Top 10 Risks in Cyber Security

Increasing cybersecurity threats continue creating problems for companies and organizations, obliging them to defend their systems against cyber threats. According to research conducted by PurpleSec, the annual cost of cybercrime has risen to $6 trillion.

Top 10 Cybersecurity Risks and Threats

The 2022 Global Study by Ponemon Institute outlines key industries that are increasingly vulnerable to cyber threats. The listed industries faced the highest number of third-party attacks during the past year. This is the breakdown:

• Education: 54%
• Manufacturing: 46%
• Financial: 58%
• Public Sector: 50%
• Healthcare: 55%

Let's look at the top ten cybersecurity risks facing the industry today.

Ransomware

Ransomware encrypts a user's network or system, preventing users from accessing functionalities until a ransom payment is made to a third party. After a ransom payment is made, an unlock code is released. Ransomware can also steal a company's data and ask for additional payment for not prevent sensitive information to competitors, authorities, and the public.

NIST Ransomware Risk Management Profile (NISTIR 8374) has released a profile for attack vendors, alerting individuals on how malicious and ordinary its usage has become. This virus has been around since the 1980s, when criminals had access to encrypted files that they kept hostage till a ransom was paid through the postal service. The first ransomware attack was the AIDS Trojan (PC Cyborg Virus), released in 1989 through a floppy disk.

Malware

Commonly known as malicious software or code, malware has been around since the internet's inception and remains a massive risk in cybersecurity. This software or programming is installed on a target system and affects applications, data, and the operating system.

Malware has become the biggest threat to systems as it denies access to programs, deletes files, steals sensitive data, and spreads itself to surrounding systems, causing widespread disruption and damage.

Distributed Denial of Service (DDoS)

Distributed Denial of Service (DDoS) attacks overwhelm an online service with incoming traffic from various sources and locations. This affects website response time, causing sites to slow down significantly or entirely shut down.

Even though a DDoS attack may not be the primary attack, it creates a distraction so that other fraud activities can occur without disruption. When this malware is planted, cybercriminals start developing Botnets, which are networks of infected computers. Hackers then use these computers to coordinate an attack against a target system.

The first ever DDoS attack was in 1996 when an internet service provider, Panix, experienced a SYN flood, which caused the network to go offline for many days.

Phishing Attack

Phishing is a term that goes back to the 90s via America Online (AOL). This consisted of a group of hackers known as the Warez community who impersonated AOL employees. They became the first phishers to collect company users' sensitive personal information and login credentials.

Cybercriminals pose as official representatives and send messages or emails asking for access to a website or one's account information. The email may include a link to a fake website that asks for confidential information. Mostly, these emails use proper names and logos, so it is hard to distinguish them from authentic emails.

Trojan Virus

Trojan virus is another risk in cybersecurity as it disguises itself as a software or a harmless file. This virus is highly damaging as it attacks the system and establishes a backdoor that attackers can use whenever they want.

Users may receive official emails that contain legitimate-looking attachments. However, these attachments include malicious codes that corrupt a system as soon as they are downloaded.

SQL Injection

SQL Injection attacks manipulate data and are used to access sensitive data that is not usually available to the general public. Third parties manipulate SQL queries to get their hands on important, sensitive information. This is done through a code request sent to the server.

Unlike other viruses, SQL is a computer virus that came about in January 2003, causing a lack of service on internet hosts, which slowed internet traffic down significantly. This virus spread fast, and within 10 minutes, it was able to affect 75,000 victims.

Insider Threat

Insider threats differ from the other listed threats because they are difficult to detect. This is especially risky, given that hackers already have access to the systems. It could be a former or current employee or a business partner, meaning the hacker already has the organization's know-how.

This virus requires a different solving approach, as professionals need to be proactive in uninstalling software from old applications, limiting access to software and projects, and removing access from former employees. Moreover, it is recommended to track the usage of devices and find where they are being used to draw out the threat.

DISCOVER: Prepare for the most common types of cyber attacks and get insights on what frameworks you can use to bolster your cybersecurity strategy.

Password Attack

Password attacks involve attackers using software to guess passwords till they can guess the correct one. They use personal information, such as an individual's name, a family member's name, job, and anything unique that could be used as a password.

The best way to prevent password attacks is by using multi-factor authentication, not writing down passwords, and utilizing a password manager.

Social Engineering Attacks

Social engineering attacks manipulate users into accessing sensitive information that the attacker can access. Many malicious social engineering attacks include phishing, spearphishing, and malvertising.

