What kind of cyber threats await us in 2018

What kind of cyber threats await us in 2018

2018-04-01

The more digital the world becomes; the bigger threat digital crime is. What it often chooses as its target is the valuable product of our times – data. And as of 2018, also devices that constitute a growing share of the IoT.

2017 was the year of DDoS type attacks, ransomware, malware, phishing, botnet. The attacks by viruses like Petya, WannaCry, BadRabbit, which had infected hundreds of thousands of webs connected computers very fast, have shown a new level of cybercrime.

According to Grey Wizard, the average cost of a cybercrime last year was as much as 11,7 million dollars. That’s a 22,7 percent increase! The technological development makes it possible for a person with no specialized knowledge to conduct an attack, which contributes to the increase in the number of attacks. The sectors that get at-tacked the most are: energy sector, health service, retail trade and production. Among victims of hacker attacks are also the financial sectors and government institutions.

Energy sector
Energy sector

Grey Wizard has published interesting study results that illustrate how hacker attacks impact companies. As many as 22% of companies lost costumers, with 40% of them having lost more than 20% of their existing client base, 29% of companies observed a loss of income, with 38% of them at a level above 20%, 23% of companies believe that the attacks have limited their chances of expanding the business, with 42% of them estimating the loss of potential revenue to be more than 20%.

IoT platforms
IoT Platform Companies by Segment /by www.iot-analytics.com/

According to Bakotecg, in this year of 2018 we should expect new variants of the ransomware type. Cybercriminals are also predicted to target corporations, cryptocurrencies, cloud-based services and the weakest link, which is the Internet of Things, or IoT.

Organizations – companies and institutions – that won’t get their companies protected well enough on time will get attacked again, which might be more severe than in 2017. A good example of that is the recent hacker attack on the Korean cryptocurrency exchange (June 2018), which caused the value of Bitcoin to drop by whole 10%, and that of Ethereum by 11%.

According to analysts from Gartner, 2018 will be a breakthrough year in implementing IoT systems, and by 2020 there will be as many as 20 billion IoT devices connected to the web and they will constitute as much as 95% of the new electronics.

Bruce Scheiner wrote on his blog:

The Internet is dangerous – and IoT gives it not only eyes and ears, but also hands and feet

Unfortunately, there are no rigorous requirements as of today regarding IoT devices security, which results in the device manufacturers not putting much emphasis on securing them properly.

Computer systems keep getting more secured which is why a growing number of hacker attacks will be actually getting directed at the Internet of Things (IoT).  WatchGuard, Marc Laliberte predict 2018 to bring successful botnet attacks on IoT devices, which should result in introducing new regulations regarding minimal safety requirements for the manufacturers of IoT devices.

Here at BASTION Protocol we’re developing a dedicated solution for IoT, which will allow both businesses and owners of houses, or anything connected to the Internet, to freely use it without the fear of losing their privacy and data.

cyber attack
Example of stealing information

We live in an era of rapidly developing technology and whether we like it or not, we are stuck with it. Most of use cell phones, computers, tablets, smart TVs and other devices that are permanently connected to the web. That makes us a potential target for hackers – an easy target.

Stealing sensitive data or breaking into IoT (Internet of Things) type devices might give some people a heart attack. Just imagine a hacker taking a sneaky picture of us in a private situation and then spreading it online without our permission. No less stressful is the prospect of having large amounts stolen from a bank account, or patents.

Today, attacks are no longer only directed at huge corporations, banks, or government institutions. Every ordinary Internet user (and who isn’t one in this era of global digitalization?) might fall victim to a cybercriminal. The question isn’t when to start taking care of our cybersecurity, the question is why aren’t we doing it to the necessary degree yet? The Internet is everywhere, not just in smartphones, but also in fridges and cars, in home appliances. Their number will keep growing, which will make them a potential weak link in our life that keeps getting more and more connected to the Internet.

It’s time to think of the safety of ourselves and our loved ones. Let’s not give up on the benefits of new technologies. Instead, let’s use them in a wise, responsible way, getting protected from those with bad intentions. Do we lock our door when leaving the house? Of course. We also turn on the alarm. The world connected to the Internet requires the same, but on a more advanced level, which is however available thanks to new solutions – for business, for home and for everyday life.

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Piotr Powszuk
Piotr Powszuk Co-Founder, COO

I am responsible for the organization of operational processes, settlements, team development.

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