Global internet users are now in a number of 4.95 billion, which is 62.5 per cent of the world’s total population. This has hence increased cases of cyber security threats and crimes. Each day issues of new cybersecurity are witnessed. This has hence made cyber security a fast-moving sector, as both hackers and security providers. Companies are into making strong cyber security practices and abiding by government-approved cyber security standards. These best practices are always directed to inspect new threats – and innovative ways to combat them.
Protecting yourself and your company from potential threats is, therefore, more complex than ever before. So, to make your computer system, employees, and overall critical infrastructure stay safe, you must be aware of common cyber threats and emerging threats.
What is Cyber Security?
As per Simplilearn, Cybersecurity is the defence against harmful cyber-attacks by hackers, spammers, and cybercriminals against internet-connected devices and services. Businesses use this procedure in order to protect themselves from phishing schemes, ransomware attacks, identity theft, data breaches, and financial losses. Cybersecurity is also known as Information technology security and electronic information security.
In Australia, the ACSC offers cyber security principles to give organisations strategic direction on how to safeguard their systems and data against online dangers. The four main actions: govern, guard, detect, and respond make up this list of cyber security principles.
Common 5 cyber hazards which are issues to cybersecurity are:
- Ransomware. They are the malware (malicious software) that scrambles your data and then demands a ransom in exchange for a key to open it.
- Phishing: It includes the fraudulent practice of sending emails to induce individuals to reveal personal information like credit card numbers.
- Data breaches: Here, information is stolen or taken from a system without the authorisation of the system’s owner.
- Hacking: It includes gaining unauthorised access to data in a system or computer.
- Threat from inside the company or human errors.
Types of CyberSecurity
Cybersecurity can range from business to mobile computing, which is all focused on stopping hackers who intend to harm your system or steal sensitive data. Let’s look into some of the few categories of cybersecurity.
- Network Security
It entails defending a computer network from intruders, including malicious software.
- Application Security
It is all about detecting and preventing malware from infecting the software and devices.
- Data Integrity and Privacy
Here, Information security is used to safeguard your data, data storage, and data transportation.
- Operational Security
Here, methods and steps for managing and protecting digital assets, controlling data, deciding where to keep or exchange data, and granting people access to rights are all covered.
- Business Continuity and Disaster Recovery
Under the heading of business continuity and disaster recovery, defining how a company reacts in the case of a disaster that results in the loss of operations or data is included.
- End-user Education
End-user training prepares users for cybersecurity. Here, the security of the organization is taken into account, and as a result, training and education about safe cyber-activities like deleting dubious email attachments, making multi-factor authentication, avoiding plugging in unknown USB devices, and other activities are provided.
What is a Cyber Security Framework?
Cyber security frameworks are collections of documents that include policies, benchmarks, and best practices for managing cyber security risks. These frameworks can lessen the likelihood of hackers and other cybercriminals taking advantage of any company’s shortcomings and vulnerabilities. The cyber security framework provides the basis, structure, and support of an organization’s security procedures and initiatives. Based on the required function, there are three different types of frameworks.
Control Frameworks: This framework focuses on creating a fundamental plan for the organization’s cyber security division and putting security controls in place.
Program Frameworks: This includes evaluating the organization’s security program as it stands right now.
Risk Frameworks: It outlines the procedures required for risk assessment and management, as well as the implementation of the essential security measures and operations.
COVID Pandemic’s Impact on Cybersecurity
The coronavirus pandemic in 2020 brought a work-from-home operating style while also accelerating their digital transformation. In 2020, the amount of time spent working from home. Almost everything then went online, which then hyped internet users around the world. Ever since the rise in eCommerce, smart home automation technology and other concepts have come to light. This, however, also favoured the cybercriminals who were looking for the opportunity to hack or leak data or even run scams.
Having less oversight and technical controls while working from home, dishonest personnel enticed fraudsters to commit fraud or other crimes.
As a result, businesses began concentrating on creating a cyber-safe remote working environment and putting new procedures in place to stop data breaches, data loss, criminal actions, and many other things.
