Types of Cybercrime Businesses Must Protect Against

Everything You Should Know About Cybercrime And Different Types of Cybercrime in 2024

The internet of 2024 is an entirely different landscape than what we have seen in the past. As digital technology continues to advance and connect with new devices, cyber-enabled crime and cyber-dependent crime increasingly poses risks to businesses, government agencies, and individuals.

From ransomware attacks on corporate networks to phishing scams targeting individual users, understanding the different types of cybercrime can be overwhelming for IT Security Managers and other cyber professionals.

In this blog post, we'll break down some of the most prevalent forms of cybercrime in 2024 and offer tips on how businesses can protect themselves from falling victim to these malicious activities. Read on to learn more about emerging trends in the world of online crime!

Simple Cybercrime Definition

To put it simply, any illegal activity that involves the use of digital means, systems or networks can be classified and defined as a cybercrime.

Cybercrime is a term thrown around frequently in the digital age. It refers to criminal activities carried out using the internet, computer systems or networks.

Such activities could range from hacking, identity theft, fraud, cyberbullying to more insidious and large-scale attacks like spreading ransomware, phishing, and malware.

Cybercrime has become a pervasive threat to individuals, businesses, and governments worldwide, which underscores the importance of awareness, prevention, and protection.

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10 Different Types of Trending Cybercrime of 2024

Here are 10 different types of cybercrime that businesses must protect against in 2024.

1. Phishing

Phishing is a type of cybercrime in which criminals send fraudulent emails or messages to unsuspecting victims to steal sensitive information such as passwords, credit card numbers, or bank account details.

These emails or messages often appear to be from legitimate organisations and contain links that lead to malicious websites where the victim’s information can be stolen.

Now, let us know about the different types of phishing attacks:

Spear Phishing

Spear phishing is a type of targeted attack that uses personalised emails to try and trick the recipient into providing sensitive information or clicking on malicious links.

These emails are often sent from a spoofed email address, making them appear to be from someone the recipient knows and trusts.

Spear phishers may also use social engineering techniques such as researching their target online to craft more convincing messages.

Whaling

Whaling attacks are like spear phishing, but they are aimed at executives or other high-profile targets.

The attackers may use social engineering techniques such as researching their target online to craft more convincing messages.

They may also impersonate people in authority, such as CEOs, to gain access to sensitive information or money.

Vishing

Vishing is a type of phishing attack that uses voice calls instead of emails or text messages.

The attacker will typically call the target and pretend to be from a legitimate company, such as their bank or credit card company, and ask for confidential information such as passwords or account numbers.

Smishing

Smishing is a type of phishing attack that uses text messages instead of emails or phone calls.

The attacker will send a text message with a malicious link or attachment which the recipient is tricked into clicking on, resulting in malware being installed on their device or confidential information being stolen.

Clone Phishing

Clone phishing is a type of cybercrime where an existing email has been modified by the attacker and then sent out again with malicious links or attachments added in place of the original content.

This makes it difficult for recipients to distinguish between legitimate emails and those sent by an attacker, increasing the chances that they will click on malicious links without realising it.

2. Ransomware

Ransomware is a type of malware that encrypts a victim’s files and demands payment for the files to be decrypted and accessible again.

It is often spread through malicious links or attachments sent via email, social media, or other online channels.

The number of attack groups using destructive malware is up by 25%

Furthermore, let us discuss about the different types of ransomware. 

Encrypting Ransomware

Encrypting ransomware is the most common type of ransomware and is used to encrypt a victim's data until a ransom payment is made.

This type of ransomware uses strong encryption algorithms such as AES or RSA to encrypt the victims' files, making them inaccessible until the ransom is paid.

Once the ransom is paid, the attackers provide a decryption key that can be used to decrypt the files.

Locker Ransomware

Locker ransomware is a type of ransomware that locks users out of their systems by preventing them from accessing their desktop or system files.

This type of ransomware typically displays an intimidating message on victims’ screens, informing them that their data has been encrypted and demanding payment to regain access to their systems.

