not made even after 45 days.” A police officer said. After cross checking the details of transaction, the police found out that the accused was from Aligarh. Police is also probing as to how the accused got the information related to the insurance policy of the victim.
Sensitive Data of 6 Lakh Indians Stolen by Hackers and Sold at Rs. 490 each

09 Dec 2022

Out of 5 million people globally, 6 lakhs Indians have had their sensitive data stolen and sold on the bot market making India, the worst affected country.
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The average cost of the digital identity of one person was Rs.490, revealed NordVPN, the world's largest VPN service provider. The stolen data include user logins, screenshots, digital fingerprints, cookies, and other sensitive information. All these data are sold in packets in the bot markets, which refer to places where hackers sell stolen data from victims' devices with bot malware. The study majorly looked into three-bot markets the Genesis market, 2Easy and the Russian Market. Out of 26.6 million stolen logins found on the bot markets, 7,20,000 were Google logins, 6,47,000 were Facebook and 6,54,000 were Microsoft logins. Moreover, 667 million cookies, 5,38,000 auto-fill forms, 81,000 digital fingerprints, multiple device screenshots, and webcam snapshots were also found by the researchers. The bot markets are distinct from other dark markets as bot markets are able to get huge amounts of information related to one person in one place. The hackers also guarantee that once the bot is sold, the data of the victim will be updated till their device is affected by that bot, stated Marijus Briedis, chief technology officer at NordVPN. Security researchers also said that not all bots come with a good purpose, many can be malicious as well. These bots operate in multiple fields like customer service, SEO and entertainment and are becoming increasingly common recently. Vidar, RedLine, Taurus, AZORult and Racoon are some of the most popular malware used to collect and steal information out of which RedLine is the most common, stated the report.
AIIMS Cyber Breach: Attackers Demand Rs 200 Crore in Crypto

06 Dec 2022

All India Institute of Medical Sciences, New Delhi, India reported a cyberattack on November 23, 2022. Later, the statement released by AIIMS said that e-hospital system
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has gone down and it has affected the digital hospital services, e-billing, smart lab, appointment system and report generation. AIIMS currently manages around 2,500 beds. It is said that the data of around 2 to 3 Crore patients might have been compromised. After the incident, AIIMS shifted to manual operations to cater the patients. Also, All India Institute of Medical Sciences sought National Informatics Centre (NIC) and I-CERT to restore the digital services. The incident has been reported to Delhi Police whereas CBI and NIA have joined the investigation. AIIMS issued a new Standard operation procedure where the admission, discharge and transfer of patients will be done manually.  As per a source told Press Trust of India, “Hackers have demanded a ransom of Rs 200 Crore in crypto currency on November 28, 2022”. Later, Intelligence Fusion & Strategic Operations unit have registered the case under cyber terrorism and extortion on November 25.  Meanwhile, National Information Centre e-hospital database and application servers restored the data for e-hospital. Also, the team of NIC is cleaning and scanning infections from other e-hospital servers that are located at AIIMS hospital. These servers are required to deliver the service of the hospital. Also, four physical servers have been arranged to restore the e-hospital services and have been scanned and prepared for the applications and database. As per the source, “Sanitisation of AIIMS network is in progress. Antivirus has been installed on 1200 out of 5000 computers and 20 out of 50 servers have been scanned. This activity is going on 24*7”.
Cyber Criminals Sending Phishing Links to Twitter Users

06 Dec 2022

Cyber criminals are targeting twitter Verified Twitter user by sending them phishing links. The cyber criminals send the phishing link to steal their phone number
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and other details registered with their account. This new phishing link attack is tricking users to enter their username, password and contact details such as phone number on an unverified website that is claimed to be a help site by Twitter.
Cert-In Issues Warning to Iphone and Ipad users

06 Dec 2022

Cert-In (Indian Computer Emergency Response Team) reported several vulnerabilities in AppleIOS and iPadOS that allows a remote tracker to gain access to private data,
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run random codes or cause service denial on targeted user’s device. Cert-In states that the vulnerability can be exploited and the iphone and ipad users should update their software properly.

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