CYBERCRIME IS GOING STRONGWhile the pandemic has put the brakes on economies and businesses, there is one segment that continues to thrive and has taken advantage of the disruption. You guessed it right. Cybercriminals are flourishing and have upped the ante on businesses as companies struggle to play catch up and cope with the COVID-19 aftermath. The constantly increasing magnitude of data loss and cyberattacks is staggering for enterprises, individuals, and even government agencies. This should provide food for thought.
GLOBAL IMPACT OF CYBERATTACKS
Consider these recent stories:
CNA Paid $40 Million in Ransom After March Cyber Attack (Insurance Journal, May 21, 2021)
Irish Hospitals Hit By Cyberattacks, Forcing An IT Shutdown (The New York Times, May 20, 2021)
The above headlines illustrate the looming size of this international emergency. It is not just repackaging; emerging technologies like artificial intelligence, 5G, and machine learning are providing a more sophisticated arsenal to cybercriminals, making them more dangerous.
Cybersecurity Ventures expect that by 2025, the global repercussions of cybercrime will be to the tune of $10.5 trillion annually. There is no doubt that industry players need to wake up and improve their cybersecurity measures if they want to stay out of the headline news.
TRENDS TO WATCHThere are quite a few trends expected to play out in cybersecurity. Four prominent ones emerging out of the pandemic are listed below:
★ Re-Assessing Vulnerabilities: Work from home, remote offsite employees, cloud technology, and off-premises devices have opened up many new endpoints. These require a re-examination at how existing cybersecurity and governance policies are working. There is a strong possibility that additional investments in tools like deception technology, authentication solutions, cloud security services, access controls, application monitoring, and others need to be considered. There is a need to protect new vulnerabilities that have emerged as a result of the changing landscape.
★ Validating Controls: Security measures need to be in place to frequently test to ensure that a company is well informed about threat assessment profiles. Organizations familiar with the consequences of adverse security events are deploying Breach and Attack Simulation, or BAS, exercises as a means of establishing capabilities and preparedness. BAS risk assessments can be used to modify and upgrade systems and also train employees in the detection, identification, and prevention of cyberattacks.
★ Strengthening Competence: Cybersecurity is an enterprise-wide concern. People who are skilled and competent in this area should provide useful information. Trends indicate that specialists at their apex, board level, or C-suite level are being hired so that risks and risk reduction remain an area of interest and focus.
★ Investing in Newer Solutions: Technologies and processes that provide greater security are now available. The trend is to adopt them to enhance asset security. Application-based Multi-Factor Authentication, like that provided by Google and Microsoft authenticators are becoming more prevalent in security industries. They are absolutely necessary for companies that deal with zero trust network access (ZTNA), AI-powered security systems, identity and access management (IAM) tools, cloud to cloud backup solutions, hybrid cloud, and security information and event management (SIEM) for real-time user activity and data visibility.
It is not easy to navigate the entire gamut of issues involving security risks and mitigating vulnerability solutions. Enlisting the support of vendors who are familiar with various aspects of cybersecurity is a worthwhile move for this sensitive matter. Technology by Design is a trustworthy company with the know-how and experience to put your cybersecurity concerns at rest.