Cybersecurity risks continue to be topmost in the minds of most IT departments. We stay abreast of new threats and do our best to ensure that adequate protections are in place. These days, it is a daily activity. in 2018, it’s our new reality.

As time marches on and cybercrime becomes more insidious, cybersecurity must become smarter and more predictive. We have seen evidence that nobody is exempt from malicious intent – from large companies like Amazon, Verizon, and Equifax to small, home-based businesses, cybercrime has racked up direct costs into the hundreds of millions of dollars. However, the indirect costs, such as the cost of insurance and lost business, ranks into the billions, or even trillions.

Looking ahead to 2018 and beyond, what are the top cybersecurity risks?

With the cybersecurity landscape constantly in flux, many initiatives have been put in place to protect businesses as well as individuals. With that in mind, we have put together a list of what we consider to be the top five cybersecurity risks for 2018:

Cybersecurity Risk #1: Internet of Thing (IoT) adding unmitigated risk

With the rise of IoT devices infiltrating the workplace, there will be greater opportunity for cybercriminals to exploit weakened security and enter the network through these devices. Such items range from connected coffee makers to security cameras, door locks, network printers, light bulbs, smart televisions, and in a worst-case scenario, industrial control systems that manage the supply chain. Connected items are at greater risk if they come with a factory-installed password that cannot be changed so it is imperative to ensure that all connected devices can be password-protected and controlled from behind the firewall.

Cybersecurity Risk #2: Zero day exploits

Cybercriminals look for vulnerabilities in software and often obtain a grip on them even before they are discovered by the developer. The term “zero day” refers to the amount of time between the discovery of the vulnerability and the moment it is inevitably leveraged by malicious factions. The incidence of zero day exploits is on the rise, telling us that cybercriminals are becoming more sophisticated and are able to act faster than ever before. Recent studies suggest that SMBs are the most vulnerable, with the incidence of zero day exploits rising from once per week to once per day by 2021.

Cybersecurity Risk #3: Malware in the cloud

Because cloud server providers store massive amounts of data in the cloud, they are at risk of becoming targets for cybercriminals. Cloud providers need to be constantly ramping up efforts to keep their customer’s data safe, providing their end users with the most up-to-date and intelligent protections possible. Going forward, threat intelligence platforms will gain importance in security infrastructure, while security management at the IT level will be a dedicated job whether it is supported in-house or outsourced to an IT consultancy. As a result, security systems will need to evolve to become more heterogeneous as opposed to having multiple systems operating independently.

Cybersecurity Risk #4: Password-only authentication

Moving forward, the incidence of password-only authentication will continue to decline. Two-factor authentication (2FA) or multi-factor authentication using biomarkers will be more prevalent in order to shore up network access points. The risk to companies who still use password-only logins will rise as attacks on these gateways increase. Solutions like single sign-on and 2FA can help keep your data secure. Call Greenlight to explore your options.

Cybersecurity Risk #5: Bots and worms are on the rise

Automated threats are amplifying the results for cybercriminals, so it stands to reason that their incidence will be more frequent. Worms spread malware en masse and much faster than any other method. Once these attacks become more sophisticated—currently they are easy to detect—there is a potential for them to do a lot of damage.

Is your cybersecurity infrastructure keeping your data as safe as it can be? Call Greenlight today to schedule a consultation.