It can also prevent users from accessing certain applications or websites, making it difficult for victims to get help or find a way around the attack.

Scareware Ransomware

Scareware ransomware is a type of malware that pretends to be legitimate antivirus software to scare users into paying a ransom.

It typically displays fake security warnings and alerts to convince users that their computers are infected with viruses or other malicious software and demands payment to remove these threats.

Doxware Ransomware

Doxware ransomware is a type of malware that threatens to publicly release sensitive information about its victims if they do not pay a ransom demand within a certain timeframe.

This type of malware often targets individuals who have valuable personal information stored on their computers, such as financial records or confidential business documents, and threatens to publish this information online if they do not pay up quickly enough.

3. Identity Theft

Identity theft occurs when criminals use stolen personal information such as Social Security numbers, credit card numbers, or bank account details to commit fraud or other crimes.

This type of crime has become increasingly common due to the rise of online banking and other digital services.

Moreover, there are different types of identity theft you might be unaware of:

Financial Identity Theft

Financial identity theft is the most common type of identity theft and occurs when someone steals your financial information, such as your credit card numbers or bank account information.

This type of identity theft can lead to unauthorised charges on your accounts, fraudulent loans taken out in your name, and other financial losses.

It's important to monitor your financial accounts regularly for any suspicious activity.

Medical Identity Theft

Medical identity theft occurs when someone uses your personal information to obtain medical care or prescription drugs, or to submit false claims for reimbursement from health insurance companies.

This type of identity theft can have serious consequences for you if a thief's medical history becomes mixed with yours, as it could affect how you are treated by healthcare providers in the future.

Criminal Identity Theft

Criminal identity theft occurs when someone uses your personal information to commit a crime, such as getting arrested under your name or using false identification documents in court proceedings.

The consequences of this type of identity theft can be severe; if you are falsely accused of a crime that you did not commit, it can take a long time and considerable effort to clear up the matter and restore your reputation.

Social Security Number Fraud

Social security number fraud involves stealing someone's social security number and using it to open new accounts or obtain credit cards in their name without their knowledge or consent.

This type of fraud is especially damaging because it is difficult to detect until after the damage has been done; once an individual's social security number has been compromised, it can be used for years before they even realize that something is wrong.

4. Malware

Malware is a type of malicious software that is designed to damage computers or networks by disrupting their normal operations.

Malware can be spread through email attachments, downloads from untrustworthy websites, and other online channels. It can also be used to steal data from victims’ devices without their knowledge.

Let's discuss about the different types of malware attacks:

Virus

A virus is a type of malicious software that replicates itself by inserting its code into other programs or files on a computer.

It can spread from one computer to another when the software or file it has infected is transferred or shared.

Viruses can cause serious damage to a computer system, such as deleting files, corrupting data, and even rendering the system inoperable.

Worms

Worms are like viruses in that they are capable of self-replication but differ in that they do not need to attach themselves to existing programs or files.

Instead, they spread through networks by exploiting security vulnerabilities and sending copies of themselves to other computers on the network.

Like viruses, worms can cause significant damage to a computer system, including slowing down performance and corrupting data.

Trojans

Trojans are malicious programs disguised as legitimate applications that can be used to gain access to a user's computer without their knowledge or consent.

Once installed, Trojans can be used for various malicious activities such as stealing confidential information, installing additional malware, and launching distributed denial-of-service (DDoS) attacks against other computers on the network.

Spyware

Spyware is a type of malicious software designed to collect information about users without their knowledge or consent.

It is often installed through deceptive websites or bundled with legitimate applications and can be used for various activities such as tracking browsing activity, collecting personal information, and displaying unwanted advertisements on the user's computer.

5. Denial-of-Service (DoS) Attacks

Another type of cybercrime is DoS attack or Distributed DoS attack. A denial-of-service (DoS) attack occurs when attackers flood a website with so much traffic that it becomes unavailable for legitimate users.

DoS attacks are typically launched using botnets—networks of computers infected with malware—and can cause significant financial losses for businesses whose websites are targeted by these attacks.

