Exploiting the pandemic
Along with the rest of the cybersecurity community, when the impact of COVID-19 became clear, we warned that the pandemic would provide fertile ground for cyber criminals. Alas, surveys show just how fertile it has been. In the latest, Software Advice found that 62% of small and medium-sized organisations in the UK have experienced an increase in the number of attacks over the past two years.
Common weaknesses include careless employees, poor network security, software bugs, and unencrypted data. Passwords and authentication continue to plague smaller organisations, with 39% of those surveyed admitting to reusing passwords on work accounts. A separate study by Proofpoint found that negligent insiders were the root cause of 56% of incidents, with malicious or criminal motives behind 1 in 4 cases. The 2022 Cost of Insider Threats Global Report lists signs that an organisation might be at risk, including lack of training and use of unapproved cloud storage.
And social media fraud remains a key threat, with the US Federal Trade Commission reporting that more than 95,000 people lost total of $770 million last year. That's up from $258 million in 2020 and $42 million in 2017. Cryptocurrency scams were a key driver behind the increase, but the largest number of reports originated in online shopping fraud where criminals advertised misleading or nonexistent products on social media.