• Phishing is when attackers send correspondence from seemingly legitimate sources, causing the user to click on a link and hand over sensitive data.
• Spearphishing is a form of phishing in which individuals with social influence are targeted.
• Malvertising is when hackers control online advertising, containing dangerous codes that infect computers when accessed.

MITM (Man-in-the-Middle Attacks)

An MITM attack is when an attacker gets in the way of a user and application to impersonate either party or eavesdrop. However, the user is unaware of the attacker's presence, making it easier for the attacker to steal personal data.

Targeted common users include e-commerce sites, SaaS businesses, and individuals who use financial applications.

Companies need to protect themselves from these threats by adopting a risk-first approach. A holistic, proactive approach supersedes reactive management. While focusing on response plans, companies should also deploy protection strategies like continuous risk assessments and automated control monitoring.

DISCOVER: Leverage cyber risk monitoring tools to manage and mitigate threats and vulnerabilities effectively 

Defend Against Hackers with Robust Cyber Risk Management Planning 

Proactive cybersecurity risk management is crucial to managing an evolving cyber threat landscape. Regardless of the specific cyber attack form, proactive risk management will aid security practitioners in managing and mitigating potential threats. 

Cyber risk management processes seek to mitigate and analyze new risks; this is primarily done through risk assessments where multiple variables are considered and scored to identify risks from the most impact to the least.

An effective cyber risk management system will enhance information security and deliver a plan of action with an incident response protocol. These proactive security measures minimize the impact of a cybercrime event and ensure the longevity of business operations and network security efforts across all business functions.

Preventing the Top Cyber Risks with CyberStrong

Cyber risks continue to grow every day, each becoming more complicated than the last as attackers continue to change attack methods and tactics in the hopes of accessing the information they need.

There is no denying that corporations and individuals are vulnerable to cyberattacks. Cybersecurity teams must learn how to deal with threats while strengthening their systems to prevent cyberattacks.

Increase your organization's security by employing a cyber and IT risk management solution like CyberStrong. Contact us to learn more about our all-in-one AI-powered solution.

FAQ: Top Cybersecurity Risks & Threats

What are the top 10 cybersecurity risks in 2025?

The top 10 cybersecurity risks facing organizations today include:

1. Ransomware

2. Malware

3. Distributed Denial of Service (DDoS)

4. Phishing Attacks

5. Trojan Viruses

6. SQL Injection

7. Insider Threats

8. Password Attacks

9. Social Engineering Attacks

10. Man-in-the-Middle (MITM) Attacks

These risks represent the most common and damaging cybersecurity threats organizations encounter across industries.

What is the difference between cybersecurity risks and cybersecurity threats?

A cybersecurity risk refers to the potential for loss or damage when a threat exploits a vulnerability. A cybersecurity threat is the actual method or actor that attempts to compromise a system, such as malware or phishing. Understanding both is key to an effective cyber risk management strategy.

Which industries face the highest top IT risks?

According to recent studies, the industries facing the top IT risks and highest frequency of cyberattacks include:

• Financial services

• Healthcare

• Education

• Public sector

• Manufacturing

Each of these sectors holds sensitive data and critical infrastructure, making them prime targets for attackers.

How do social engineering attacks rank among top cybersecurity threats?

Social engineering attacks are one of the top cybersecurity threats because they exploit human behavior rather than system flaws. These attacks—such as phishing, spearphishing, and malvertising—are rising in both frequency and sophistication, making user awareness and training essential.

How can I protect my organization from the top 10 cybersecurity risks?

To protect against the top 10 cybersecurity risks, organizations should:

• Conduct regular risk assessments

• Implement continuous control monitoring

• Adopt a proactive cyber risk management framework

• Use multi-factor authentication and strong password policies

• Invest in cybersecurity tools like CyberStrong for visibility and automation

Why is ransomware considered one of the top IT risks?

Ransomware is a leading IT risk because it not only locks users out of systems but also threatens to leak sensitive data. Its financial, reputational, and operational impact is massive, especially in sectors like healthcare and finance.

What tools can help manage top cybersecurity threats?

Cyber risk management platforms like CyberStrong enable security teams to identify, quantify, and manage risks tied to the top cybersecurity threats. Features like continuous risk assessments, FAIR-based risk quantification, and real-time dashboards make it easier to prioritize and mitigate threats effectively.