What is a Cyber Attack?

A cyber attack refers to any intentional attempt to steal, alter, expose, destroy, or otherwise tamper with data, applications, and other assets via unauthorized access. Networks, computer systems, and digital devices are all vulnerable to cyber attacks.

10 most common types of cyber attacks

1. Malware

2. Denial-of-Service (DoS) attacks

3. Phishing

4. Spoofing

5. Identity-based attacks

6. Code injection attacks

7. Supply chain attacks

8. Insider threats

9. DNS tunneling

10. IoT-based attacks

Why do cyber attacks happen?

Cyber attacks happen when threat actors gain unauthorized access to networks, computer systems, or digital devices. The primary motivations for cyber attacks vary but can be loosely grouped into three categories

1. Criminal

2. Political

3. Personal

Financial gain is one of the primary drivers of criminally-motivated cyber attacks. Your data is incredibly valuable, selling for upwards of $1000 on the dark web. Threat actors can also use your data to hack into bank accounts or run social engineering scams to trick you into sending money willingly.

Politically-motivated cyber attacks are often funded by nation-states or foreign governments with the goal of espionage or disrupting critical infrastructure. However, these types of attacks can also occur via “hacktivists” who aim to promote political or social agendas at-home and abroad. Cyberwarfare and cyberterrorism are also examples of politically-motivated cyber attacks that often result in violence.

Cyber attacks with a personal motivation usually originate from disgruntled employees (or former employees) who steal data and/or money or disrupt systems for “revenge”.

Impacts of a cyber attack

Successful cyber-attacks can have a significant impact on the individual or organization targeted. The attacks cause unexpected downtime, which leads to major service disruptions,

financial and data losses, and can damage reputations.

The Cost of a Data Breach report states that the average security breach results in $1.42 million in lost business. But it’s not just the cost of a data breach that adds up. The same report found that organizations spend an average of $2.62 million detecting, responding to, and remediating breaches.

Individuals who are victims of cyber attacks are most often impacted financially. Occasionally, though, they also get caught up in attacks aimed at organizations. This was the case in the 2021 Colonial Pipeline attack that resulted in widespread fuel shortages to the US East Coast.

How to prevent cyber attacks

Threat management is an effective way to identify and protect an organization’s most important assets and resources. Security solutions include:

• Firewalls to help block threat actors from entering the network and block malicious traffic flowing out of the network.

• Identity and access management (IAM) platforms and policies, including least-privilege access, multi-factor authentication, and strong password policies.

• Data loss prevention (DLP) tools to encrypt sensitive data, monitor access and usage, and notify users of any suspicious activity.

• Security awareness training.

• Vulnerability management policies to identify and close vulnerabilities before they can be exploited. (Examples include patch-management schedules and regular penetration testing.)

• Attack surface management (ASM) tools that can identify, catalog, and remediate potentially vulnerable assets.

• Unified endpoint management (UEM) tools to enforce security policies and controls around all endpoints on the corporate network.

How to detect cyber attacks

While you can’t prevent cyberattacks entirely, continuous security monitoring and early detection processes can identify and flag active cyberattacks. Examples include:

• Security information and event management (SIEM) systems

• Threat intelligence platforms

• Antivirus software

• Proactive threat-hunting processes

Organizations should also create an incident response plan that outlines the strategies to take if an attack occurs. The IBM Cost of Data Report estimates that organizations with formal incident response teams and plans lower the cost of data breaches by 58%.