New technology can be exciting for the business world. We use new technology to improve our products, make our customers happier, and increase profits. Automation and machine learning make this possible. Not long ago, what we accomplish today was only possible in science fiction.
But now that science fiction has become science fact, we’re realizing how new technology can improve our businesses. But it also opens them up to new terrifying threats.
Since the COVID-19 pandemic, many businesses have switched to hybrid or remote work environments. As a result, cybercrime has risen by a whopping 300%, according to the US FBI. By 2025, it’s expected that damage associated with cybercrime will reach $10.5 trillion per year.
Businesses need to understand how new technology affects cybercrime. That way, they can improve their security and protect sensitive information.
Ready to learn what new security threats are rising in the wake of new technology? In this article, we’ll explain how businesses can effectively combat them and more.
Let’s dig in.
New technology leads to new security threats
Cybercriminals can use the new technology we want to incorporate into our tech stacks to steal valuable data. As tech advances, so too do the capabilities and tactics of these scammers.
To protect yourself from cyber threats, you need to know what they are and how they affect you. Then, you can start using cybersecurity tactics to defend against them.
Here are some major cyber threats brought about by new technologies.
Spear phishing
We’re all familiar with phishing email scams. They target random victims pretending to be reputable companies or entities like PayPal (or a Nigerian prince…) and try to get them to click on malicious links that infect computers with malware.
Spear phishing scams gain access to the private information of successful businesses. They target the emails of employees, pretending to be their colleagues. New technology helped them hide their email addresses and pretend to be someone from the target organization. That’s why these attacks are so successful.
They also use social networks for this scam to scrape identity data to aid in their deception.
As recently as August of 2022, password management company LastPass caught a phishing breach targeted at one of its developers and sent the following email to users.
The company handled the situation, but a security breach like this can make users feel unsure. This is especially true for those people who store important information, like passwords, in LastPass.
Botnet advancements
Botnets are nothing new. Attackers have used these spam and virus-spreading systems to steal passwords and email addresses for years.
But botnet advancements have changed the game. Criminals can get your payment card info, name, age, email, password, and even see what you do online.
A botnet attack on a business could wipe its data completely, holding it all for ransom. This is why you need advanced cybersecurity measures.
Digital data advancements
Technical advancements have brought about cloud-based digital data storage. Digital storage replaced the tried-and-true practice of keeping hard-copy data in huge filing cabinets.
This improvement created a system that’s easier to use and takes up less space. You can also reach it from anywhere. However, it also gave attackers a chance to get into the system and get the information.
Your customers’ data might be up for grabs if you don’t have good cybersecurity. This data includes personal information and credit card numbers. In May 2022, a cybercriminal with a history of successful attacks against the FBI and Robinhood tried to extort the company QuestionPro, claiming to have stolen 22 million customer email addresses.
Additionally, on July 21, 2022, a cybercriminal attempted to sell data on 5.4 million Twitter users that they obtained through a data breach. These attacks were only possible because of the digitalization of customer data.
Businesses must adopt new technologies to combat cyber criminals
While new technologies pose a considerable security threat, they’re also our last, best line of defense. However, businesses shouldn’t use similar methods to fight against cyber attacks. Advanced security solutions offer better defense against high-tech attacks.
Today, many organizations use colocation data centers to save money on maintaining their computer systems. These data centers are part of a modern hybrid computer setup. They help reduce the costs of owning and managing computing facilities.
However, this introduces new security challenges. They must ensure that all data is securely managed offsite. Modern technology, including building automation systems and biometric access controls, has made this a secure and reliable option.
Other companies have created secure nationwide security systems. Surveillance and tracking systems for courier services have allowed companies to roll out climate-controlled vehicles that can consistently hand off or deliver packages. Business intelligence is a fundamental part of this, as companies must make the right decisions to get visibility into their parcel shipping data and run analytics.
Companies need business intelligence to make smart decisions using their parcel shipping data. This intelligence involves gaining visibility and using analytics.
But it’s not just smaller companies taking these steps. Many free tools Google offers include advanced security features that users can access. These include ad personalization and Google’s Advanced Protection Program to defend the security of users from phishing attacks and harmful downloads.
Here are a few technologies you can adopt to strengthen your company’s security.
VPNs
The need for data privacy and security is increasing for both businesses and individuals. As a result, there is a growing market for software that helps with this. That’s why VPNs (virtual private networks) have become so popular. They’re available for personal and commercial use.
A VPN tunnels your internet connection to a different location while scrambling your data with military-grade encryption. The top VPNs on the market are constantly evolving to introduce new features that provide increased levels of security for users.
These features include top-of-the-line AES-256 encryption. It also incorporates kill switches that cut your internet connection if it detects a DNS leak that could expose your data.
Modern VPNs have features such as no-log security policies and camouflage modes. These features help to make your internet browsing look normal to your internet provider.
AI detection
Artificial Intelligence advancements have made it easier for businesses to detect and stop data breaches.
AI and machine learning have transformed the cybersecurity space by:
- Detecting any anomalies that may indicate an attack
- Processing data to predict future vulnerabilities and security risks
- Responding to data breaches automatically without any human intervention
Having advanced machine learning algorithms provides a huge advantage for threat prevention. These kinds of AI systems use high-quality test data to train security modules effectively. For example, an AI algorithm can identify phishing email scams by analyzing a message’s context and content.
Financial defense
The fintech industry is a major target for scammers and thieves the world over. That’s why fintech companies are rolling out new initiatives to secure users’ financial information.
MOS is a company focused on making student accounts easier to use with new technology. They are working hard to make them more accessible.
This, on its own, has created a new set of challenges. Dealing with young adults means that security protocols have to be pristine to ensure there are no breaches in the system.
To combat this, the fintech industry is using enhanced security measures. These measures include biometric scans and two-factor authentication (2FA). Biometric scans and 2FA help combat poor password security and the carelessness of average users.
Safety and trust are essential when shopping online. This is because we save and share personal information, like credit card details, on the Internet. Online payment systems use the same AES-256-bit encryption to avoid scams.
Employee training
Businesses must adequately train their employees when implementing new security technologies. It’s not a direct technological advancement, but it’s still crucial.
They should also teach employees with access to the company’s data to detect and avoid spear phishing scams.
According to a study by IBM, human error is the cause of 95% of cyber attacks. By providing employees with cyber security training, businesses can help reduce the possibility of major data breaches.
Conclusion
Cyber threats are real. The world is full of bad actors who wouldn’t think twice about ruining your company’s reputation if it meant adding a few dollars to their bank account. New technologies make their threats more dangerous every day.
You must remain vigilant. Adopt new technologies with enhanced encryption and AI-driven detection systems. Use these advancements to your advantage.
Educate your team members on what threats to watch for. Implement ongoing training for your staff and keep your tech stack updated.
Knowledge is power. And knowledge of security technology could be the last line of defense for your business against cybercrime.