7 Types of Cyber Attacks You Should Be Aware of in 2023

In the wake of the pandemic, the growing dependency on the internet has exposed individuals to more sophisticated types of cyber attacks than ever before. According to Statista, Cybercrime costs are projected to escalate from $8.44 trillion in 2022 to $23.84 trillion by 2027 globally.

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The FBI’s records reveal the far-reaching impact, with at least 422 million individuals affected and a substantial 800,944 complaints filed in 2022 alone. Alarming estimates predict 33 billion account breaches in 2023, translating to 2,328 daily and 97 victims every hour. 

Thus, it’s crucial to perform cyber security measures and be informed about the current cyber threats in 2023. 

This article will cover different types of cyber-attacks and provide examples and practical ways for individuals and organizations to protect themselves in this threat landscape.

What is a Cyber Attack?

 

A cyber attack is a malicious and deliberate attempt to compromise the security of computer systems, networks, or digital devices. These attacks can involve unauthorized access, disruption, theft, manipulation, or destruction of sensitive data, information, or infrastructure. 

Cyber attacks are carried out by individuals, groups, or even nation-states with various motives, including financial gain, political or ideological agendas, espionage, or simply causing disruption.

Types of Cyber Attacks in 2023

There are multiple types of cyber attacks through which an attacker can gain access to your network system. 

Here, we will discuss only the top 7 cyber attacks that you should be aware of;

1. Ransomware Attacks

In 2022, there were approximately 2.3 billion ransomware attacks, reflecting an 80% surge compared to 2021. It stands among the top three commonly encountered attacks most organization faces in 2023.

Ransomware is a type of malware that locks victims’ data using encryption, demanding payment for access. It spreads swiftly through networks, targeting files and databases, potentially crippling entire organizations.

It arises via malicious links, email attachments, vulnerabilities, or worms. After infecting, it spreads across devices and connects to the attacker’s server. Encryption occurs with asymmetric keys, needing payment for decryption via the attacker’s private key.

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Costa Rica encountered a ransomware incident exemplified by a national crisis, as 30 government institutions suffered consecutive attacks within a brief timeframe.

2. Phishing Attacks

Constituting 16% of cases, phishing ranked as the second leading cause of data breaches. It also carried the highest financial impact, averaging $4.91 million in breach expenses.

Phishing attacks, a prevalent cyber threat, relying on social engineering tactics, involve an attacker posing as a trusted source and sending deceptive emails. Unsuspecting recipients may click malicious links or open attachments, unwittingly providing access to sensitive data and account details, enabling potential malware installation.

 

An example of a major phishing incident is the bogus invoice scheme, which inflicted losses exceeding $120 million on Google and Facebook during 2013-2015.

3. Distributed Denial of Service (DDoS) Attack

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This type of attack strives to overpower a target’s network or servers with an immense barrage of traffic or requests. These assaults employ multiple compromised hosts under the attacker’s control, causing the system to slow down or halt, disrupting its regular functions. 

Although its primary objective isn’t data theft, its intention is to exhaust an organization’s time, finances, and resources during the restoration of crucial operations to their regular state.

Notably, in February 2020, Amazon Web Services (AWS) faced the largest DDoS attack ever recorded.

4. Man-in-the-middle attack (MITM)

Over a third of inadvertent vulnerability exploits involve MITM attacks, per IBM’s X-Force Threat Intelligence Index 2018. 

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In a MITM attack, hackers insert themselves into a two-party transaction, intercept traffic, and steal data. These attacks often target unsecured public Wi-Fi users, with attackers inserting themselves between visitors and networks to install malicious software and manipulate data. 

Such breaches frequently center on compromised identities, with CrowdStrike noting 80% of breaches using them, taking up to 250 days to detect. 

For instance, the Equifax incident impacted 2.5 million customers, totaling 145.5 million, due to MITM attacks.

5. Password Attack

Over 80% of confirmed breaches stem from compromised, weak, or reused passwords. Password attacks exploit authentication by guessing or cracking user passwords. Hackers employ tools like Cain, Abel, Aircrack, and Hashcat to crack passwords.

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A classic example of a phishing password attack tricks users into believing their account faces deactivation unless they confirm login data. Using a website like http://Xyz.com, attackers send fraudulent emails stating an account breach, urging credit card and login details. 

Clicking the link, http://Xyz.com/confirm-details redirects victims to a fake confirmation page. Here, they input real credentials, enabling hackers to access the legitimate account.

 

6. Malware 

Malware, an abbreviation for “malicious software,” disrupts networks and pilfers data. Hackers trick users into installing malware, triggering hidden script execution that sidesteps security, granting unauthorized access. Malicious programs pose as harmless but infiltrate systems, often affecting entire networks. These assaults aim to steal personal or corporate data and disrupt operations. 

In 2022, the globe faced 5.5 billion malware attacks. Common malware categories include worms, viruses, ransomware, trojans, and backdoors. 

Source: Global malware attack count annually, spanning 2015 to 2022 (in billions)

Prominent incidents encompass CryptoLocker ransomware (2013), Emotet trojan (2014), Mirai botnet (2016), Petya ransomware/NotPetya wiper (2016/7), and Clop ransomware (2019-Present).

7. Botnets

In Q4 2021, Spamhaus’s Botnet Threat Update noted a 23% rise in botnet C&C (command and control) attacks, increasing from 2,656 in Q3 to 3,271 in Q4.

A botnet is a cluster of connected devices, each hosting one or more bots. Botnets execute tasks like DDoS attacks, data theft, spam distribution, and unauthorized access. Command and control software directs these networks. 

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Notable examples include Zeus (2009), responsible for financial losses due to banking data theft, and Cutwail (2009), a major spam botnet generating a substantial share of global spam emails at its peak.

How to Prevent These Types of Cyber Attacks

Engaging in the following practices will deter a range of cyberattacks:

• Regularly update and strengthen passwords. Avoid complexity that leads to forgetting and never reusing them.
• Keep operating systems and apps up-to-date to eliminate vulnerabilities. Trust certified antivirus software.
• Utilize firewall, intrusion prevention, access control, and application security for network safety.
• Exercise caution with unfamiliar sender emails. Scrutinize for anomalies.
• Employ a VPN for encrypted traffic between the server and the device.
• Back up data thrice on different media types, including off-site storage (cloud).
• Train employees in cyber threat awareness.
• Embrace Two-Factor or Multi-Factor Authentication for robust account security.
• Secure Wi-Fi networks and abstain from public Wi-Fi without VPN.
• Safeguard mobile devices: install only trusted apps, and maintain updates.

Wrap Up

As cyber threats persist, protecting against them is vital in the digital era. Understanding phishing, malware, and ransomware is key. Employing cyber security best practices helps organizations and individuals mitigate risks, ensuring defense against data breaches and device compromise.

Visit Daily Digital Grind to stay informed and vigilant against cyber risks.

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