Cybersecurity has been a critical factor in digital transformation. As more and more businesses adopt robust technologies to improve and hasten operations, productivity, and sales, they become more vulnerable to cyber threats and attacks.
According to Gartner, the top cybersecurity trends in 2022 include attack surface tension and digital supply risks. Because 60% of knowledge employees are remote, public cloud usage is greater. Using cyber-physical systems and highly-connected supply chains has exposed new and more challenging attack surfaces. So, how can businesses face such cybersecurity challenges in the post-pandemic era?
Learn valuable insights from industry leaders on how businesses should strengthen their cybersecurity in 2023 and beyond.
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Business Email Compromise In Real Estate
The most common cybersecurity threats in the real estate industry include ransomware, malware, unprotected IT infrastructures, and business email compromise. Microsoft Digital Defense Report revealed that cybercriminals could quickly access private data after a business email compromise or phishing only within 1 hour and 12 minutes. Cybercriminals are too fast, so it is vital for real estate employees to comply with the best cybersecurity practices as IT security threats are becoming more pervasive.
Stephen Keighery, the Founder, CEO, & Real Estate Expert of Home Buyer Louisiana, shared his take on business email compromise. “Business email compromise involves utilizing email fraud or a spoofed account to target real estate agencies. In a BEC attack, the email looks like coming from a legitimate source, such as a homebuyer or the company’s CEO. The cyber attacker first finds more information about the real estate agency and connects with specific, vulnerable employees. The phishing email includes a clickable link that leads the recipient elsewhere or initiates a computer malware download, providing free access to the attacker to the company data and systems unnoticed.”
Keighery added, “Real estate businesses must quickly respond to a BEC attack by adopting central protection against phishing and other email threats. Protecting your company against email threats includes reviewing your email account configurations, regularly reviewing notifications, and training your team through employee cybersecurity awareness training.”
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Domain Name Hijacking
Domains become unprotected due to domain hijacking, which makes consumer-grade registered brands more vulnerable. Consumer-grade registrars don’t usually impose advanced domain security measures like registry locks, leaving the domains at risk for hijacking.
Grant Polachek, the Head of Branding at Squadhelp, explained how domain name hijacking works. He said, “Fraudulent, brand-specific domain registrations happen because of lacking robust enforcement service, which makes the brand a priority and an easy target for bad actors. Cybercriminals use malicious domain registrations to leverage consumers’ trust in the target organization to launch phishing attacks successfully.”
“People must be aware of the domain name space’s notable emerging threats, such as easy and low-cost third-party integrations and QR code usage, to make more informed decisions when choosing domains for business purposes. Bad actors buy low-cost domain names and leave them dormant until they find an opportunity to initiate a cyberattack. On the other hand, a QR code prolongs a domain name’s lifespan, which increases an organization’s website traffic. However, cybercriminals also take advantage of QR codes to redirect traffic, leading to fraudulent transactions”, Polachek added.
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Insurance Fraud
Cybercriminals love to target insurance companies because they hold Personally Identifiable Information (PII), making them excellent prey for ransomware attacks. They also want to find out more about insurance companies’ cyber insurance policies, determining how they can take advantage of them.
Fred Kuffer of BrokerLink, explained, “Cybercriminals steal customers’ cybersecurity policy information to commit fraud. Ransomware operators compromise the networks of insurance companies to obtain security standards and policy details. Therefore, insurance companies must establish tailored cybersecurity policies and intelligence to determine the possible techniques that bad actors will use and protect their customers against attackers.”
Kuffer added, “Bad actors inflict ransomware because they’re attracted to cyber insurance coverage. They want to know how much insurance companies can pay for customers with cybersecurity insurance coverage. In that way, they can demand higher ransom payments that victims are willing to pay based on their cybersecurity insurance coverage, maximizing their profits.
Cryptocurrency-Associated Cybersecurity Risks
Cryptocurrency is popular in the financial sector but poses several cybersecurity risks, including theft scams, crypto hacking, and fraud. Crypto investors and users must know these cybersecurity risks to protect themselves against cyberattacks.
Jonathan Merry, the Co-founder of CryptoMonday, shared his expert insights about cryptocurrency-associated cybersecurity risks. He said, “Cryptocurrency wallets and exchanges are appealing to cybercriminals. Crypto hackers steal crypto coins through bridge attacks, wherein hackers target cryptocurrencies during blockchain transfer. Also, a hot wallet allows a cybercriminal to hack the user’s device and access the crypto wallet to steal the funds. Hackers also send phishing emails, tricking users into downloading malware, which can steal cryptocurrency.”
Merry added, “Cryptocurrency users and investors must be vigilant. They must take necessary safety precautions to reduce their risks of cybersecurity threats. Use strong passwords and change them at least once a month. Enable two-factor authentication to add an extra layer of security. Avoid phishing scams by contacting the crypto exchange or company directly instead of clicking links via email.”
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Online Business Cybersecurity
Online transactions have corresponding cybersecurity risks. Cybercriminals pretend to be legitimate online sellers, sending phishing emails to loyal customers. They promise huge discounts, luring their next victims to click on a link and provide their financial information.
Wesley Oaks, the Founder of Betta Fish Bay, shared his cybersecurity insights about online businesses. “Consumers buy many things online. For instance, fish enthusiasts purchase filters, pet toys, plants, and fish tanks online because it’s convenient and fast. As an online business owner, I strive to protect my customers by ensuring my website is a safe place for them to visit every time. I hire experienced cybersecurity experts to check the website’s security status regularly. Furthermore, I have invested in cybersecurity solutions to minimize the risks and impacts of a cybersecurity attack,” shared Oaks.
Conclusion
Industry leaders have shared their expert insights on business cybersecurity in 2023 and beyond. The business landscape rapidly changes, and so do the cybersecurity needs of each industry and company. Business leaders must always prioritize cybersecurity because a minor leak can result in a major disaster, possibly shutting down an organization quickly.