Discover social engineering and stay alert for various forms of attacks

TLDR:

• Social engineering is a type of cyber attack that manipulates victims into handing over sensitive information.
• Common types of social engineering attacks include phishing, tailgating, pretexting, baiting, and scareware.

In recent years, cyber criminals have increasingly used social engineering tactics to exploit human psychology and manipulate individuals into revealing personal or business information. These attacks can lead to significant financial losses, as highlighted by IBM’s 2023 Cost of a Data Breach report, which found that the average cost of a social engineering attack is $4.76 million. Phishing, tailgating, pretexting, baiting, and scareware are some of the most common types of social engineering attacks, each with its own methods of psychological manipulation.

Real-world examples, such as personal finance journalist Charlotte Cowles being scammed out of $50,000 and a crypto trader losing $5.1 million in cryptocurrencies, demonstrate the effectiveness of these tactics. To prevent social engineering attacks, individuals and organizations are advised to be suspicious of unexpected emails, avoid clicking on unknown links, keep software up to date, use unique passwords, implement two-factor authentication, provide ongoing training, and establish reporting mechanisms for potential threats. By fostering a culture of cybersecurity awareness and implementing basic protective measures, the risk of social engineering attacks can be minimized.