I know you’re well-versed in many of the threats we face in information security today. But even the most experienced among us can miss a beat in this dynamic landscape. That’s why I’ve put together this post. It’s designed to act as a comprehensive checklist of information security risks worth considering. I hope the list helps you spot any gaps in your current risk registry. And who knows, maybe some of the real-world examples come in handy for your next information security training preparation.

Remember, finding new risks isn’t just a part of the job—it’s a step forward in fortifying our defenses.

1. Phishing

Phishing involves deceptive communications, usually emails, designed to trick recipients into divulging sensitive information.

Trigger

These attacks usually include social engineering tactics that take advantage of human emotions, like urgency or trust, to encourage action. They often imitate messages from trusted sources like banks, corporate IT teams, or well-known online services.

Impact The consequences of falling victim to a phishing attack can include:

  • the compromise of personal and corporate credentials,
  • unauthorized transactions, access to confidential systems,
  • and significant data breaches.

Real-world example of a phishing attack

In 2020, a major Twitter breach occurred involving a spear-phishing attack targeting the company’s employees. The attackers used phone calls to trick employees into providing credentials. The attackers claimed they were calling from Twitter’s IT department and needed the information to address a technical issue. With the obtained credentials, the attackers were able to access Twitter’s internal systems and high-profile user accounts, including those of celebrities and politicians. They used this access to execute a cryptocurrency scam, resulting in over $100,000 in fraudulent transactions (Read more).

2. Ransomware attacks

Ransomware is malicious software designed to block access to a data by encrypting it, until a sum of money is paid.

Trigger

These attacks often start with phishing emails that contain malicious attachments or links that, when opened or clicked, install the ransomware on the victim’s system. It can also spread through exposed remote desktop protocolsor unpatched vulnerabilities in software.

Impact

The consequences of a ransomware attack can be severe, ranging from operational disruption and financial losses due to downtime to the potential loss of sensitive or proprietary data. Additionally, paying the ransom does not always guarantee that access will be restored or that the data will not be leaked. On average, companies might pay anywhere from tens of thousands to millions of dollars in ransom. In 2020, the average ransom payment was around $233,000, but this can vary widely depending on the size of the company and the critical nature of the encrypted data.

Real-world ransomware attack example

In 2021, the Colonial Pipeline Company, the largest fuel pipeline operator in the United States, was attacked by a ransomware.The attack was carried out by a criminal cybergroup known as DarkSide. The attack led to the shutdown of approximately 5,500 miles of pipeline, resulting in a significant disruption of fuel supply across the Eastern United States.

The company ultimately paid a ransom of 75 bitcoins (approximately $4.4 million at the time) to regain access to their systems. This incident not only highlighted the disruptive potential of ransomware but also the broader implications such attacks can have on national infrastructure and economic stability. Globally, ransomware attacks are estimated to have cost businesses over $20 billion in 2021, a figure that is expected to rise as attacks become more frequent and sophisticated.

3. Cloud security vulnerabilities

Cloud security vulnerabilities refer to weaknesses or flaws in cloud computing environments that can be exploited by attackers to gain unauthorized access, manipulate services, or steal data. These vulnerabilities often arise from misconfigurations, inadequate access controls, or insecure APIs.

Trigger

The common triggers include misconfigured cloud storagelack of proper encryptioninadequate user authentication processes, and vulnerabilities within third-party services integrated into the cloud architecture. These issues can expose sensitive data and allow attackers to infiltrate cloud environments.

Impact

The impact of cloud security vulnerabilities can be extensive, leading to data breachesservice disruptions, and loss of customer trust. For businesses relying on cloud services, these vulnerabilities can result in substantial financial and reputational damage.

