A focus of the World Economic Forum’s 2023 Annual Meeting in Davos was on cyber security.
Now, I’m not the biggest fan of WEF or the unelected elites who run it, but even I must admit, that in this increasingly tech and AI world, we cannot ignore the high probability of these cyber attacks increasing and having a big one significant enough to send us into darkness.
Before you continue reading, take a second and think about all the devices you use that are connected to the internet.
Computers, mobile phones, e-readers, lights, Bluetooth speakers, etc.
Matthew Prince, the Cloudflare CEO, is right: “As more things get connected to the internet, there’s just more risk.”
As a result, not only is our personal information at risk, but also our national security.
During the WEF Annual Meeting, Sadie Creese, a professor of Cyber Security at the University of Oxford predicted: “There’s a gathering cyber storm. This storm is brewing, and it’s really hard to anticipate just how bad that will be.”
The Latest News on Cyber Attacks
Norton, the Cyber Safety brand, released its predictions for 2023.At the top of the list are cybercrimes associated with economic uncertainty.
According to Norton, there will be a rise in financial-based scams such as fake government assistance programs to steal Personal Identifiable Information (PII); shopping deal scams with fake e-shops promoting low-cost products that steal personal information or cash without delivering the order; and romance scams asking emotionally vulnerable consumers for money or gift cards.
But it goes so much further than stealing people’s personal information. We’re talking about taking the grid down and monopolizing banks and government websites.
In the WEF Annual Meeting, Cloudflare (a cybersecurity firm) reported that cyber attacks specifically designed to disrupt a network or webpage “increased last year by 79% year-over-year.”
These types of cyber attacks are meant to cripple a company—or a nation.
For example, Albania recently suffered a cyber attack that brought down its infrastructure.
Albanian Prime Minister Edi Rama says: “It’s about viruses that can not only block our way of living but can control it and deviate it. So it can use our systems like, god forbid, our air transport systems to hit us back. Imagine if there is a cyberattack on our air transport systems that turn a huge number of airplanes that are flying into bombs.”
Cyber Attacks in 2023 So Far
We’re less than 2 months into 2023, and there have already been several large-scale cyber attacks.Just consider these headlines:
· “Maritime giant DNV says 1,000 ships affected by ransomware attack” · “Royal Mail Export Chaos Has Businesses Fuming After Cyber Attack” · “Israeli cybersecurity officials plan to help top university recover from reported breach” · “Hackers interrupt Iranian president’s TV speech”
According to Cybersecurity Ventures, cybercrime will cost around $10.5 trillion annually by 2025.
Forbes adds: “It’s likely that much of the forecasted $10 trillion in economic damage will be caused by smaller attacks, simply aimed at stealing or extorting money from businesses or individuals.”
How to Prepare for Large-Scale Cyber Attacks
The nature of cyber attacks is ever-changing.There will come a day when a hacker comes after you individually. You’ve likely already received your fair share of phishing emails.
Likewise, there will come a day when cyber criminals attack an industry or service you depend on.
While you can take steps to prevent your personal information from being stolen by cybercriminals, you can’t prevent large-scale cyber attacks.
That doesn’t mean you should just put your head in the sand.
Just the opposite.
If the WEF is correct, and we do experience a catastrophic cyber attack in the near future, we need to prepare for a major emergency.
Consider what the Prime Minister of Albania learned. Cybercriminals can cripple a nation.
Banks may shut down, the grid may go down, water systems may not be safe, and so on.
It could easily be like an apocalypse.
With that being said, preparing for cyber attacks starts with practicing emergency preparedness.
1. Invest in a Water Filtration System
One of the scarier cyber attacks recently was when a cyber criminal tried to poison a Florida city’s water supply.The hacker gained access to their systems and upped the sodium hydroxide levels to dangerous levels.
Unfortunately, these types of cyber attacks on critical infrastructures, such as water treatment plants, are on the rise.
2. Stock Up on Emergency Food
Emergency preparedness always involves stocking up on emergency food.Just as you would stock up before a hurricane or keep a pantry full of non-perishables in the winter, you should have emergency food in case of a cyber attack.
As mentioned, a cyber attack may bring down critical infrastructure, such as the power grid or banking systems.
3. Keep Your Tank Full
One of the first preparedness tips for any disaster is to always keep your gas tank full.Just take a minute and remember what happened when cyber criminals attacked Colonial Pipeline last year.
Gas prices rose, and gas was hard to get.
Should a major cyber attack occur, getting gas will likely be an issue—even if it isn’t an attack on the gas pipeline.
4. Have Cash on Hand
If the power grid goes down, the ATMs and credit card machines will stop working.For this reason alone, you should always have some cash on hand.
We aren’t suggesting you need to keep all your cash hidden in your mattress like during The Great Depression.
We recognize the importance of putting your money in accounts where it can grow.
5. Have an Emergency Communication Plan
If there was a cyber attack that made it impossible to use your cell phone, how would you get in touch with your family members?What if the internet went down across the nation?
How to Prepare for Personal Small-Scale Cyber Attacks
While you can’t prevent cyber criminals in another country from hacking your banking institutions, you can take steps to protect yourself.1. Protect Your Home Network
It starts at home.2. Protect Your PII
PII stands for Personally Identifiable Information, which includes data such as your full name, email address, mailing address, phone number, or social security number.While we are focusing on large-scale cyber attacks, you still want to limit what you share online and through apps.
3. Store Important Documents Carefully
It’s a good idea to keep hard copies of important documents (such as birth certificates, wills, etc.) in a fireproof, waterproof lock box.4. Set Up Multi-Factor Authentication
CISA Director Jen Easterly told Harvard Business Review that multi-factor authentication “makes you 99% less likely to get hacked.”5. Check Accounts Regularly
A good way to know if you have been personally victimized is by checking your banking and investment statements regularly. You should also request a credit report.6. Stay Aware of the Threats
While you may not be able to prevent a cyber attack from happening, you should still do your best to stay aware of potential threats.For example, if local news mentions a ransomware attack on a hospital you visited, pay attention to what the cyber criminals were after and how it may affect your personal records.
The FBI also released warnings about specific cyber attacks. Pay attention!