Cybersecurity Threats: A Year in Review and a Look Ahead | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware

As we close out the year, the threat of cybersecurity attacks targeting entities in both the private and public sectors is increasing at an alarming rate. Businesses and governments alike are encountering new and innovative tactics from organized threat actors seeking to exploit vulnerabilities in their computer systems, networks and software. In confronting these unprecedented circumstances, insurers and insureds need to confirm that their business insurance policies and data security practices protect them from any operational interruptions. Here’s a look at what we’ve seen this year and what we might expect in 2024.


While crypto mining and cryptocurrency generally affect crypto-related businesses, nefarious actors have begun to hijack unrelated companies’ IT infrastructures to crypto mine. Crypto mining, the process of solving mathematical equations or puzzles to generate Bitcoins or other cryptocurrencies, has always been resource intensive. While each Bitcoin is worth tens of thousands of dollars, the upfront cost of the required infrastructure dissuades many who would be interested in crypto mining. Realizing this, threat actors have begun hijacking, or “cryptojacking” the robust IT infrastructure of established industrial and cloud services companies for use in crypto mining operations. Cryptojackers are able to generate cryptocurrency while leaving the affected company with the bill for the large amount of electricity, cooling and server use involved.


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National Cyber Security