Real-world example of a cloud security risk

In 2019, a major data breach occurred at Capital One, facilitated by a AWS firewall configuration error in their use of Amazon Web Services (AWS). A former employee exploited this vulnerability to access the personal information of over 100 million customers. The breach included sensitive data such as Social Security numbers, bank account numbers, and credit card applications. This incident not only led to significant financial penalties for Capital One but also raised serious concerns about the effectiveness of current security practices in cloud environments. (Read more)

4. Personal mobile device security risks

Mobile security threats involve unauthorized access, data leakage, and malicious attacks targeting mobile devicessuch as smartphones, tablets, and laptops. These threats exploit vulnerabilities within mobile operating systems, apps, and insecure networks.

Trigger

Common triggers include:the use of unsecured Wi-Fi networksdevice theft or lossphishing attacks targeting mobile devices, and the installation of malicious appsInadequate device management and lack of robust security policies exacerbate these risks.

Impact

The consequences range from unauthorized access to sensitive data to the introduction of malware into corporate networks. Compromised mobile devices can lead to data breaches, financial loss, and significant damage to an organization’s reputation.

Hypothetical example of a mobile security threat


Imagine a scenario where a cybersecurity firm discovers a sophisticated attack targeting the mobile devices of employees at multiple multinational corporations. The attack involves a series of spear-phishing messages, crafted to mimic internal communications. When employees click on the links within these messages, stealthy malware is installed on their mobile devices. This malware is engineered to harvest credentials and sensitive corporate data, bypassing two-factor authentication systems seamlessly. It enables unauthorized access to critical business systemsand confidential data, including contract details and proprietary blueprints. Such a breach could lead to significant financial losses and severe threats to the integrity of corporate intellectual property, showcasing the devastating potential of mobile security vulnerabilities.

5. Insider threats

Insider threats happen when current or former employees, contractors, or business partners with knowledge about the organization’s security practices, data, and computer systems misuse their access, either on purpose or accidentally causing harm.

Trigger

These threats often arise from disgruntled employees seeking retaliation, employees inadvertently mishandling data, or through negligence that leads to security breaches. Additionally, well-meaning insiders may be manipulated by external parties to gain access to sensitive information.

Impact

The consequences of insider threats can be particularly devastating because they come from within and can bypass many traditional security measures. Impacts include data theftfinancial fraudintellectual property theft, and in severe cases, critical disruptions to business operations.

Real-world example of an insider threat

In 2018, an incident at Tesla made headlines when an employee made code changes to the Tesla Manufacturing Operating System and exported large amounts of highly sensitive Tesla data to unknown third parties. The employee’s actions, reportedly in response to a workplace grievance, not only exposed proprietary information but also threatened the company’s operational security and competitive position.

6. IoT security flaws

IoT security flaws refer to vulnerabilities in Internet of Things devices that can be exploited to gain unauthorized access, manipulate device functionality, or launch attacks on other systems.

Trigger

Common triggers include insecure device configurationsdefault passwords, and unpatched firmware vulnerabilities that make IoT devices easy targets for botnet recruitment.

Impact

The impact of IoT security flaws can lead to large-scale network disruptions, privacy violations, and significant damage to infrastructure. Exploited devices can become part of a botnet, used to execute coordinated attacks such as DDoS (Distributed Denial of Service), which can cripple networks and services.

Real-world example of IoT security flaw

In 2016, the Mirai botnet demonstrated the devastating potential of IoT security weaknesses. Mirai malware infected a large number of IoT devices, including IP cameras and home routers, by exploiting their default passwords and other security shortcomings. Once infected, these devices were used to launch massive DDoS attacks. One of the most notable attacks targeted the DNS service provider Dyn, leading to major internet platforms and services becoming unavailable, including Twitter, Netflix, and Reddit. This attack not only disrupted consumer services but also highlighted the potential national security implications of unsecured IoT devices. (Read more: Mirai, Dyn attacks)

7. Zero-day exploits

A zero-day exploit occurs when attackers use a previously unknown vulnerability in software or hardware before the developers have had the chance to issue a fix or patch.

Trigger

These vulnerabilities arise from undiscovered flaws within software or hardware. Attackers exploit these gaps quickly, taking advantage of the time it takes for the issue to be identified and patched.

