Cyber attacks in the public sector saw a huge increase in 2023
Cyber attacks against public sector organizations saw a massive spike in 2023 as hackers sought to steal valuable sensitive information that these companies keep on various people, a new report from KnowBe4 claims.
According to the document, cyber attacks against government agencies and other public sector companies increased by 40% in the second quarter of 2023, compared to the first. In the third quarter, the increase in attacks peaked at 95%.
There are multiple reasons for the spike, the researchers further explained, highlighting two specific reasons. The first is the value that hackers can extract from their victims. Data breaches have never been so expensive: the cost of an incident has increased by 15% in the past three years. In other words, sensitive data located on victims’ servers can be sold for profit or used in extortion attacks.
Generative AI exacerbates the problem
Costs are also rising due to the second reason: the increasing use of generative artificial intelligence (AI) tools. These tools, such as Chat-GPT, lower the barrier to entry into cybercrime. Plus, they allow experienced threat actors to create credible phishing emails, legitimate-looking landing pages, and more – in a fraction of the time required with a manual installation. By optimizing their workflow in this way, hackers can get more work done in less time, stealing more data and making more money.
As a result, there is a “critical need” to strengthen the human element of cybersecurity within organizations, the researchers said, through comprehensive security awareness training.
“Through the right training initiatives, this cost-effective and straightforward approach can effectively counter social engineering tactics,” said Stu Sjouwerman, CEO of KnowBe4. “However, as the sophistication of attacks designed to exploit the human element increases, the continued reinforcement of a strong security culture is an indispensable tool for sustainable digital defense and operational continuity.”