Part 2 will cover more growing cybersecurity threats of 2023.

Cryptojacking

Cryptojacking involves cybercriminals hijacking home or office computers to mine cryptocurrency, especially Bitcoin. Mining requires huge amounts of processing power, allowing the hijackers to earn cryptocurrency without the knowledge of their victims. Affected computers suffer serious performance problems, resulting in downtime that can harm a company’s reputation and profitability.

Evolving Ransomware Attacks

Ransomware attacks are estimated to cost victims damages in the billions of dollars annually. Successful attackers can take over the computers or servers of a company or individual, locking them out of the devices and databases needed for day-to-day operations. Wealthy individuals are becoming increasingly targeted as they can afford to pay a higher ransom to restore computer access.

Internet of Things (IoT) Attacks

IoT rapidly gains traction daily, and associated devices will likely surpass 75 billion by 2025. IoT will encompass appliances, cars, home security systems, laptops, manufacturing equipment, medical devices, routers, smartphones, smartwatches, and tablets. Connected devices gather data that can provide valuable insights regarding their usage. Unfortunately, cybercriminals can take them over to hijack equipment or overload networks for monetary gain.

Social Engineering

Cybercriminals are becoming increasingly sophisticated in the malicious use of technology and psychology. They exploit human weaknesses using traditional communication and social media to trick victims into revealing or providing sensitive information that can lead to to extremely costly data breaches.  

State-Sponsored Cyberattacks

Countries are now using cybercrime to profit from stolen personal or company data. State-sponsored cyberattacks have also been known to cause electrical utilities to crash, causing blackouts. Organized attacks have also involved the deployment of sophisticated ransomware to take over public and government facilities.

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