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Cybercrime is a growing threat in Canada, with increasing incidents of online fraud, identity theft, and data breaches. The digital landscape has made it easier for cybercriminals to target individuals and organizations, leading to significant financial losses and personal harm.
Cybercrime has been identified by the Canadian Centre for Cyber Security as the largest cyber threat to affect Canadians.
As more people and devices connect to the Internet, the attack surface expands, meaning there are more potential points in a digital environment that cyber attackers can exploit. Cybercriminals adapt their activities and use modern technologies to achieve financial, geopolitical, or ideological goals.
An attack surface includes:
- Devices – mobile phones, computers, servers, IoT
- Networks – wireless, cloud services, VPNs, internal and external
- Software – operating systems, applications, database
- Data – stored, transmitted, processed
- People – anyone with system access
What you need to know:
A thriving market for cybercrime tools and services is accessible through online marketplaces, forums, and private cybercrime communities. Cybercriminals do not have to develop their technical skills or be particularly clever to victimize you. MaaS (malware as a service) and RaaS (ransomware as a service) kits often come with user-friendly interfaces and customer support. The entry barrier is low, enabling many potential attackers to engage in malicious activities.
Types of tools and services included in MaaS and RaaS kits:
- Malware – malicious software designed to harm, exploit, or compromise a computer system, network, or device
- Ransomware – a type of malware that encrypts a victim’s flies or locks their system, demanding a ransom payment to restore access or decrypt the data
- Web defacement tools – software or scripts used by attackers to alter the appearance or content of a website without authorization
- Initial network access – the first successful access point or method used by an attacker to infiltrate a network
- Distributed Denial of Service – a system or network is flooded with traffic, causing it to become inaccessible
To minimize vulnerabilities and safeguard against cyber threats continuously monitor systems, consistently update software, implement strict access controls, and educate all users with access.
More about Ransomware as a Service (RaaS)
Most ransomware targeting Canadians is operated by RaaS groups, who develop and distribute ransomware variants to other cybercriminals for use against victims in exchange for upfront payment, subscription fees, or a share of the profits.
More about Malware as a Service (MaaS)
Cybercriminals offer malware on a subscription or pay-per-use basis. This model can include trojans, botnets and more. MaaS providers often handle development, distribution, and maintenance for their subscribers who use it to steal data, conduct DDoS attacks, etc.
Other things you need to know:
- Managed Software Providers (MSPs) are lucrative targets for cybercriminals due to their access to client networks and systems, posing significant risks to SMEs reliant on MSP services.
- SMEs, often outsourcing IT management to MSPs, face heightened vulnerabilities as attackers compromise MSPs and gain access to multiple client networks, potentially causing widespread damage.
- A shift towards targeting organizations indirectly through supply chain compromises affects SMEs, particularly those utilizing cloud-based services, emphasizing the importance of vetting vendors and ensuring robust security measures.
- SMEs, commonly with limited resources for cybersecurity, are at greater risk from cybercriminals who persistently target unpatched systems, highlighting the critical need for regular patch management and system updates.
- Stolen data, increasingly available on cybercrime forums, poses a direct threat to SMEs, fueling cybercrimes such as ransomware attacks that can severely impact their operations and financial stability.
- Cybercriminals’ use of cryptocurrencies and encrypted communications complicates law enforcement efforts, underscoring the challenges faced by SMEs in combating cyber threats effectively.
Cybercriminals are relentless and have capabilities far beyond traditional methods of stealing data. Cybercrime growth mirrors flashy innovations and advancements in various technology sectors. If you are comfortable with your cyber security protection, look again. Threats lurk everywhere and they demand your constant vigilance.