Furthermore, let us talk about the types of DOS attacks you might not know about:

Ping Flood Attack

A ping flood attack is a type of DoS attack that attempts to overwhelm a targeted device or network with ICMP echo requests, also known as pings.

The attacker sends a large number of packets to the target in an attempt to overwhelm it and prevent it from responding to legitimate traffic.

This type of attack can be difficult to detect as it typically uses spoofed IP addresses and does not require any malicious code to be executed on the target system.

SYN Flood Attack

A SYN flood attack is a type of DoS attack that attempts to exhaust the resources of a targeted device or network by sending many TCP SYN packets.

These packets are used to initiate communication between two systems, but in this case, they are sent without the intention of completing the connection.

The attacker continues to send these packets until the target system runs out of resources and can no longer respond to legitimate requests.

Smurf Attack

A smurf attack is a type of DoS attack that involves sending large amounts of ICMP echo request (ping) packets with the source address forged so that it appears to come from the intended victim's IP address.

When these packets reach their destination, they cause all hosts within the same network segment as the victim's IP address to respond with ICMP echo reply (pong) packets, flooding the victim's network with unwanted traffic and making it impossible for them to communicate with other devices on their network.

Teardrop Attack

A teardrop attack is a type of DoS attack that involves sending fragmented IP datagrams with overlapping, oversized payloads which causes some operating systems such as Windows 95/98/NT/2000/XP/Vista/7/8/10 and Linux 2. * kernels 2.-2.-- kernels 2.-2.-- kernels 2.-2.-- kernels 2.-2.-- kernels 2.-2.--.

The fragmented datagrams cannot be reassembled properly by these operating systems, resulting in denial of service for legitimate users attempting to access services hosted on these systems.

6. Cryptojacking

Cryptojacking is a different type of cybercrime in which criminals hijack victims’ computers or networks and use them to mine cryptocurrency without their permission or knowledge.

This type of crime has become increasingly common due to the rising value of cryptocurrencies such as Bitcoin and Ethereum over the past few years.

Let's know about the different types of cybercrime through Cryptojacking.

Coinhive

Coinhive is one of the most popular crypto jacking scripts. It allows website owners to embed a JavaScript code into their websites that will mine Monero, a cryptocurrency, in the background without the knowledge of the user.

The website owner is then rewarded with a small amount of Monero for every successful mining operation.

Crypto-Loot

Crypto-Loot is another popular crypto jacking script that works similarly to Coinhive.

It allows website owners to embed a JavaScript code into their websites that will mine multiple cryptocurrencies, including Bitcoin and Litecoin, in the background without the knowledge of the user.

As with Coinhive, website owners are rewarded with a small amount of cryptocurrency for every successful mining operation.

Browser Mining Services

Browser mining services are another type of crypto jacking attack. These services allow malicious actors to embed code on websites that will force visitors’ browsers to mine cryptocurrencies without their knowledge or consent.

Unlike Coinhive and Crypto-Loot, browser mining services do not reward website owners for successful mining operations; instead, they keep all profits generated from mining operations for themselves.

Malicious Software

Malicious software is another form of crypto jacking attack that can be used by malicious actors to secretly mine cryptocurrencies on victims’ computers or devices without their knowledge or consent.

This type of attack typically involves downloading and installing malicious software onto victims’ computers or devices which then mines cryptocurrencies in the background while consuming resources such as CPU and RAM power from the device itself.

7. Social Engineering

Another common type of cybercrime is social engineering. It is a form of psychological manipulation used by criminals to gain access to confidential information such as passwords, credit card numbers, bank account details, etc., usually by posing as someone trustworthy like an employee at the victim’s company or an official from a government agency.

Now, let's know about the different types of social engineering cybercrime.

Pretexting

Pretexting is another type of social engineering attack that involves creating a false identity to gain access to confidential information.

In this attack, the attacker will typically pose as someone with legitimate authority, such as an employee of the target organisation or an IT technician.

