The rapid expansion of the Internet has significantly increased the prevalence and complexity of cyber attacks, posing severe risks across multiple sectors. This paper provides a comprehensive analysis of prevalent cybersecurity vulnerabilities and evaluates existing mitigation strategies. Initially, an overview of the most exploited vulnerabilities in hardware, software, and network layers is presented. State-of-the-art mitigation techniques are critiqued, highlighting their strengths and weaknesses. The discussion extends to new attack patterns emerging from the adoption of technologies like social media, cloud computing, smartphones, and critical infrastructure systems. The unique characteristics of these technologies that make them susceptible to cyber attacks are explored, and how traditional defense mechanisms often fall short is discussed. Concluding with speculative observations, the paper outlines potential future research directions in cybersecurity, emphasizing the need for innovative defense mechanisms that adapt to the evolving technological landscape and cyber threats.