Top Cyber Threats Every Organization Faces and Their Solutions

• By Carl Torrence
• 06-04-2023
• Technology

In today's digital age, cyber threats are becoming increasingly common and sophisticated, posing a significant risk to organizations from all over the world.
These threats can take various forms, from ransomware attacks and phishing scams to data breaches and insider threats.

And as technology continues to advance, so will the methods used by cybercriminals.

That’s why organizations must take proactive steps and security measures to safeguard their sensitive data against potential cyber threats.

In this article, we will discuss the top 10 cyber threats that nearly every organization faces, and provide the best solutions to mitigate these threats and enhance the overall cybersecurity posture of your organization.

What is a Cyber Threat?

A cyber threat refers to any malicious activity that targets an organization's information systems, networks, or devices, with the intent to compromise their confidentiality, integrity, or availability.

As explained earlier, cyber threats can take many forms and come from a variety of sources such as hackers, cybercriminals, state-sponsored actors, insiders, and even unintentional human error.

These threats can result in the theft or loss of sensitive data, damage to critical systems, financial losses, and reputational damage.

Top Cyber Threats and Their Solutions

Now that you’ve learned exactly what a cyber threat is, let’s talk about the top cyber threats that organizations generally face.

1. Malware & Phishing

Malware and phishing attacks are two of the most common cyber threats that organizations face today.

Malware, or malicious software, is designed to infiltrate a computer system or network and cause damage, steal data, or both.

Phishing, on the other hand, is a type of social engineering attack in which an attacker sends a fraudulent email or message to trick the recipient into providing sensitive information or clicking on a malicious link.

Malware can take various forms such as spyware, ransomware, trojans, etc. These malicious programs can be delivered to a system through various means, including email attachments, infected websites, and software downloads.

Once a system is infected, malware can cause a range of problems, from slowing down the system to stealing sensitive data.

Phishing attacks, on the other hand, rely on social engineering tactics to trick users into divulging sensitive information. These attacks typically involve sending fraudulent emails or messages that appear to come from a legitimate source, such as a bank or other financial institution.

The message will often ask the recipient to click on a link or provide login credentials, which the attacker can then use to gain unauthorized access to the user's accounts.

2. Social Engineering

Social engineering attacks are a type of cyber threat that uses human interaction to exploit trust and manipulate people into ignoring or deliberately circumventing normal security procedures.

Attackers use various techniques to trick individuals into divulging sensitive information, such as passwords or financial data, or to gain access to secure systems.
Here are the different types of social engineering attacks:

• Phishing: This is a type of attack where the attacker sends an email that appears to be from a legitimate source, such as a bank or a social media site, in an attempt to trick the recipient into giving up sensitive information.
• Whaling: This is a more targeted type of phishing attack that is aimed at senior executives or high-profile individuals within an organization.
• Baiting: This is an attack where the attacker leaves a physical device, such as a USB drive, in a public place in the hope that someone will pick it up and plug it into their computer.
• Pretexting: This is a type of attack where the attacker creates a false scenario such as pretending to be a customer service representative to trick the victim into divulging sensitive information.

3. Poor Cyber Hygiene

Poor cyber hygiene is one of the biggest threats to organizations in 2023.

For the uninitiated, cyber hygiene refers to the set of practices and measures that individuals and organizations take to protect their digital assets from cyber threats.

Neglecting to follow good cyber hygiene practices can lead to data breaches, ransomware attacks, and other cyber threats that can cause severe damage to an organization's reputation and financial stability.

One of the most common poor cyber hygiene practices is the use of weak passwords. Many people still use easy-to-guess passwords or reuse the same password across multiple accounts. This makes it easy for cybercriminals to gain access to sensitive data and systems.

Another poor cyber hygiene practice is the failure to keep software and systems up to date. Cybercriminals are constantly looking for vulnerabilities in software and systems that they can exploit.

Organizations that fail to update their software and systems regularly are at a higher risk of falling victim to cyber attacks. It is essential to have a regular patching and updating schedule to ensure that all software and systems are up-to-date and secure.

Besides this, poor cyber hygiene can also result from a lack of employee training and awareness.

This is because employees are often the weakest link in an organization's cyber defense. And they may inadvertently click on phishing emails, download malware, or share sensitive information with unauthorized parties.

That's why organizations must conduct regular employee training programs to ensure that their employees are up-to-date with the latest cyber threats.

To further strengthen their cyber hygiene, they should even consider investing in a comprehensive cybersecurity solution like CAASM (Cyber Asset Attack Surface Management), which can help organizations to ensure that all their cyber assets are accounted for, and proper attack surface monitoring is in place.

4. Third-Party Exposure

Third-party risks are among the most significant cyber threats that organizations face today.

They arise when an organization shares its data or systems with third-party vendors, suppliers, or contractors, who may have their own vulnerabilities that cybercriminals can exploit.

Let's say a software developer is using a BaaS (Backend-as-a-service) platform to build and deploy an application that stores sensitive user data such as personal information or payment details.

In this case, if the BaaS provider's infrastructure is not secure, then there are high chances of potential cyber attacks that could compromise your organization’s network.

This is why organizations must conduct thorough due diligence before onboarding any third-party vendors to assess their security posture and ensure they have appropriate security measures in place.

Additionally, organizations should also limit third-party vendors' access to only the data and systems they need to perform their tasks and ensure they do not have access to sensitive information.

5. Cloud Vulnerabilities

Cloud computing has become an integral part of many organizations' operations. However, with this increased reliance on the cloud comes an increased risk of cyber threats.

