Hackers can access and sell stolen data on the Dark Web, hold it for ransom or use it to commit other forms of crime – each attack can be costly and damaging to a company’s reputation.
Hackers tend to be bad people; however, some, known as white hat hackers, can identify vulnerabilities in computer systems.
Identity Theft
Hackers who gain access to your personal data could use it for identity theft, which can severely harm your credit rating and lead to financial fraud. They could also use it to phish for credentials from friends and family as well as post offensive content online in your name.
Identity theft can have serious repercussions for businesses, threatening both their reputation and revenue in the form of lost trust and sales.
Some hackers utilize spyware or keyloggers to monitor your computer activity and steal sensitive information, sending the stolen information back to their command and control servers where passwords, usernames and other sensitive data may be revealed. You can prevent cyberattacks by installing anti-malware on your computer and always verifying Wi-Fi network names at hotels and coffee shops – it is also wise to avoid connecting private accounts on public Wi-Fi networks in favor of your own private Wi-Fi when possible.
Companies face other threats as well, from disgruntled employees or rival businesses snooping online for competitive intelligence to hackers looking for designs or blueprints of interest to them.
Researchers are beginning to recognize the devastating emotional fallout caused by data breaches for victims, with 86% reporting feeling worried, angry or frustrated after an attack; others had difficulty sleeping or concentrating; many felt helpless or powerless in response.
Repercussions can be particularly severe for small business owners who lack the resources to address them effectively. A recent attack against TikTok resulted in the release of personal information belonging to 1.4 million children under 13. The company apologised and promised better performance going forward, yet damage had already been done.
Companies should educate their employees about cybersecurity risks and encourage them to be vigilant. Furthermore, if a data breach has compromised customer PII they must immediately notify customers whose privacy may have been breached.
Financial Fraud
Hackers do not limit themselves to attacking individuals with high credit scores; they also attack small businesses that appear easy targets. Many business owners think a cyberattack won’t affect them since their information may not be valuable enough. Yet even small companies want to stop hackers from stealing data.
Personal identifying information (PII) can be an invaluable source for hackers looking to commit various financial crimes, from accessing bank accounts for the transfer of funds, electronic money laundering and ATM fraud, all the way to purchasing goods online and opening credit cards in your name.
Once hackers gain access to your PII, they can cause serious harm to both your credit rating and finances. They could use your Social Security number fraudulently file taxes or apply for credit cards in your name without authorization; furthermore they could tamper with financial records to make loans or mortgages harder to come by.
Although the word “hacker” often has negative connotations, there are good hackers out there. White hat hackers specialize in finding weaknesses within computer systems and networks, reporting their findings back to system owners in order to help resolve problems more quickly. White hat hackers may also be hired by organizations for ethical hacking needs – an increasingly necessary service when working with sensitive data, like banks.
Black hat hackers also exist, who take advantage of vulnerabilities in computer systems and networks for malicious ends. Such hackers may demand ransom, identify weak points in infrastructures or spread viruses and spam through these exploits.
At least, you can help prevent data breaches by keeping your devices up-to-date with software and application updates, which contain fixes for vulnerabilities that hackers exploit. Furthermore, avoid clicking or downloading suspicious links found in emails or texts, and delete suspicious messages as soon as you spot them.
Social Engineering
Even when an organization employs state-of-the-art data center and cloud deployment security features and physical building security technologies to protect itself against cyber attacks, an experienced social engineer could still find ways to bypass them all and execute sophisticated cyberattacks utilizing social engineering techniques. Social engineers have become one of the primary forms of attack these days – some of the most sophisticated cyberattacks today are social engineering attacks.
Cyber criminals use their knowledge of human psychology to deceive victims into taking the wrong action or sharing confidential information or passwords. Criminals take advantage of events with media attention that spark curiosity; for instance, following the second Boeing MAX8 plane crash, cyber criminals sent emails with attachments claiming to include leaked details regarding it – clicking which would infiltrate computers with malware from Hworm RAT’s version 2.
An effective social engineering attack can provide criminals with a complete picture of your organization, such as where the high risk data resides, what the security controls look like and who the database administrators are. They can then select an opportunity to spearphish target employees before exfiltrating reams of information from you.
Social engineering attacks can take multiple forms – physical and emotional. A disgruntled employee could be coaxed into divulging sensitive data in exchange for money or benefits, or an attacker could set a honeytrap such as pretending to be their friend in order to gain access to online accounts and download malware onto them.
Organizations should educate their employees about social engineering as an ongoing threat and train their staff to remain vigilant when reviewing emails from unknown sources, offers that seem too good to be true, or extraordinary requests. Unfortunately, no matter how much money organizations invest in protective technologies and training courses to protect against social engineers’ ever-evolving attack techniques.
Ransomware
Ransomware locks down devices or files of users by encrypting them with a private key and demanding payment in bitcoin for decryption key delivery; cybercriminals often use email spam campaigns, chat messages, USB drives and browser plugins to deliver ransomware infections to victims. Attackers usually demand specific amounts in bitcoin in exchange for decryption keys; victims must pay this ransom before their data will be permanently deleted forever. Payment doesn’t guarantee delivery or recovery – additional forms of malware could exist alongside what was encrypted files
Hackers may also steal and sell your personal or organizational confidential data to third parties for financial gain. Your credit card numbers, social security numbers and financial data can be especially lucrative to hackers as it can be used for identity theft, bank account hacking, fraudulent purchases and more. They resell stolen passwords that allow access to any online service provider as well as credential-cracking tools to uncover usernames and passwords for these accounts.
Hackers can cause extensive damage to your business beyond simply stealing data by disrupting operations and damaging reputations. A large-scale data breach could have far-reaching repercussions for both short and long term, such as Equifax’s breach which cost millions in damages and legal costs alone.
Hackers cannot stop every ransomware or data hack; however, there are ways they can minimize risks. For instance, many computer programs automatically save backup copies of files. An experienced digital forensics investigator may even be able to recover these copies after being damaged or corrupted by malware.
Another crucial precaution is installing and keeping up-to-date antivirus software. Some programs come equipped with additional features, like port scanners and vulnerability scans that can identify potential entry points into a network. If any suspicious activities arise, make contact with IT support immediately so they can identify its source and take appropriate measures to rectify it.