Status of CyberSecurity in the World and Australia
Since more people are using the internet worldwide every year, cybercrime is growing like never before. In fact, 68% of business leaders believe their cybersecurity threats are rising. In 2021, 22 billion records were exposed due to data breaches; More than 100 million Android users’ personal data belongings were exposed in a 2021 data leak due to misconfigured cloud services. (Check Point). Risk-based security in terms of ransomware was $20 billion, which is 57 times more than in 2015. (Cybersecurity Ventures, 2021). Through 2025, the market for healthcare cybersecurity is anticipated to expand by 15% yearly and reach $125 billion (Cybercrime Magazine, 2020).
According to the most recent report for the fiscal year 2021–2022, growth in the quantity and sophistication of cyber threats will make it simpler to commit crimes like extortion, espionage, and fraud on a larger scale. Over 76,000 reports of cybercrime were received by the Australian Cyber Security Centre (ACSC), or one report every seven minutes.
As per ACSC, in 2021–22, over 25,000 calls to the Cyber Security Hotline, meaning an average of 69 per day. Also, fraud, online shopping and online banking were the top reported cybercrime types, accounting for 54 per cent of all reports. ACSC hence took various initiatives to minimise the effects of cybercrime.
One incident of cybersecurity recently is of Medibank Private. The company announced that a criminal had posted files containing sensitive information of clients that were allegedly taken from Medibank’s servers on a dark website. Personal information, including names, addresses, birth dates, phone numbers, email addresses, Medicare numbers for AHM clients, passport numbers for overseas students, and some health claims data, are all included in this data. Even though cybersecurity is at a medium level, this has become a problem for international students. It is still being looked into by the Australian Federal Police right now.
Top 12 Emerging Cybersecurity Trends in 2024
Let’s look into the latest trends in cybersecurity in detail.
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Extensive use of Artificial Intelligence (AI)
AI has benefited the development of automated security systems, natural language processing, facial detection, and autonomous threat detection. Additionally, AI enables far quicker analysis of vast amounts of risk data. This is advantageous for both huge businesses dealing with massive amounts of data and smaller or mid-sized businesses with sometimes under-resourced security teams. Thus, AI is a hot topic in cybersecurity; in fact, security systems powered by AI and machine intelligence will keep getting more advanced and powerful in 2024 and beyond.
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Detect and Minimise Human Errors
One of the most frequent causes of data breaches is human mistakes. Human mistake contributes to a startling 95% of cyberattacks, according to a survey by IBM Threat Intelligence. As a result, one of the most difficult security areas to de-risk is a human mistake, and security awareness training is crucial in this regard. Cybersecurity professionals are interested in regulating poor habits and educating personnel about their responsibilities in enterprise security.
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A Vulnerability in the Cloud Platforms
To prevent data breaches, as more businesses move to the cloud, further are invested in regularly examining and improving security measures. Cloud services like Google or Microsoft have strong security measures in place, but the users’ mistakes, dangerous malware, and phishing assaults still continue to be major sources for errors, malware, and phishing attacks.
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Data Privacy
The increase in data privacy is one of the major trends in data security. Almost every area of a company is impacted by data security. Strong data privacy systems aid organisations in preventing data leaks. Millions of personal details have been exposed as a result of numerous high-profile cyberattacks. As a result, businesses are emphasising the hiring of data privacy officers and implementing role-based access control, multi-factor authentication, encryption in transit and at rest, network segmentation, and external assessments to pinpoint problem areas. When it comes to data privacy and personal data security, encryption is most important.
Further, an encryption key using a particular encryption algorithm converts plaintext data into ciphertext or unreadable data. Even if hackers bypass the system’s security measures, they won’t be able to access the scrambled data because only the associated encryption key can be used to decode it.
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Zero-trust Architecture
You need an appropriate security architecture that is specifically created for dynamic, fragmented work environments, can address the issues and fix security flaws brought on by remote working. Such security is provided by the Zero-Trust Architecture. A Zero-Trust Architecture concentrates administrative authority over all systems and devices in a single central hub.