Impact

The impact of zero-day exploits can be severe, including unauthorized access to sensitive data, system compromises, and widespread network disruption. These attacks often target large numbers of users before detection.

Real-world zero-day exploit example

In 2021, a zero-day exploit known as Hafnium targeting Microsoft Exchange Servers was discovered. Attackers used these vulnerabilities to access email accounts, and install malware that created a backdoor to further infiltrate corporate networks. The exploit affected tens of thousands of organizations globally, including government bodies, policy think tanks, and infectious disease researchers, emphasizing the urgent need for vigilance against zero-day threats.

8. Supply chain attacks

A supply chain attack occurs when a cyber attacker infiltrates a system through an outside partner or provider who has access to the systems and data rather than trying to attack you directly.

Trigger

This risk often arises from inadequate security practices of third-party vendors or compromised software/hardware used within the organization. Attackers exploit these vulnerabilities to gain unauthorized access.

Impact

The consequences of a supply chain attack can include the loss of sensitive or proprietary information, disruption of operational activities, financial losses, and damage to the organization’s reputation.

Real-world supply chain attack example

In the notable 2020 SolarWinds attack, cybercriminals compromised the company’s software development to inject malicious code into their software system. This software was then distributed to approximately 18,000 customers, including significant government agencies and Fortune 500 companies. The attack led to significant breaches of confidential data, highlighting the devastating impact of supply chain vulnerabilities on security, operations, and trust.

9. AI-powered attacks

AI-powered attacks leverage advanced artificial intelligence technologies to enhance cyber-attacks, making them more sophisticated and difficult to detect. These attacks can range from automated hacking tools to creating deepfakes that impersonate public figures.

Trigger

Rapid advancements in AI and machine learning enable attackers to manipulate audio and visual content with high accuracy, automating the generation of realistic fake content that can deceive individuals and systems alike.

Impact

The consequences of AI-powered attacks include misinformation, manipulation of public perception, unauthorized access to sensitive information, and potentially severe disruptions in political, social, and economic spheres.

Real-world example of an AI-powered attack 

In 2021, Estonia’s Prime Minister, Kaja Kallas, along with other high-ranking officials from various Western capitals, fell victim to a deepfake scam involving the impersonation of African Union Chairperson Moussa Faki. This sophisticated attack utilized AI-generated video and audio to create a highly convincing fake representation of Chairperson Faki. During the scam, Prime Minister Kallas and other officials engaged in a video conference under the belief they were discussing international matters with the real Chairperson Faki. This incident not only underscores the evolving sophistication of AI-assisted attacks but also highlights the significant threat they pose to global security and diplomacy, stressing the urgent need for advanced cybersecurity measures to detect and mitigate such threats​. (Read more)

10. Regulatory compliance risk

Regulatory compliance risks involve potential legal penalties and financial losses that organizations face when they fail to adhere to laws, regulations, and standards relevant to their operations.

Trigger

These risks are often triggered by changes in legal frameworks, a misunderstanding or lack of awareness of new regulations, or the failure to implement required compliance measures within stipulated deadlines.

Impact

The consequences of non-compliance can be significant, including hefty fines, legal sanctions, damage to reputation, and even operational shutdown. Businesses face losing customer trust or decreased market value.

Real-world examples of compliance risk

  1. Meta was fined €1.2 billion by the Irish Data Protection Commission in 2023 for transferring personal data of European users to the United States without adequate data protection mechanisms. This fine underscores the severe financial implications for major tech companies under GDPR compliance (​Read more).
  2. TikTok received a €345 million fine for inadequately protecting the data of underage users, particularly around age verification and privacy settings, stressing the importance of protecting vulnerable user groups​. (Read more).
  3. Criteo, a French adtech company, faced a €40 million fine from France’s CNIL for failing to demonstrate user consent in its behavioral advertising, highlighting that GDPR compliance is critical across all sectors, not just for tech giants (Read more).

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