What is a threat actor?

Cyberthreat actors look to obtain sensitive information about your company through phishing, ransomware, and malware attacks. Understanding the risks that threat actors pose to your organization helps you reduce your risk of fraud and data leaks.

Types of Threat Actors

There are many different types of threat actors. Let’s explore some of the main categories in more detail.

Cybercriminals

Cybercriminals use shortcomings in cyber security protocols for financial gain. This can include ransomware attacks, phishing scams, and one-ring scams. Cybercriminals almost always have malicious intent to exploit the sensitive information in your business for personal gain.

Hacktivists

Hacktivists are threat actors that commit cybercrimes for political or social agendas. For example, completing a ransomware attack to show how much a political candidate is making each year. Hacktivists believe they are creating positive social change, causing them to justify their actions. One example is the hacktivist group Anonymous, which advocates for freedom of speech by hacking government institutions and agencies.

Nation-State Actors

State threat actors target government agencies for financial gain. State actors are financially motivated actors looking to harvest confidential government information. Common methods used by state threat actors include espionage and cyberwarfare.

Insider Threat Actors

Insider threat actors aren’t always financially motivated actors. In fact, many instances of insider threats occur by accident, such as an employee clicking a link with malicious software attached. However, some insider threats can be intentional. For example, an employee who was recently fired steals company data for financial gain or installs destructive malware onto your system.

Cyberterrorists

Similar to hacktivists, cyberterrorists are politically or socially motivated. The main difference is that cyberterrorists look to cause violence and damage with no rationale justifying their actions. Cyberterrorists can either be nation-state actors or work independently.

Thrill Seekers

Thrill seekers aren’t looking for financial gain. Instead, they attack computers and systems for fun. Some thrill seekers want to prove their capabilities, while others look to better understand networks and software. Although thrill seekers aren’t always trying to cause harm, their actions can result in serious data breaches and leaks from interference with the network’s existing cybersecurity controls.

Threat Actor Strategies

Threat actors have a variety of tactics that they use to carry out cyber threats. In many cases, a threat actor will combine multiple strategies. Let’s explore some common threat actor strategies to help your organization prepare for cyber threats.

Malware

Malware is malicious software transmitted through email links, compromised websites, and unsafe software. Malware infects the software and gives target actors access to the information stored on the device. Many malware attacks are disguised as credible sources. For example, an email address that has all of the same letters except one for someone you regularly contact. This makes it difficult to detect malware threats.

Phishing

Phishing attacks use fake websites, text messages, phone calls, and emails to trick an individual into sharing sensitive information. For example, you might receive a message from a source that looks like your bank asking you to verify your account numbers. Instead of the threat actor hacking into your device, they are looking for you to give away the information.

Social Engineering

Social engineering plays on emotions to facilitate the cyberattack. This tactic exploits fear and urgency to manipulate individuals into giving away sensitive information. Let’s say you receive a text message that your bank was hacked. This creates an inflated sense of urgency, and you might not verify if the sender is legitimate. Instead, you might click the link and enter your bank information to see what’s going on.

Social engineering can be both complex and simple. One tactic is leaving a hard drive on the ground that contains malicious software. A curious individual might pick up the hard drive and use it on their personal computer, allowing the threat actor to gain access. On the other end, some social engineering tactics are complex, like spending months creating a fake relationship to siphon a free plane ticket.

Ransomware

Ransomware is a type of malware that holds your information hostage until you meet the threat actor’s demands. For example, a hacker might lock down your computer until they receive a certain amount of funds. Ransom attackers aren’t necessarily after the information on your device but the money you will pay to get your information back.

Moreover, big game hunting attacks target large organizations that are more likely to pay the demands because they have more to lose with a down system. Healthcare organizations, online retailers, and government agencies are common targets of big game hunting attacks.

Advanced Persistent Threats

Advanced persistent threats are attacks that can span months or even years. This tactic allows threat actors to remain undetected in your network, carrying out espionage, escalating privileges, and stealing data over time. An advanced persistent threat tactic is expensive to maintain, which is why it is usually reserved for nation-state actors or well-funded actors.

Backdoor Attacks

A backdoor attack is a tactic used to gain access to your system through an application or program that isn’t connected by regular security controls. Let’s say an employee is working at a coffee shop on free Wi-Fi. This Wi-Fi system doesn’t have the same cybersecurity controls as your in-office system, opening the door to a backdoor attack.

Protecting Your Business from Threat Actors

There are ways you can stop motivated actors from accessing sensitive information in your business. Let’s go through some strategies you can use to protect your company.

Offer Security Training

Security awareness training is important to give your employees an overview of the threat landscape. During these training sessions, you can teach employees how to detect threat actors and proper security protocols. Employees are your first line of defense and the group that will encounter motivated actors the most, making it important to prioritize training.

Additionally, there are various companies that can help you with training. Many of these companies offer online portals that track each employee’s threat intelligence and where added training might be needed. Sometimes, security training can also qualify for continuing education credits for professional certifications and licenses.

Use Multi-Factor Authentication

Multi-factor authentication requires employees to use more than one form of verification, such as a password and a text message code. This helps deter threat actors because it’s unlikely that they will have access to both devices. Multi-factor authentication is relatively simple to set up and maintain, making it a great addition to your line of defense. However, multi-factor authentication won’t be able to deter certain threat actor tactics, such as social engineering or phishing.

Secure Endpoints

Endpoints are the physical devices connected to a network, such as a laptop or a company phone. Securing your endpoints helps keep your entire network secure. Maybe you require employees to remote into a desktop to access certain applications or implement multi-factor authentication on all devices. Finding ways to secure your endpoints ensures your overall operating system is secure from threat actors.

Streamline Threat Reporting

What happens if an employee accidentally clicks on a phishing scam or notices that someone is logged into their device? Streamlining how employees submit a threat report is crucial. In your employee manual, you should have defined guidelines that employees can follow when threats do occur. If you neglect putting together policies, an employee might not speak up or alert the necessary individuals of the potential threat.

Implement Firewalls

A firewall is a system that monitors your traffic data and blocks certain things based on pre-determined protocols. For example, if a website looks like spam, your firewall will prevent employees from clicking on it. Firewalls are important to implement because they automatically filter out malicious intents from threat actors.

Use Secure Software

The software providers you work with should also have protocols in place to secure your data. Having both internal and external security features deters motivated actors and can reduce your risk of cyber threats. Let’s say your business needs a secure expense management platform. You decide to go with Eftsure, which has cybersecurity strategy and financial controls built into the platform. Using robust software with the necessary controls allows you to operate efficiently without compromising your data.

Summary

• Threat actors are individuals who intentionally cause damage to your software or server, primarily for financial gain.
• Threat actors can take on many different forms, from nation-state actors and hacktivists to thrill seekers and internal threats.
• Malware, ransomware, phishing, social engineering, backdoor attacks, and advanced persistent threats are common tactics used by threat actors to access the confidential information of your business.
• Offering security training, using multi-factor authentication, securing endpoints, streamlining threat reporting, implementing firewalls, and using secure software are ways to protect your organization from threat actors.