Some key features of Zero-Trust Architecture include:
- Context-Aware Access
- Exhaustive logs of every device on the network,
- Strong user identities for those who use them,
- authentication at numerous levels
- Real-time health and status reports on devices,
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Remote Work Threats
Now, more people are using Homes as their offices, and they are often less protected than centralised offices, which own secure firewalls, routers, and access management run by IT security teams. These people rely on traditional security, giving cybercriminals a chance to take advantage. Another thing is that employees are using their personal devices to access their personal details(social media) and professional life (use of apps like Microsoft Teams and Zoom).
This, thus, increases the risk that sensitive information could fall into the wrong hands. Hence, a critical cyber security trend is for organisations to focus on the security challenges of distributed workforces.
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Privacy and Regulations
Governments are interested in gaining control over cybersecurity crimes and hence bringing regulations that will define a more rigid approach to cybersecurity. Failure to follow these new rules results in fines and a bad image for the company in question. Sending data using tools like Google Analytics for purposes of SEO or other digital marketing services is of increasing concern. Thus, the government of every country will be seen considering and expanding their research and making efficient cybersecurity-related steps.
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Rise of IoT on a 5G Network
The Internet of Things, 5G networks (IoT), and 5G architecture is expanding; however, in-depth research is necessary to spot security gaps and defend the system from attacks. Employees access sensitive information on their mobile devices, including laptops, tablets, and phones, to stay connected.
However, IoT devices inherently have weaker security protections and require less frequent authentication. In addition, improved security must be created, kept up to date, and made the norm for IoT and linked devices in order to protect users. Furthermore, IoT fitted Into Blockchain Technology is trending as it eliminates the threat of third-party systems opening up doors for data and information leakage.
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Integration and automation
Malware automation operates under the premise that any defence may be overcome with enough time and the appropriate tools. Cybercriminals can access advanced machine learning methods and test their attacks repeatedly until they succeed in defeating the genuine user’s defences. In fact, Polymorphic Malware comprises code that enables the malware to evolve over time and remain undetected after those defences are disregarded.
Adding to this, modern automobiles that are equipped with automated software provide smooth connectivity for drivers in areas such as cruise control. These vehicles may link to the internet through Bluetooth and Wi-Fi, exposing them to various security flaws and hacking risks. In addition, self-driving or autonomous cars rely on a more complicated process that needs stringent cybersecurity safeguards. Autonomous cars getting affected and controlled by cyber criminals is expected in 2023.
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Ransomware with a specific target/Cyber-crime-as-service
Cybercrime as a Service (CaaS) involves seasoned cybercriminals creating cutting-edge products or services that are offered for purchase or rental by others; these are frequently purchased by newer or less skilled cyber criminals. Attackers can now purchase or rent the tools they need to launch their malicious malware or a dark web attack thanks to CaaS. Less effort is spent developing the tools, which frees up more time to organize a successful attack and investigate the businesses most likely to pay the ransom.
In reality, cloned credit cards, PayPal accounts, falsified documents, compromised social media accounts, ransomware, and DDoS attacks can all be purchased and accessed for less than $100. Ransomware-as-a-Service and DDoS (Denial of Service) are two of the most well-known CaaS instances.
By flooding a server with tens of thousands of requests per second, DDoS-as-a-Service attempts to bring down a website, rendering it permanently inoperable unless a ransom is paid. In Ransomware-as-a-Service, distributing tested ransomware and receiving a commission from each successful extortion is done.
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Cyber Warfare Supported by the Government
The Australian Cyber Security Centre (ACSC) received almost 76,000 reports of cybercrime, or one every seven minutes, according to the most recent report. Similar to this, over 30,000 U.S. businesses and government entities were impacted by a March 2021 attack on Microsoft. This demonstrates both the vulnerability and hackers’ love for government information and security.
