Emerging Cyber Threats and How to Prepare for them

Current cyber threat trends

One of the most prevalent cyber threats is ransomware, which can cripple operations by encrypting critical data and demanding a ransom for its release. Recently, ransomware attacks have become more targeted, often focusing on specific industries or businesses with critical data. Malware, including spyware and keyloggers, is also commonly used to steal data and disrupt business activities.

Equally, phishing is one of the most common types of social engineering attack – and remains a significant concern, often leading to credential theft and unauthorised access to sensitive information. Attackers trick individuals into providing sensitive information, such as login credentials or financial details, by masquerading as a trustworthy entity. These attacks are becoming more sophisticated, using personalised information to increase their success rates.

Another growing trend is the exploitation of vulnerabilities in Internet of Things (IoT) devices and supply chains. Cybercriminals are leveraging these weaknesses to gain access to business networks. The shift to remote work has further expanded the attack surface, making small businesses more vulnerable to cyber intrusions. Many small businesses also face challenges with unprotected devices and outdated software, which can be easily exploited.

To mitigate these risks, it is crucial for small businesses to invest in robust cybersecurity measures and employee training programs.

Understanding emerging cyber threats

While a lot of businesses may be familiar with these steadfast cyber threats, they may not be aware of new threats from advancements in technology.

• Generative AI: This effectively represents a double-edged sword where cybersecurity is concerned. On one hand, it offers powerful tools for enhancing security measures and productivity. For instance, AI can help in identifying and mitigating threats more quickly and accurately than traditional methods. On the other hand, it also poses new risks. Cybercriminals can use generative AI to create more convincing phishing emails, develop sophisticated malware, and automate attacks, making them more difficult to detect and counter.
• The Internet of Things (IoT): The proliferation of IoT devices has expanded the attack options for cybercriminals. These devices, which range from smart home gadgets to industrial sensors, often lack robust security measures. This makes them attractive targets for hackers who can exploit these vulnerabilities to gain access to larger networks. As more devices connect to the internet, the potential for IoT-based attacks increases, posing significant risks to businesses.
• Increased insider threats: The rise of remote work has led to an increase in insider threats. Employees working from home may unintentionally expose sensitive data through insecure networks or devices. Moreover, the isolation and lack of direct supervision can sometimes lead to malicious actions by disgruntled employees. Insider threats are particularly challenging to manage because they involve individuals who already have access to the company’s systems and data.
• Supply chain vulnerabilities: Latest trends indicate that attackers are increasingly targeting supply chains. By compromising a third-party vendor, cybercriminals can gain access to multiple organisations that rely on a vendor’s services or products. This type of attack can have widespread and devastating effects, as seen in high-profile cases like the SolarWinds hack. Ensuring the security of the entire supply chain is crucial to protect against these types of threats.

Evolving cybersecurity measures

As cyber threats evolve, so must the measures to counter them. Here are some key strategies that SMBs can adopt to enhance their cybersecurity posture:

1. Promote a security-conscious culture

Creating a culture of security within the organisation is an essential starting point. This involves regular training and awareness programs to educate employees about the latest threats and best practices for avoiding them. A security-conscious culture can lead to better compliance with security policies and reduce the risk of human error, which is often a significant factor in successful cyberattacks.

2. Continuous threat exposure management (CTEM)

CTEM is an approach that involves continuously assessing and managing the exposure to cyber threats. This pre-emptive strategy might include regular vulnerability assessments, penetration testing, and real-time monitoring of network activity. With continuous evaluation of the security landscape, businesses can identify and address potential weaknesses before attackers exploit them.

3. Identity and access management (IAM)

IAM is becoming increasingly important as businesses move away from traditional network perimeter security. IAM focuses on managing user identities and access rights, ensuring only authorised individuals have access to sensitive data and systems. This approach helps to prevent access breaches and reduces the risk of insider threats. Implementing strong authentication methods, such as multi-factor authentication (MFA), is a key component of effective IAM.

4. Cyber Essentials Certification

The UK government’s Cyber Essentials scheme provides SMBs with a simple and affordable way to achieve a good standard of cybersecurity. This certification focuses on five critical technical controls that help protect against 80% of common cyberattacks.

Achieving Cyber Essentials certification not only enhances security but also demonstrates to customers and partners that the business takes cybersecurity seriously.

5. Human risk management (HRM)

Human risk management is vital for a comprehensive cybersecurity strategy. It involves identifying, assessing, and mitigating risks associated with human behaviour in relation to technology use. By fostering a security-conscious culture and providing continuous training, businesses can transform their employees from potential vulnerabilities into their strongest defence against cyber threats.

Secure your business from cyber threats

In 2024, cyber threats continued to pose a significant risk to UK SMBs, with 50% of businesses reporting some form of cyberattack in the past year. Phishing remains the most common threat, affecting 84% of these businesses. The financial impact can be substantial, with the average cost of a single disruptive breach estimated at £1,205 for small businesses and soaring to £10,830 for medium and large enterprises.

These figures underscore the critical need for robust cybersecurity strategies to protect against the increasing sophistication and frequency of cyberattacks, ensuring business continuity and safeguarding sensitive data. SMBs in the UK must stay informed and adapt their cybersecurity strategies accordingly. By understanding nascent threats and implementing preventative measures, businesses can better protect themselves in an increasingly complex digital landscape.

Extech Cloud is your trusted cybersecurity partner

Partnering with a Managed Security Service Provider (MSSP), like Extech Cloud, can provide the expertise and resources needed to navigate these challenges effectively. With the right approach, SMBs can safeguard their assets, maintain customer trust, and ensure long-term success in the digital age.

Talk to one of our experts or book a consultation for advice on your cybersecurity posture. Alternatively, read our Ultimate Guide on Cybersecurity  to expand your knowledge and inform your business strategy.