Escalated digital innovations are mendacious blades affecting cybersecurity threats in 2020. The organizations are keenly adopting new technological advancements and at the very same time exposing themselves to the tech pros. As a result, the world is continually facing cybersecurity challenges which are expected to grow more in the coming decade.
California was the very first state to regulate the data breach disclosures in 2003 and according to the laws, the victims can sue for up to $750 and the companies can be fined up to $7,500 per victim.
The 2019 RSA Conference came up with some of the major cybersecurity challenges that actually increased the cyber threats making it difficult for the companies to mark their data safe and level up their cyber concerns. Greg Day, VP and Chief Security Officer of Europe writes for Palo Alto Networks that the emerging problems like deep fakes, stalkware (a software that allows spying on someone’s phone or tablet) and surveillance attacks have gained renewed importance in the field.
No matter how tech advanced the organizations have become, cybersecurity should be the primary concern for all. Regardless of the progressive implementation of IOS (Internet of Things) and cloud computing, there should be measures to prevent any kind of cyber threats.
According to Trend Micro, a multinational cybersecurity and defense company, the annual costs associated with cyber-attacks are expected to reach more than $6 trillion by 2021 and this is one of the most significant challenges faced by the decision-makers. Data safeguard is not only a compliance concern but also one financial lag, it says.
Majorly all the companies rely on data for all purposes, thereby data breaches are also becoming the major concerns for the growing business cycle. The threats and attacks are gradually doubled this year, so knowing the threats and finding proper solutions are now necessary. We have come up with some of the major threats that will be the center for concern about cybersecurity all around the world.
1. Fake is the new talk of the town
Everybody was blown after the Economic Times came up with the headline “ 2019- The year of fake news”. 2019 has been a unique year where fact-checkers continuously kept moving from one event to the other, and this has been the busiest year for us so far,” said Jency Jacob, managing director at Mumbai-based fact-checking website BOOM, which works with Facebook to check stories and tags specific posts spreading misinformation on the platform. Fake videos and images are something that not only affects the company’s reputation but also harms the global finance industry.
Fake software can be downloaded and used for malicious works. A fake recording can result in false transactions and there are many other examples of how fake news, images or videos could harm the entire organization’s reputation. Trend Micro found that the deep fakes will be the next frontier for enterprise fraud.
To foresee cybersecurity concerns, organizations need to develop innovative platforms and embrace technological advancements like Artificial Intelligence (AI) to better their work environment. Even Google CEO Sundar Pichai urged the US and EU to coordinate and offer better tools that can regulate the AI, writes CyberSecurity Insider’s writer Naveen Goud. Google, therefore, released some of the open data sets to detect fake news and other programming interfaces.
2. Multiplying ransomware attacks
The evolution of ransomware and the growing attacks has led to the depletion in various sectors. The attackers are becoming sharper and the defenders are in a move to detect any kind of malfunctioning, this game is just preceding each day. The criminals are now targeting larger business organizations and trying to break data encryption in various ways, ransomware is growing to the core.
It is actually true that the ransomware, destructive malware and crypto-jacking will increase with the connectivity of the devices. As soon as the 5G cellular networks launch in the market, cybersecurity measures should be adopted. 2020 will be known to be the year of developments and technological inventions and the pervasiveness of 5G will be the newsflash. Since every advancement confirms some kind of collateral harm, many IoT attacks are likely to happen. The attackers may take advantage of the older setups or lack of password security devastating the systems. So, it’s mandatory to look out for these new risks when building organizations.
3. Cloud adoption
Along with IoT and 5G in the growing years, cloud computing has also marked its place on the blooming list of digital connectivity. It’s obvious to predict that cloud computing will be the necessity of the coming decade. Most of the organizations are prepared to handle their cyber concerns themselves but when the data is stored on the cloud, the process becomes limited. Since the hosting providers have major access to data security, the cybersecurity chances drop with time. The organization’s security team also struggles to maintain the bridge between daily events and security measures leaving the load to providers.
With greater cloud adoption, the risk of cybercrimes is increasing and the individuals dealing with security concerns should be guided to more security operations engaging ways to handle any kind of malfunctioning. With increased data centers and emerging cloud work, cybersecurity might be at a risk in the coming years.
Data breach and cyber threats affect the globe of organizations, you could not even keep a count of what all is sacrificed when an organization faces this. From economic, reputational and regulatory costs to the actual loss of current and future customers, cybercrime has become a berg. While there are laws to oversee cyber threats with commonalities including ‘ let the government know as soon as possible’ and ‘paying some sort of fine’, we can expect less of them in the next decade. The National Institute of Standards and technology also released frameworks to help the organizations understand their security risks and prevent cyber attacks.
Adding more steps to abbreviate cyber risks:
It’s no time to carry on the folk tales preaching data safety and all-time concentration on the systems, the problem needs real solutions.
- Focus on investing in tools that limit information loss and continually scan for data exposure and leak credentials. The organizations need to monitor third-party risks and fourth-party vendor risks if cybersecurity is their major concern.
- All the members of the organizations should be educated about social engineering risks like phishing emails and typosquatting.
Note: Typosquatting is also known as URL hijacking or brandjacking. It is a form of cybersquatting which relies on mistakes such as typos made by the internet users when they input a website address into a web browser. The user as soon as they enter the wrong website address is led to any URL or a website operated by the cybersquatter.
Stop asking why is cybersecurity important, incline your efforts to ensure that your organization’s cybersecurity practices are well-versed and you are leaving no clue for the attackers.