In just an instant, a click in the wrong place can unleash a digital storm that sweeps away years of hard work. Cyberattacks do not discriminate: from a small shop to a multinational corporation, companies of all sizes and industries can fall victim to them.

The numbers are concerning: according to a recent study by Fortinet, 87% of the surveyed companies reported experiencing one or more security breaches during 2023. The World Economic Forum, in its Global Risks Report 2024, included cybercrime among the top five threats the world will face this year.

The digitalization process that most companies worldwide are undergoing is causing a substantial increase in cybercrime. Why? Because while digital transformation has allowed organizations to optimize processes and significantly reduce costs, it has also created new vulnerabilities.

Cybercriminals have leveraged technologies such as artificial intelligence and machine learning to optimize the tactics and techniques of their attacks. Additionally, the expansion of remote work has significantly increased risk areas, providing digital criminals with a larger surface to attack both companies and individuals.

A recent study by Cybesecurity Ventures helps to understand the magnitude of this problem. According to the report, cybercrime will cost the world $9.5 trillion in 2024. If measured as a country, cybercrime would be the world's third-largest economy, after the United States and China.

Common Modus Operandi

Cybercriminals prey on companies with an ever-evolving digital arsenal. Phishing is one of the most used tactics: attackers throw out a digital "bait," typically in the form of emails, text messages, or fraudulent websites that mimic legitimate and trustworthy entities.

These lures aim to persuade the victim to reveal personal data such as passwords, credit card numbers, or banking information. Phishing attacks can vary in sophistication, from generic mass emails to targeted strategies known as "spear phishing," aimed at specific individuals or companies. The success of these attacks lies in exploiting human psychology, playing on emotions like fear, curiosity, or urgency, to induce victims to act without thinking.

Malware (short for "malicious software") is another widely used strategy by cybercriminals: it encompasses various types of programs designed to infiltrate computer systems to cause damage, steal information, disrupt operations, or gain unauthorized access to networks and devices.

Malware distribution methods are varied and include infected emails, fake software downloads, compromised websites, and infected USB devices. The sophistication of modern malware often makes it difficult to detect and eliminate, as it uses obfuscation and evasion techniques to bypass security systems.

Malware can manifest in multiple forms, such as ransomware, viruses, trojans, worms, adware, rootkits, keyloggers, and spyware. Among all these, ransomware is the most commonly used to extort and extract money from victims. It works by encrypting the user's files or locking access to the system, and then demands a ransom, usually in cryptocurrencies like Bitcoin, to provide the decryption key or unlock the system.

This method generates significant concern for organizations: according to a study by Sophos, in 70% of ransomware attacks against companies, cybercriminals succeeded in encrypting the data. That is, using cryptographic techniques, attackers convert company data into an unreadable format for anyone without the appropriate decryption key.

This encryption prevents the company from accessing its own information and can paralyze operations until a ransom is paid or another way to recover the data is found.

Another type of attack is the Distributed Denial of Service (DDoS) attack, which aims to disrupt the normal functioning of a website, server, or other online resources. Social engineering, on the other hand, involves manipulating people to divulge confidential information or perform actions that compromise security. For example, when an attacker impersonates someone trustworthy to obtain information or offers something attractive that contains malware.

In Man-in-the-Middle (MitM) attacks, the attacker intercepts communication between two parties without their knowledge. The goal is to intercept, and sometimes alter, the information being transmitted, such as passwords or banking data.

These are the most widespread cybercrime techniques, but there are many more, all sharing the same goal of stealing information, committing fraud, and extorting. Therefore, it is crucial that companies are prepared.

Strategy and Action

Given this scenario, what actions should organizations take to counter the virtual criminals threatening the integrity of their data and reputation?

The first thing a company should do is know its position, its starting point in terms of cybersecurity. To do this, it is essential to conduct an assessment to evaluate the organization's status in terms of IT security and identify its security gaps.

Additionally, conducting ethical hacking can be useful to detect the company's vulnerabilities and investigate how to resolve them.

Next, companies must design a master cybersecurity plan, establishing a roadmap with the actions to follow. At this point, it is essential to have technological allies with experience in fighting digital crime strategies.

One of the most important actions is to implement robust security measures, such as advanced firewalls, AI-powered antivirus, and intrusion detection systems. It is also essential to keep all systems and software updated.

Performing regular backups and storing them in secure locations is another vital practice to ensure data can be recovered in case of an attack.

A crucial aspect of a company's security policy is the continuous training of staff, as employees are generally the ones who, intentionally or unintentionally, allow an attack to penetrate a company. The more tools an employee has to defend against digital crime, the more security there will be within the organization.

Finally, having a well-defined and regularly tested incident response plan allows organizations to react quickly and mitigate damage in case of a security breach.

All these combined actions can help companies strengthen their cybersecurity posture and reduce the risk of being attacked.

Security as a Standard

In an increasingly digital world, cybersecurity has become an unavoidable priority for companies across all sectors. The threats are constant and rapidly evolving, forcing organizations to stay one step ahead of cybercriminals.

However, this battle cannot be fought alone. It is crucial to recognize that combating cybercrime requires a collaborative approach between the private and public sectors. Companies must work hand in hand with governments to develop robust regulatory frameworks, share threat intelligence, and foster innovation in cybersecurity.

For companies, now is the time to act. Inaction is no longer an option. Investing in advanced technology, training employees, and developing solid response plans are crucial actions to protect not only sensitive data but also the reputation and operational continuity of organizations.

At the end of the day, cybersecurity is not just a technological issue but a shared responsibility that requires the collaboration and commitment of everyone. Only then can we build a safer and more resilient digital environment for the future.