The attacker will then use this false identity to request sensitive information from the victim, such as passwords or financial details.

Baiting

Baiting is a type of social engineering attack that involves leaving physical media, such as USB drives or CDs, in public places with malicious content on them.

When unsuspecting victims find these items and insert them into their computers, they unknowingly install malicious software onto their systems that can then be used by attackers to gain access to confidential data or networks.

Tailgating

Tailgating is another type of social engineering attack where an attacker follows an authorised user into a restricted area without being challenged by security personnel.

This type of attack relies on the assumption that most people are trusting and will not challenge anyone who appears to belong in the area they are entering.

By taking advantage of this trust, attackers can gain access to areas they would not normally have access to and potentially steal confidential data or cause other damage.

8. Formjacking

"The use of malicious JavaScript code to steal credit card details and other information from payment forms at checkout on eCommerce sites"

Formjacking was one of the biggest cyber security trends of 2022, with an average of 4800 websites being compromised with Formjacking code every month in 2022.

Symantec found that just 10 credit cards stolen from compromised websites could yield up to $2.2 million for cybercriminals each month on underground markets.

The majority of the Formjacking activity has been blamed on a group dubbed ‘Magecart’, believed to be several groups operating in competition with one another. One of these groups is thought to be behind the high-profile data breach attacks on British Airways and Ticketmaster.

Research shows that this group targeted third-party applications, such as chatbots, which then loaded malicious code into the web browsers of visitors on the infected site, aiming to harvest the customers’ payment data.

Symantec’s report goes on to explain that even though household names are mentioned in the news, their analysis shows that small and medium businesses have also been victims of Formjacking, making this a universal issue.

Furthermore, there are different types of cybercrime through Formjacking, let's explore it.

Script-Based Formjacking

Script-based Formjacking is a type of cyber-attack that involves injecting malicious code into webpages.

This code can be used to steal sensitive information such as credit card numbers, passwords, and other personal data.

The malicious code is usually hidden in the page’s source code and can be difficult to detect.

This type of attack can be carried out by hackers using a variety of methods, including cross-site scripting (XSS) or SQL injection attacks.

Man-in-the-Browser Formjacking

Man-in-the-browser Formjacking is a more sophisticated type of Formjacking that takes advantage of browser vulnerabilities.

In this type of attack, the hacker injects malicious code into the user's web browser which allows them to capture and modify the data being entered into online forms before it is sent to the server.

This type of attack is particularly dangerous because it can be used to steal sensitive information without the user's knowledge.

Clickjacking Formjacking

Clickjacking Formjacking is a type of Formjacking that involves tricking users into clicking on malicious links or buttons that are embedded in webpages or emails.

This type of attack can be used to redirect users to malicious websites or install malware on their devices without their knowledge or consent.

Additionally, clickjacking attacks can also be used to steal sensitive data from online forms by tricking users into entering their information into fake forms that appear legitimate but are controlled by hackers.

9. Cyber Terrorism

Another common type of cybercrime is Cyber terrorism. It refers to the use of computer networks and technology for terrorist activities such as disruption of critical infrastructure systems or spreading fear among people through cyber-attacks like distributed denial-of-service (DDoS).

Cyber terrorism has become an increasingly serious threat in recent years due to advances in technology and the availability of powerful tools on the dark web that allow even novice hackers access to sophisticated tools needed for these types of attacks.

Furthermore, let's discuss about the different types of cybercrime through terrorism in recent times. 

Stuxnet

Stuxnet is a computer worm that was discovered in 2010 and is believed to have been developed by the United States and Israel to target Iran’s nuclear program.

The worm was designed to target industrial control systems and cause physical damage to equipment, such as centrifuges used in uranium enrichment.

WannaCry

WannaCry is a ransomware attack that occurred in 2017 and affected more than 200,000 computers in over 150 countries.

The attack spread quickly due to its use of the Eternal Blue exploit, which allowed it to spread rapidly across networks without user interaction.

The attackers demanded payment in Bitcoin for the release of files encrypted by the ransomware.

