Examples of Cybersecurity Threats

There are several different paths that a cybercriminal can use to access a network server or an individual computer. This is known as an attack vector and can vary from one type of cybersecurity attack to another.

Some of the most common examples of how cybersecurity threats gain access to your information include:

• Email or web attacks
• Brute force attacks
• Trial and error to decode any encrypted data
• Removable materials such as flash drives
• Theft or loss of devices with confidential information inside
• Unauthorized use of an organization's systems' privileges

All financial institutions should develop clear cybersecurity policies, but it is important to note that small, medium, and large-sized businesses of any type and in any sector can be exposed to cybersecurity risks.

There are many different examples of cybersecurity threats, and not all of these look the same. Some people may be familiar with basic examples, such as spam and phishing, in which someone has sent an email requesting confidential information, posing as a legitimate institution, or when someone is encouraged to click on a link that takes them somewhere else to enter their details. However, there are many different types of cybersecurity threats, including ransomware, malware, corporate account takeovers, ATM cashouts, and distributed denial of service attacks. Each of these comes with different possible consequences and can be extremely harmful.

Spam and phishing include unsolicited, unwanted, or undesirable emails or messages. Phishing is known as a type of social engineering because the primary purpose is to get a person to give up sensitive information. In most cases, cybercriminals pretend to be official representatives of an agency, organization, or financial institution and send you messages about warnings related to your overall account. The purpose is for them to gather information that may be used to further breach other details.

Ransomware limits or prevents users from accessing their systems via the installation of malware. Usually, this is held for ransom, meaning that the company must pay to get access to their data or system back. Sometimes, this can include cryptocurrencies, such as Bitcoin.

Increasingly, ransomware is one of the most common examples of cybersecurity threats. One of ransomware’s biggest challenges for companies is that it's very hard to detect until it is too late, and ransomware techniques are constantly evolving. New prevention efforts are critical for minimizing the risk of ransomware.
Malware is another common problem, which is known as malicious software. The purpose of installing this onto a computer is to impact the availability, confidentiality, or integrity of data. It can be done quietly and can easily affect an entire operating system, individual application, or data. It is one of the most serious external threats to many different types of systems because of the significant disruption and damage that it can cause. Spyware is a malware program that is intended to violate privacy and has increasingly become a serious concern for organizations. Spyware invades numerous systems to track personal activities and carry out financial fraud.

Organizations also face multiple threats from several different kinds of non-malware threats. Phishing, for example, is one of the most common. Many companies choose to limit the possibility of malware and phishing attacks by ensuring systems are updated regularly, requiring all email attachments to be securely scanned, restricting removable media, and not allowing certain types of files to be received or sent by email.

A distributed denial of service attack makes some companies' online services unavailable by targeting numerous traffic sources to it from many sources and locations. This slows down the website response time and means that it cannot be accessed. This is usually done by planting malware on infected computers, and this can cause serious distractions and problems.

Corporate account takeover is another type of common cybersecurity attack that happens when cyber thieves impersonate a company and send unauthorized ACH or wire transactions. Unauthorized funds are then sent out to accounts that are controlled only by the cybercriminal.

An ATM cashout usually impacts medium-sized or smaller banks or credit unions. This involves substantial cash withdrawals from multiple ATMs in many regions.

If you have suffered any of the examples of cybersecurity threats, your business may experience lost trust from consumers. As an individual, your personally identifying information or personal health information could be leaked to other entities, and this can cause you numerous problems. This is why it is extremely important to communicate with class action lawyers, like those working at Morgan & Morgan.

In many cases, a class action lawyer is necessary because this involves the consolidation of numerous claims from multiple consumers, all of whom have been harmed by ransomware, malware, or other types of cybersecurity threats. These individuals come together to hold organizations responsible, such as a bank that failed to have appropriate security protocols or an institution that waited too long to inform consumers that their information had been leaked, giving those consumers minimal to no opportunity to respond and protect their details.

Communicating with a qualified class action lawyer may be the only way for you to recover compensation after a cybersecurity breach. To act now, contact Morgan & Morgan for a free, no-obligation case evaluation to learn how you can fight back.