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6 Latest Cyber Security Threats of 2020

6 Latest Cyber Security Threats of 2020

Published on: 03 Nov 2020 5 min read

Data hackers and cyber security professionals are currently in an arms race against each other. As newer cyber technologies continue to emerge, such as AI, cloud computing, and machine learning, cybercriminals continue to find more sophisticated ways to exploit these systems. Since the data and technology industry is expanding so rapidly, that makes it particularly vulnerable to cyber-attacks.

If you own or operate a business with digital infrastructure, you need to be on top of the latest cyber security threats. When you know the latest cyber threats, you can adequately prepare your business for a cyber-attack. Here are the six latest cyber security threats your company should know in 2020.

1. IoT Attacks

As internet-connected devices become more omnipresent in our everyday lives, more opportunities arise for cybercriminals. Statistica projects that the number of IoT devices will reach 75 billion worldwide by 2025. IoT devices include anything and everything from monitors, smart-phones, laptops, webcams, smart-TVs, medical devices, security systems, smart cars, etc. The list goes on and on.

There is no doubt that connected devices are handy for businesses, their workers, and the average consumer. For businesses, they can provide vast amounts of useful and insightful data to help optimize operations. And for consumers and workers, it makes tasks more convenient and painless. However, IoT networks with more connected devices make it far more vulnerable to cyber-attacks. Cybercriminals can wreak havoc on IoT networks once they gain access, which is why you need to take all the necessary precautions to ensure all of your devices are secure.

2. Cloud Vulnerabilities

Network computing is currently one of the fastest-growing digital technologies. However, cloud vulnerabilities will also be one of the largest challenges technology providers and businesses must face for years to come. The reason why these networks are so vulnerable is that many businesses use cloud operations to store sensitive business data. This data could include anything from a business operation’s information to employee information or even customer information.

Although the cloud is definitely useful and important, it is creating many new security challenges for business. Today, over 83% of enterprise workloads are on the cloud. Some top cloud security threats include DDoS attacks, data breaches, misconfigurations, malicious insider threats, and more. Likewise, not even the most sophisticated cloud companies are immune to cyber-attacks.

3. AI-Enhanced Cyber-Attacks

Along with cloud computing, AI and machine learning are two other technologies that are currently booming. AI assistance has already had a profound impact on many high-tech businesses. Likewise, machine learning is an incredibly powerful tool at helping businesses streamline operations, as well as making AI assistance more powerful.

Albeit both technologies are incredibly useful for businesses, they can be useful for cybercriminals too. With AI and machine learning capabilities, cybercriminals can now launch much more sophisticated cyber-attacks than previously imagined. These include AI-enhanced malware attacks, AI fuzzing attacks, and machine learning poisoning.

4. Smart Medical Device and Medical Record Attacks

The healthcare industry is currently going through a major transformation process, as most hospitals and other healthcare providers around the country have already moved all patient information online. Likewise, there is currently rapid advancements in smart medical devices and other technologies. Although digital transformation is important for hospitals to undergo, there are legitimate concerns about patient privacy and other cyber security threats in the industry.

Confidential patient data and information become more susceptible to being stolen as more devices become connected to a clinic’s network. However, what is even more concerning is the remote-hacking of smart medical devices connected to a patient. These attacks could have dire consequences on the patient. A hacker could theoretically disable vital monitoring, change dosing, and even send electrical signals to the patient. That is why the healthcare industry must spend immense amounts of resources to curtail the threat of cyber-attacks.

5. Social Engineering Attacks

Cybercriminals use social engineering attacks to trick victims into surrendering their personal information, such as their credit card information, social security number, login details, etc. Although most companies have security measures in place to prevent phishing attacks, cybercriminals are coming up with increasingly sophisticated phishing methods to commit financial fraud and steal business information. In fact, Verizon revealed that phishing remains the common cause of a data breach around the world.

SMS phishing is another variation of a phishing attack expected to gain prominence fairly soon. Cybercriminals can use popular messaging apps like WeChat, Messenger, WhatsApp, among others, to trick victims into downloading malware onto their phones. Many SMS phishing hackers target victims through fraudulent messages, with many disguised as fundraising initiatives, donations for a particular cause, etc.

6. Internet-Connected and Semi-Autonomous Vehicles

As the prospect of fully-autonomous vehicles grows closer, so does the threat of hackers completely controlling these vehicles remotely. However, even now, internet-connected vehicles and semi-autonomous cars face the same vulnerabilities. These vehicles contain numerous onboard sensors that could be easily controlled by an outside person.

As car technologies continue to evolve, internet-connected vehicles will only become more prevalent. Hackers use these evolutions to exploit vulnerabilities in the vehicle’s system. Hackers can steal sensitive data or even take control of the vehicle, meaning there are serious personal and physical risks involved. Likewise, as more car companies rush newer technologies to the market, the opportunity for cyber-attacks will only grow.

How to Protect Your Company from Future Cyber-Attacks

Although there are cyber criminals out there that will stop at nothing to target vulnerable businesses and technologies, there are also cyber security experts that stop at nothing to keep your business secure. To prevent cyber-attacks, you need cyber security solutions that can provide visibility over your security posture and pinpoint your vulnerabilities in order for you to be able to manage your risk over time, and make informed business decisions

Here at Scalefocus, we are IT experts who will help you integrate the right software for your business. We understand the importance of cyber security, which is why our software solutions are designed to help you constantly track your risk and vulnerabilities.

If you would like to learn more about Scalefocus and how our security solutions could benefit your company and business, visit our website. Also, feel free to check out our blog, where we post the latest insights on business and cyber security topics.

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