NotPetya

NotPetya is a computer virus that was first discovered in 2016 and is believed to have been created by Russia as part of an information warfare campaign against Ukraine.

The virus spread quickly across networks using multiple methods, including exploiting vulnerabilities in Windows operating systems and spreading through malicious emails containing malicious attachments.

Mirai Botnet Attack

The Mirai botnet attack occurred in 2016 and caused widespread disruption on the internet by taking down major websites such as Amazon, Netflix, Twitter, Reddit, and Spotify.

The attack used a massive network of infected devices (known as a botnet) to overwhelm websites with traffic and take them offline temporarily.

10. Online Fraud

Finally, another common type of cybercrime in 2023 is online fraud. Online fraud involves using false identities, stolen credit cards, fake checks, phishing scams, etc, to commit financial crimes such as identity theft or money laundering over the internet.

Now, let's discuss about the most common type of cybercrime through online.

Credit Card Fraud

Credit card fraud occurs when someone uses another person's credit card without their knowledge or permission for fraudulent purposes.

This type of fraud can include making unauthorised purchases with stolen credit cards or using stolen credit card details to make online purchases.

To protect yourself from credit card fraud, it is important to monitor your credit card statements regularly and only shop at websites that use secure payment processing systems.

Online Scams

Online scams are another common type of online fraud that involves criminals attempting to deceive people into giving them money or other goods in exchange for nothing in return.

These scams often involve promises of easy money and can take many forms, including fake lotteries, investment schemes, job offers, and pyramid schemes.

To protect yourself from online scams, it is important to do research before investing any money and never give out sensitive financial information over the internet without verifying the authenticity of the website first.

Additionally, here is the bonus point. Another common type of cybercrime for businesses in 2023, is data breaches. We have a separate blog for data breaches you can go through.

11. Data Breaches

A data breach occurs when unauthorised individuals gain access to sensitive data stored on computer systems belonging to organisations like banks, hospitals, retailers etc, either through hacking or social engineering techniques.

Data breaches can cause significant financial losses for businesses due to stolen customer data being sold on the dark web.

Let's quickly discuss about the different types of cybercrime through data breaches.

Unauthorised Access

Data breaches occur when unauthorised individuals gain access to an organisation’s confidential information, such as customer data or financial records.

This type of breach can happen in a variety of ways, including hacking into computer systems or stealing physical documents.

Once the breach has occurred, the sensitive information can be used for malicious purposes, such as identity theft or fraud.

Malware Attacks

Malware attacks are another common cause of data breaches. In this type of attack, malicious software is installed on a computer system without the user’s knowledge or consent.

The malware can then be used to gain access to an organisation’s confidential information and steal it for malicious purposes.

Insider Threats

Insider threats are another form of data breach that occurs when an employee or other trusted individual intentionally or unintentionally misuses their access privileges to obtain confidential information from an organisation.

This type of breach is particularly dangerous because it often goes undetected until it is too late, and the damage has already been done.

Unsecured Networks/Systems

An unsecured network or system is a type of data breach that occurs when an organisation fails to secure its networks and systems from unauthorised access.

Unsecured networks and systems can be exploited by attackers who are able to gain access without authentication and view confidential data stored on the network or system.

Businesses should ensure that all networks and systems are properly secured with strong passwords and encryption protocols to protect against unsecured network/system breaches.

How Can AZTech Help?

Our Managed IT Security services can help safeguard your business - we can review your current security policies, provide user awareness training, and use penetration testing to check for areas of vulnerabilities.

Furthermore, as Symantec's report states, the number of enterprises falling victim to cybercrime is increasing every day, therefore having a data recovery plan in place can help ease your mind about major data loss.

We take a broad view of disaster recovery and business continuity and work hard to ensure that every element of your critical infrastructure, applications and data is protected.

This allows us to create a comprehensive disaster recovery and business continuity plan that’s tailored specifically to the needs of your organisation.

If you’d like to discuss how a disaster recovery plan can work for you or would like to find out more about IT Security, please get in touch and we’d be happy to help.