Description of two critical threats to IT systems and data

1. Ransomware Attacks

Cybercriminals apply ransomware assaults, a kind of malware-based threat, to encrypt their victims’ files or whole computers and then demand payment in exchange for the decryption key. These assaults have the potential to cause serious interruptions to corporate operations, data loss, and monetary losses.

Numerous methods, such as phishing emails, malicious websites, or taking advantage of unpatched software vulnerabilities, can be used by ransomware to compromise computers.

Organizations of all sizes and in all sectors are becoming increasingly concerned about the spread of ransomware attacks. Cybersecurity Ventures estimates that by 2031, the cost of ransomware damage worldwide will have risen to $265 billion.

Source: (Global Ransomware Damage Costs Predicted To Exceed $265 Billion By 2031 (cybersecurityventures.com) 

2. Zero-Day Exploit

Zero-day exploits aim to take advantage of flaws in hardware or software that have not yet been patched or mitigated. Before the vendor discovers the problem and issues a patch, attackers make use of these vulnerabilities to escalate privileges, get unauthorised access to systems, and run arbitrary code.

Because enterprises might not be aware of the vulnerability and are unable to safeguard their systems until a patch is created and implemented, zero-day exploits present a serious risk. These vulnerabilities may result in system compromise, data breaches, and extensive attacker exploitation.

According to Symantec analysis, the number of zero-day vulnerabilities found each year has been rising significantly, underscoring the significance of taking proactive security steps to reduce the risk.

Source: (2019 Internet Security Threat Report (broadcom.com)