Here are some of the most common cloud vulnerabilities that organizations should be aware of:

• Misconfigured Cloud Storage: Misconfigured cloud storage can lead to data breaches, as sensitive information may be exposed to unauthorized users. Organizations should ensure that their cloud storage is configured correctly and access controls are in place.
• Data Breaches: Data breaches are a major concern for any organization that uses the cloud. Cybercriminals can gain access to sensitive information stored in the cloud, such as financial data, intellectual property, and personal information. Organizations should implement strong security measures, such as encryption and multi-factor authentication, to prevent data breaches.
• API Vulnerabilities: APIs (application programming interfaces) are used to connect cloud services and applications. However, if these APIs are not secure, cybercriminals can exploit vulnerabilities to gain unauthorized access to data stored in the cloud. Organizations should ensure that their APIs are secure and regularly test for vulnerabilities.

Organizations must be vigilant in their efforts to protect themselves from cloud vulnerabilities.

By implementing strong security measures and regularly monitoring for threats, organizations can reduce their risk of cyber attacks and protect their sensitive information.

6. Mobile Device Vulnerabilities

With the increasing use of mobile devices in the workplace, organizations need to be aware of the potential vulnerabilities they bring.

Believe it or not but mobile devices are just as susceptible to malware as computers. Malware can be downloaded through malicious apps or links and can steal sensitive data or take over the device.

If mobile devices are connected to unsecured Wi-Fi networks, hackers can easily access them and intercept data transmitted over the network. That's why organizations must make sure that their employees are not using public Wi-Fi networks for work-related activities.

Moreover, Personal devices may not have the same level of security as company-owned devices, and employees may be less likely to follow security protocols on their personal devices.

So, organizations need to have policies and procedures in place to address mobile device vulnerabilities.

7. Configuration Mistakes

Configuration mistakes are a common cybersecurity threat that organizations must be aware of. These mistakes occur when an organization's IT team fails to properly configure the security settings of their systems, networks, or applications.

Neglecting to do so can lead to vulnerabilities that hackers can exploit to gain unauthorized access to sensitive data.

One common configuration mistake is leaving default passwords unchanged. Many devices and applications come with default usernames and passwords that are widely known and easily accessible to hackers.

Organizations that fail to change these default credentials are leaving themselves vulnerable to attacks.

Apart from this, organizations should avoid misconfigured network security settings. This can include failing to properly configure firewalls, access controls, and other security measures.

This, in turn, can leave an organization's network open to attacks and increase the risk of data breaches.

Therefore, organizations should regularly review and update their security configurations to ensure that they are adequately protected against the latest threats.

8. Ransomware

As mentioned earlier, ransomware is a type of malicious software that encrypts the victim's files or locks their computer, rendering it unusable, until a ransom is paid to the attacker.

This type of attack has become increasingly common in recent years, and it can cause significant financial and reputational damage to organizations that fall victim to it.

Once the ransomware has infected a system, it will often display a message demanding payment in exchange for the decryption key that will unlock the victim's files or computer.

To avoid this, organizations must take proactive security measures like keeping software and systems up to date, Implementing strong access controls, and creating a secure backup of important data regularly and storing it securely off site or in the cloud.

And in case a ransomware attack still occurs despite taking the above precautions, organizations must also be prepared to respond quickly and effectively.

Having a well-defined incident response plan in place, for example, and regularly testing and updating it is necessary to minimize financial and reputational damages.

9. Inadequate Incident Response Plan

An inadequate incident response plan can leave organizations vulnerable to cyber threats.

And it is not enough to simply have a plan in place. As explained above, every organization must regularly review, update, and test its incident response plan to ensure its effectiveness.

Organizations that do not have a well-defined and tested incident response plan are at risk of losing sensitive data.

When developing an incident response plan, it is important to consider the entire lifecycle of a cyber attack, from preparation to post-incident activities.

The plan should clearly define roles and responsibilities, provide guidelines for communication, and outline specific steps to be taken in the event of a breach.

While creating an incident response plan, organizations must involve all relevant stakeholders in the incident response planning process. Otherwise, it will simply lead to confusion and delays in response time.

10. Insider Threats

Last but not least, insider threats are also a significant concern for organizations.

According to the Cybersecurity and Infrastructure Security Agency (CISA), insider threats are defined as the threat that an insider will use their authorized access to harm the organization's sensitive data, information, resources, systems, and networks.

Like other cyber threats, insider threats can occur in different ways such as employees stealing sensitive data, installing malware, or intentionally causing damage to the organization's systems.

However, not all insider threats are malicious in nature.

Some insider threats can be unintentional, such as employees accidentally sharing sensitive information or falling victim to phishing attacks.

To mitigate insider threats, organizations must implement proper access controls and monitoring procedures.

Access controls should be based on the principle of least privilege, where employees are only given access to the information and systems they need to perform their job functions.

Additionally, organizations should implement monitoring procedures to detect unusual behavior, such as employees accessing systems outside of their normal work hours or attempting to access sensitive information they don't need for their job.

Wrapping Up

Cybercriminals are always finding new ways to exploit vulnerabilities in computer systems and networks, and it is up to us to be vigilant and proactive in safeguarding our data and systems.

Organizations that fail to take cybersecurity seriously put themselves at risk of significant financial and reputational damage.

That means It is not a question of if but when a cyber attack will occur, and being prepared can make all the difference in minimizing the impact of such an attack.

In a nutshell, every organization must prioritize cybersecurity and take the necessary steps to protect against cyber threats.

By staying one step ahead, organizations can ensure that their data and systems remain secure in the ever-evolving threat landscape.