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The telecommunication industry is already paving the path for a complete transformation. And why not since the world needs it more than ever now. It is vital for keeping the 24/7 connectivity for businesses and private communications. Quite evidently, it is growing and rising. 

Simultaneously, this growth and data transmission also increased DDoS and other forms of attack on telecom companies. Did you know that telecom and ISPs accounted for more than 45% of the share of account takeover and competitive price scraping via bad bot traffic? 

Many reports suggest that there will be an increase in the worldwide spending of security and risk management technology to around $150 billion in 2021. Sadly, many global leaders believe that ransomware attacks could cost companies more than $265 billion over the next decade. 

That's a considerable amount! If you wonder what type of attacks we are suggesting here, keep reading this article and find out the major cybersecurity threats to the telecom industry. 

Biggest Cybersecurity Threats to the Telecom Industry Right Now

With the inclusion of innovative technology, cybersecurity threats are evolving. And the telecom industry isn’t immune to these threats at all. Below are some of the most common threats facing telecom industries. 

DDoS attacks: Telecom companies are usually the prime target of these attacks. In fact, back in 2018, more than 65% of the attacks were aimed at telecom providers alone. In fact, if trends keep at a similar pace, many believe that DDoS attacks might reach a record 11 million by the end of this year. In these attacks, the cybercriminals disrupt normal traffic. Further, it causes a denial of service for the target. This results in financial loss for the company. 

This is why many providers are shifting themselves to a VPN network. Many companies are also using real-time DDoS monitoring in place for early detection and setting a control unit to identify any malicious traffic. 

IoT Security: As per the reports, more than 25 billion devices will be connected to the internet. This is a large target pool for cybercriminals. In fact, if any competent hacker breaks into any tower, you could lose important customer information or confidential data, and it might become public. Before you even know it, the aftermath of this security breach could be dire. Here are some of the threats that could target IoT security:

• Network congestion
• Sybil attacks
• Routing attacks
• DDoS attacks

This is why network operators need to: review their core network, Invest in an intrusion prevention system, use cryptographic network protocols, be wary of UPnP. By following IoT regulations alone can help you avoid any cybersecurity attacks. 

SIP Hacking: It is a threat when VoIP communications are in the picture. Hackers can attack the interface and easily tap into VoIP calls. They can distribute SIP malware or tamper with the service by doing so. Some common SIP attacks include SIP toll fraud, trunk hacking, ID spoofing, and the most common DDoS attacks.

Did you know in the year 2019, an attacker targeted a US company that used software for VoIP? They targeted 1500 unique gateways tied to around 600 businesses. It was a complete mess. Ideally, one can protect the system or interface using a solid VPN to secure all your network devices. 

DNS attacks: This is also one of the most prevalent attacks the telecom industry faces. What’s more problematic is that these attacks are not slowing down. Instead, they are skyrocketing every passing year. The last year alone reported more than 75% of the companies facing such attacks. These attacks could, in fact, cost you anything, approximately $ 5 million. Can you afford that? 

Here are some common types of such attacks: DNS rebinding attack, cache poisoning, tunneling, hijacking, domain lock-up, and more. The telecom industry must ensure higher cyber resilience to avoid such attacks. Like before, you must invest in a VPN for data encryption. 

Examples of Cyberattacks that shook the world

• Do you remember the first significant cyberattack on the UK telecom company, TalkTalk? A couple of teenagers perpetrated in their network, which cost them the loss of around 1.2 million email addresses, names, and phone numbers. Another attack was on Verizon, where the average DDoS packet count was approximately 4.6 million per second. 

• A hacker group attacked a company through their company website by injecting a simple SQL injection intended to steal customer and employee data.

• A new APT group was ripping the telecom sector apart, breaching at least 13 telecommunication companies worldwide since 2019. 

• Security researchers uncovered a new type of DDoS attack named Black Storm that was capable of disrupting DNS servers.

Final Thoughts- It’s time to stand against these notorious cybercriminals 

Cyber attacks aren’t any new scene in this telecom space. Being rich in customer profiles, payment information, and highly visible bands makes them vulnerable to cyber-attacks. However, with more than 90% of the businesses shifting remote, the urgency and concerns escalated during the pandemic. 

Many believe that the threat meter moved up six notches this year. Clearly, telecom industries are concerned that they might not be prepared for such advanced attacks. After all, not everyone was ready to take all the measures. Hence, they were vulnerable to attacks that could disrupt core operations and damage their brand. 

It's time that you invest more in cybersecurity. You might not feel like a potential target. But can you afford to lose your data in the case that happens? Attention is needed to survive this situation and stay competitive in the market. 

After all, 

• An accusation of cyber attacks can make you shut down key services 
• You might lose personal information, which will impact your accountability and branding.
• It could cause website damage and reputation loss.

In any of the three cases, you’ll be at a loss since you will simultaneously lose your credibility and customers. Thus, it will eventually make you lose millions of dollars.

Do you believe your company is protected against these evolving cyberattacks? What are you doing to ensure its safety?