In an era where cyber threats are becoming increasingly prevalent, social engineering attacks have emerged as a leading concern, targeting human psychology rather than technical vulnerabilities.

According to a recent IBM report, there has been a significant rise in data breaches due to these manipulative attacks, with a 71% increase in incidents involving legitimate credentials. This shift from conventional hacking techniques to more subtle tactics that exploit human error has led to a rise in phishing and the use of stolen credentials as the primary methods of attack, accounting for 91% of all incidents in 2023. Interestingly, these attacks are primarily aimed at data theft rather than financial gain, with 85% of breaches focusing on sensitive information.

The success rate of cybercriminals utilizing social engineering techniques is alarming, as 43% of attacks on businesses now employ such tactics. Additionally, there has been a notable 266% surge in the use of info stealers, tools designed to harvest user credentials and sensitive data.

Andrius Buinovskis, a cybersecurity expert at NordLayer, highlighted the deceptive nature of these threats, describing social engineering as the art of manipulation rather than hacking. By exploiting human psychology and employing personalized approaches that strike an emotional chord with their targets, attackers are able to bypass even the most advanced technical defenses.

To combat these evolving threats, Buinovskis recommends taking a comprehensive approach to cybersecurity. He emphasizes the importance of implementing multi-factor authentication (MFA) to add layers of protection, as well as network segmentation to restrict lateral movement by attackers and contain potential breaches. In addition, he suggests enforcing Zero Trust Network Access (ZTNA) policies to continuously verify all users and devices.

However, Buinovskis underscores that technology alone is not enough to defend against social engineering attacks. He stresses the significance of creating a “human firewall” through thorough employee education. Training staff to recognize common social engineering tactics such as urgency, emotional manipulation, and unusual requests for sensitive information is essential in enhancing organizational resilience against these threats.

By combining robust technological defenses with proactive educational initiatives, businesses can significantly reduce the risks associated with social engineering attacks and protect their critical assets.

For the latest updates on FinTech news, visit FinTech Global’s website.

Copyright © 2024 FinTech Global

Link na izvor