Every single day, the world is producing more and more data(an estimated 2.5 quintillion bytes of data every day). This data is being stored, shared and converted into numerous forms continuously, resulting in more loose ends for hackers to commit cybercrime. The year 2022 is no different. In fact, the vulnerability is growing as we step into the future. More systems coming online, generating more opportunities for cyberattacks.
The economy’s transition to remote and hybrid labour opens up a lot of doors for cybercriminals. Work-from-home programmes are likely to continue, leading to data vulnerabilities for the foreseeable future, whether owing to new versions or employee preference. Several well-known businesses suffered expensive cyberattacks in 2021. Colonial Pipeline paid its assailants $4.4 million as compensation for their ransomware attack. CNA Financial paid ransomware attackers $40 million to unlock portions of their company’s digital infrastructure.
Customers, suppliers, and competitors of ransomware victims are aware of the inconvenience that security breaches can bring. Damages frequently cost more than investing in appropriate solutions.
The “Wannacry” ransomware assault that affected over 100,000 organisations in 150 countries in May 2017 locked down computers and held user files for ransom at a number of hospitals, businesses, and governmental entities. Experts claim that a self-replicating piece of software, which infiltrates companies when staff members click on email attachments and quickly spreads inside from computer to computer when staff members share data, was to blame for the attack.
IT security departments must keep up with the most recent threats because cybersecurity is a continually changing field. Understanding security threats in the context of business is one of the most important aspects of cybersecurity management. It is crucial for organisations to put in place the proper controls for the security of their infrastructure. More than 50% of firms believe that their own personnel are the most likely source of cyberattacks, according to Ernst & Young’s Global Information Security Survey 2015, a reported rise of 12% from 2014. Employees frequently mistakenly reveal important information and damage security.
This suggests that one of the most crucial stages in lowering the cybersecurity risk caused by employees is raising their level of awareness and education about cybersecurity. Employers must instruct staff members not to run unauthorised software, view unauthorised attachments, or read personal emails on company laptops or computers. The use of a strong identity and access management system, which could assist in reducing the threat of a cyber-attack by restricting employees’ access to sensitive data, could be another crucial technique.
No industry or field’s future can be predicted with absolute certainty. The conventional commercial assumptions found in every industry have been overturned by political upheaval. In situations like this, the industries that are accustomed to change prevail. One such area is cyber security. Hackers frequently alter the methods they use to fraudulently access information. In order to keep up, cyber security is always changing. In fact, those that invest during uncertain times may end up making the most money.
The requirement for businesses to secure their networks, data, devices, and identities is shaping the future of cybersecurity. Adopting security frameworks like zero trust, which will assist businesses in securing internal information systems and data in the cloud, is one example of this. The sheer number of new threats has made the security environment more complicated than ever. Businesses are now more aware of their ability to recover from an attack if they are the target thanks to the rise of ransomware, but security requirements are also constantly changing as new technologies, apps, and gadgets are created at a faster rate than ever. As a result, businesses need to concentrate on finding strategies that will keep them at the forefront of both technology and industry.
The prevalence of ransomware and other cyberattacks is forcing many businesses to reevaluate their overall cybersecurity strategies, regardless of whether they adopt identity-first and context-aware strategies like zero trust or technologies like cloud computing, mobile devices, or cybersecurity as a service (CaaS). Organizations will therefore need to address security holistically by including all facets of their operational processes and putting in place comprehensive defence plans right away.
The cybersecurity sector has a promising future because businesses will keep creating new technology to protect against the changing threat landscape. To keep up with new technology and the growing number of risks in both the public and private sectors, government rules, regulations, and security protocols will likewise continue to develop.
Connect with experts at AKT to help you formulate an efficient strategy to counter cybercrimes within your organisation.
