The Evolution of Cybercrime: Staying Ahead of Emerging Threats

By Eric Peterson, Director of Cyber Security Operations - 17 Oct, 2024
Security Services
6 Minutes Read

As a leading Managed Security Service Provider (MSSP), we’ve witnessed firsthand the rapid evolution of cybercrime over the past decades since our founding in 2013. What began as isolated incidents in the 1980s has transformed into a sophisticated, global threat landscape that impacts organizations of all sizes across every industry.

The Changing Face of Cybercrime

1980s-1990s: The Dawn of Digital Threats

In the early days of personal computing, cybercrime primarily consisted of viruses spread through floppy disks and email attachments. The first significant computer worm, the Morris Worm, emerged in 1988, infecting about 6,000 computers – a significant number at the time.

2000s: The Rise of Identity Theft and Phishing

As more people connected to the internet and social media platforms gained popularity, cybercriminals shifted their focus to identity theft and phishing attacks. By 2010, approximately 1.5 million cybercrime incidents had been reported in the USA alone.

2010s: Ransomware and Large-Scale Data Breaches

The past decade saw the rise of ransomware attacks and massive data breaches affecting millions of users. Notable incidents included the Equifax breach in 2017, which exposed the sensitive data of 147 million consumers.

2020s: Sophisticated Attacks and Supply Chain Vulnerabilities

Today, we’re facing increasingly complex threats in the cybersecurity landscape. The SolarWinds supply chain attack in 2020 compromised thousands of organizations, including government agencies, serving as a wake-up call for the industry. This sophisticated attack highlighted the vulnerabilities in software supply chains and the potential for widespread impact.

Ransomware attacks have become more targeted and costly, with the average payout increasing from $812,380 in 2022 to $1,542,333 in 2023. This significant rise demonstrates the growing audacity and effectiveness of ransomware groups. The ransomware landscape has evolved, with 59% of organizations being hit in the last year and 70% of attacks resulting in data encryption.

Other notable trends and events shaping the current threat landscape include:

  • Cloud environment intrusions: There has been a 75% increase in cloud environment intrusions over the past year, with cloud-conscious cases rising by 110%. This trend reflects the growing reliance on cloud services and the need for robust cloud security measures.
  • Malware-free attacks: In 2023, 75% of detected identity attacks were malware-free, utilizing techniques like phishing, social engineering, and exploiting trusted relationships. This significantly increased from 62% in 2021 to 40% in 2019, indicating a shift towards more sophisticated attack methods.
  • AI and machine learning threats: The rise of generative AI has introduced new cybersecurity challenges. 35% of CISOs already use AI for security applications, with 61% likely to use it in the next 12 months. However, this technology also poses risks, as threat actors may leverage AI to enhance their attack capabilities.
  • IoT vulnerabilities: There was a 400% increase in IoT malware attacks across various industries, with the manufacturing sector being the most targeted globally. This surge highlights the growing importance of securing the Internet of Things devices and networks.
  • Credential abuse: Abuse of valid credentials accounted for 44.7% of data breaches, emphasizing the critical need for robust authentication methods and access controls.

These trends and events illustrate the evolving nature of cyber threats and the need for organizations to continuously adapt their cybersecurity strategies to address new and emerging risks.

The Current Threat Landscape

The cybercrime landscape continues to evolve at a rapid pace:

  • Cybercrime has increased by 300% since March 2020
  • In 2022, 66% of organizations were hit by ransomware.
  • 94% of malware is now delivered via email.
  • Nearly half (47.4%) of all internet traffic came from bots in 2022, a 5.1% increase over 2021.

Protecting Your Organization

As your trusted MSSP, we recommend a multi-layered approach to cybersecurity:

  • Implement robust email security solutions to combat phishing and malware.
  • Regularly update and patch all systems and software.
  • Enforce strong password policies and multi-factor authentication.
  • Conduct regular security awareness training for all employees.
  • Develop and test an incident response plan.

By staying vigilant and implementing these best practices, your organization can significantly reduce its risk of falling victim to cybercrime. Remember, cybersecurity is an ongoing process, not a one-time fix. As your MSSP, we’re here to help you navigate the ever-changing threat landscape and keep your digital assets secure.

New Era Technology and SecureBlu Can Help!

New Era’s SecureBlu portfolio of Security Services, such as Managed Detection and Response (MDR), maintains optimal security posture by continuously minimizing the attack surface and improving visibility via enhanced monitoring and response. If you want to learn more about how your organization can prevent, detect, and maintain threats through SecureBlu, please visit our MDR page for datasheets or email us at solutions@neweratech.com.

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Author: Eric Peterson, Director of Cyber Security Operations

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