Social engineering is one of the manipulation techniques that is frequently linked to big cyberattacks. For instance, the infamous MGM and Caesars hacking incidents happened due to social engineering.
There are various types of this technique that use the same intent, to deceive individuals into giving confidential information or to manipulate them to perform actions that will lead to compromising the security of computer systems.
Although social engineering might not be a familiar term, there are some common forms that are popular such as phishing, impersonation, baiting, and more.
Here are some of the key threats that come with social engineering:
Data Breaches
Cyberattacks like phishing and spear phishing often lead to data breaches. Threat actors will trick individuals into revealing sensitive information like login credentials which are vital to entering one's system. Big organizations and businesses are the most sensitive to data breaches as they hold a large number of personal information. There are also times when government agencies were attacked, compromising the national data of the citizens.
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Data breaches are known for bringing various consequences to their victims. Aside from compromising the data, the companies often lose the trust of their customers which can result in irrevocable reputational damage. As a result, this could eventually lead to financial loss as the legal expenses and the fines can get expensive.
Identity Theft
This fraudulent activity involves stealing other people's personal information such as the full name, social security number, bank account details, and more. Many individuals are vulnerable to identity theft due to their lack of knowledge and education about cybersecurity.
More often than not, hackers send out deceptive emails or personal messages that are meticulously written to get individuals to hand out their personal and sensitive information easily. Aside from financial loss, victims are vulnerable to legal issues as they can get in trouble for crimes they did not commit.
Malware Distribution
Cybercriminals are known for distributing malware to infect computer systems, networks, and devices. There are various types of malware such as worms, Trojans, spyware, and more. While there are various attacks that can be done by malware, the supply chain attack seems to be the most dangerous one as it targets software suppliers. This leads to hacking software updates and applications which can quickly escalate throughout its systems.
Malware distribution is one of the main components of a cyberattack. A successfully distributed malware can do data theft and even ransom demands.
Network Compromises
The unauthorized infiltration of a network system can disrupt operations and conduct malicious activities in a short span of time. Most of the time hackers take advantage of any vulnerability found in a software or operating system in order to gain unauthorized access. What makes this dangerous is that there are cases wherein it becomes an inside job. Individuals within the organization who have authorized access are as capable as hackers to compromise a company's system.
Threat actors often rely on compromising networks in order to gain confidential details about an organization such as details on its activities and strategic plans. In addition, it can also be used to launch Distributed Denial of Service (DDoS) attacks against its websites.
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