"We live in a world where the size of your business or organisation doesn't matter when it comes to the risks of cyberattacks."
Israel Reyes, a renowned
Cybersecurity Expert.
The ever-evolving threat landscape is witnessing a surge in
sophisticated cyberattacks, and it's crucial for everyone to remain vigilant.
Recently, Cert
NZ released a report highlighting the alarming increase in cybercrime in
New Zealand, emphasising that both small and large businesses are equally
susceptible to cyberattacks. In this blog, we’ll delve into the current cyber
landscape, explore emerging trends, and uncover the industry's key changes that
are fuelling the rise in cyberattacks.
Cyber Landscape
New Zealand faces significant cybersecurity risks due to its
unique vulnerabilities. With limited resources and a shortage of skilled technicians,
specialists, and analysts, our defences are stretched thin. Furthermore, cyber
actors possess highly sophisticated tools, to execute
attacks such as ransomware with devastating
consequences for the victims. Despite our physical distance from North America
and Europe, the cyber space knows no boundaries. It's as if we are right there
in New York or London, constantly under the threat of malicious actors who can
strike at any moment.
We have witnessed a surge in cyberattacks not only in New
Zealand but worldwide, causing immense devastation as they target organisations
of all sizes, governments, and more. This highlights our vulnerability and
emphasises the importance of being prepared. The complexity of legislation in
the realm of cyberspace, combined with the challenges in prosecuting and
investigating cyber-crimes committed by individuals in different jurisdictions,
further exacerbate the situation. These attacks often originate from distant
countries such as North Korea and Iran, where we lack any legislative or law
enforcement agreements. Consequently, the risk profile of New Zealand escalates
significantly.
Key Changes in the Industry
The tools used by cyber criminals have grown remarkably sophisticated, wielding a range of easily accessible
tools found within the depths of the dark web. We are witnessing the
adoption of Artificial Intelligence to specifically target organisations with
ransomware attacks. This poses a significant challenge, especially for small or
mid-size organisations with limited resources, as they cannot afford to hire
dedicated specialists or analysts. As a result, they are left at risk. On the
other hand, these cyber criminals operate with substantial financial backing,
advanced tools, and a network of support. They deliberately orchestrate
ransomware attacks to exploit vulnerabilities of these smaller corporations or
organisations. Unfortunately, the threat actors possess highly effective tools,
while the good guys, the mid-size organisations, lack the necessary means to
protect themselves against these cyber criminals.
In today's challenging global landscape, marked by economic
recessions and ongoing conflicts in various regions, we are witnessing a
concerning rise in cybercrime and illicit activities. As the economy falters,
unemployment rates soar, creating an enticing opportunity for individuals to
turn to hacking and cyberattacks to secure financial gain. This is a trend we
have observed not only in the United States but also worldwide, where the
aftermath of the pandemic has further heightened the prevalence of
cybercriminals seeking financial benefits.
Current Trends
As technology advances, the threat of cyberattacks looms
over businesses of all sizes, including government entities. One particular
form of attack that is on the rise is ransomware, due to its ease of execution.
Cybercriminals can operate from anywhere in the world, using phishing emails to
lure unsuspecting victims. With a simple click, your entire business could be
compromised. These malicious emails can lead you to a server where remote code
is executed, granting the cybercriminal access to your infrastructure. They can
then encrypt your data and demand a hefty ransom to release it. Unfortunately,
even if you pay, there's no guarantee your data will be restored. Dealing with
criminals is a dangerous path to take, as trust cannot be placed in their
hands.
The Importance of Security in the Digital Age
Recently, a company fell victim to a cyberattack that
targeted their financial team as they were processing payments. In a matter of
minutes, they noticed a staggering amount of money - $1 million USD - vanishing
from their account. Despite thoroughly reviewing their payments and accounts,
they couldn't find any trace of where the funds had gone. Taking swift action,
they immediately suspended their activities, changed their passwords, and
contacted the bank for assistance. It was discovered that several months prior,
a malicious actor had infiltrated one of their financial system's computers,
allowing them to meticulously monitor and redirect payments to an external
account located overseas. In just five minutes, the company suffered a
devastating loss of $1 million USD.
When they brought the computer to the bank to investigate
the situation, the bank quickly clarified that they were not responsible for
the incident as their systems had not been breached. Instead, it was the
customer's computer that had been hacked. Due to the presence of a malicious
code that had infected the computer about three months ago, the bank was
legally exempt from any liability. This highlights the vulnerability of small
or mid-sized businesses, which can easily fall victim to cyberattacks. With
just a single click on a harmful link, a hacker or malicious actor can gain
access to the system, leaving the business defenceless and unaware of the
ongoing attack. It is crucial to educate all employees with access to the
business infrastructure on what actions to avoid and how to respond if they
observe anything unusual. By implementing a comprehensive security policy,
effective processes and procedures, and an incident response plan, businesses have
a better chance of minimising the impact of a cyberattack.
Smaller Businesses Face an Equal Level of Risk as Larger Businesses
When it Comes to Cybersecurity
The unfortunate reality is that smaller businesses often
lack the financial resources to hire cybersecurity experts or specialists,
leaving them susceptible to cyberattacks. Cyber criminals are well aware of
this and take advantage of the situation. If they successfully breach your
financial system, they have a higher chance of receiving payment or ransom.
This can be devastating for small businesses, as they may never recover and
could potentially face bankruptcy. The loss of funds can be crippling,
especially if the bank does not have any legal liability. Without proper
insurance or protection, your entire business could be at risk of going
bankrupt.
Watch Part One of our interview with Cybersecurity expert Israel Reyes.
Concerned about the possibility of a cyberattack? Reach out to us today
to discover how Sharp's cutting-edge products and solutions offer proactive
security measures to protect your business from cyber threats.