To go even further, nations are vying for control over data—not just their own but that of other nations as well. Consequently, cyberattacks from one nation to another are discovered.
The worst of these attacks can influence election results or even lead to data theft. According to the most recent report, criminal activity may harm the majority of electronic elections and data storage websites. Political and business secrets, as well as high-profile data breaches, are projected to be among the top cybersecurity trends in 2024.
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Social Engineering attacks
As per Kaspersky, Social engineering is a deception method that takes advantage of human error to obtain sensitive data, access, or assets. Here, behavioural analytics are used to manipulate people’s minds. Users may compromise their security or divulge private information as a result of this. Scams are already spreading on messaging platforms like WhatsApp and others to trick workers into installing malware on their phones. Thus, scams and voice phishing (vishing) can target both executive leadership and lower-level staff.
Whatever the trends are, the companies should stay updated about the issues and possible preventive measures and help organisations have their data intact, safe, and uncorrupted.
What is the future of cybersecurity?
As more people are online, the concern about cybersecurity will grow in 2024 as well. Companies would focus more on preventing, detecting and reacting to threats and attacks. The use of vCISOs will be done to uncover the weaknesses in automated security systems and put measures in place to make them more secure. Businesses will implement more thorough plans of action in the case of attacks.
Internal regulations and training employees about cyber security will be made compulsory. Another thing is that businesses will set up their cybersecurity foundation; further, it will be rigorously tested. Likewise, investment in security tools will be made for malware protection, including preventing the level of dangerous disinformation and malicious attacks.
How is the Australian Government taking concern of cyber security?
ACSC advises the use of the Essential Eight cybersecurity techniques. The Essential Eight Maturity Model was released in June 2017 and has since received numerous updates. Cyber threat intelligence, responding to cyber security incidents, conducting penetration tests, etc. are the main focuses of Essential Eight Maturity and Essential Eight Strategies. In 2021–2022 ACSC introduced a number of new programs to increase Australia’s cyber resilience, including Cyber Threat Intelligence Sharing (CTIS). Australia’s cyber defences will be significantly strengthened in 2024 and beyond thanks to the Australian Government’s ten-year investment in ASD (Australian Signals Directorate), also known as REDSPICE (Resilience, Effects, Defence, Space, Intelligence, Cyber, Enablers).
The ACSC also runs Cyber Hygiene Improvement Programs (CHIPs) to increase visibility, gain an understanding of security flaws, and direct, immediate remedial activities. ACSC and NCSC (the UK’s National Cyber Security Centre) have partnered on CHIPs.
The main goal of these projects and programs under this partnership and collaboration is to improve cybersecurity capabilities. Additionally, CHIPs give the federal, state, and territorial governments data-driven information that may be used to direct future efforts at cyber security and enhance current practices.
Tips to Ensure Better Cybersecurity
- Watch Out for Links in unknown emails. Always delete suspicious email attachments.
- Be cautious of any unauthorized access to your devices.
- Change up your passwords, and record them for all of your accounts.
- To maintain all of your passwords in one location, use a password manager.
- Utilize multi-factor authentication (MFA) to confirm a user’s identity upon login.
- Use alternate methods instead of using debit cards to add an additional layer of security between hackers and your bank accounts.
- Keep your systems updated to avoid malware or hackers taking advantage of those security flaws.
- Always avoid unfamiliar websites. Remain on reputable, well-known websites that you are familiar with.
- A criminal or hacker could discover a lot about you by looking at your public profile on social media, so use caution while disclosing information there.
- Always ensure the use of IAM tools that aim to ensure the right set of credentials is used by the right people.
- You can use SIEM tools, which are a crucial component of the ecosystem for data security, as they can also work for potential intrusion detection.
What’s the take on NSW IT Support for Cybersecurity issues?
As a leading IT Support Company in Australia, NSW IT Support always ensures to provide services that also incorporate the use of the latest cybersecurity technologies. We also provide you with cybersecurity consulting to help you know more about available security functions, security products, and many more. Contact us for further information on our cybersecurity or any of our IT Services.
