The growing use of digital technologies have been contributing to a rise in the number of cyberattacks globally. In light of their increased Internet presence, digital users are urged to become more sensitised about the various forms of threats and how they can impact them.

Just recently, an attack on customers of the National Commercial Bank saw them being defrauded of millions in savings. While the authorities have been conducting the necessary investigations to catch the perpetrators, having even a basic understanding of the likely threats could help to ward off future attacks.

A cyberthreat is a malicious act that seeks to damage data, steal data, or disrupt digital life in general. Breaches from these attacks often carry the potential to adversely impact organisational operations, assets, or individuals through a system via unauthorised access, destruction, disclosure, modification of data, or denial of services. These threats can arise from numerous sources, both external and internal. Insider threats are, however, regarded as one of the most likely causes of breaches and are also more difficult to detect. Threats also vary and they do not discriminate when looking for potential targets.

Threat intelligence platform Fortigard Labs, in a recent report, said that in 2021 Latin America and the Caribbean experienced over 289 million cyberattack attempts, 600 per cent above the prior year, with distributed denial of service (DDOS) attacks, ransomware, phishing campaigns, malwares, and trojans being named among the top cyberthreats observed.

Other common types of cyberthreats may also include data breaches, password attacks, improperly configured systems, malicious insiders, human error, weaponised artificial intelligence, limited resources, infiltration of the Internet of things (IoT) devices, botnet attacks, and system hacking.

Cyber threats are a big deal as attacks can lead to electrical blackouts, system failures, theft of sensitive data, and system paralysis. Attackers are usually after financial gain or disruption espionage. As attacks become more pervasive, the need for safeguarding systems by businesses also becomes very important as they, too, must take steps to protect a wide cross section of data and assets.

According to global cyber research entity Cybersecurity Ventures, it is estimated that by 2025, the cost of cybercrime is expected to reach US$10.5 trillion as the impetus to protect digital businesses and activities becomes paramount. Locally, numerous companies, especially those within the financial sector, have also been spending millions to retrofit and roll out their digital transformation strategies, much of which have been jumpstarted since the pandemic.

Information technology consulting firm Symptai Limited said that, in light of the growing threats, organisations can no longer afford to treat cybersecurity as an afterthought.

“Now, more than ever, businesses need to balance a rapidly evolving cybersecurity and privacy threat landscape against their own business requirements. As a result, understanding the cyberthreat landscape is critical to ensure that your organisation is prepared,” the company advised.