The advent of digital technology advancements and the rise of remote working have drastically altered the cybersecurity landscape. With ever-evolving threats and a widened attack surface, organisations can no longer disregard the possibility of being targeted by cyber attackers, the question is no longer whether.
According to a study by EY, significant numbers of companies are still insufficiently investing in cybersecurity. 39% of companies surveyed expressed doubt that their strategic investments considered the cost of cybersecurity, while another 39% were concerned about facing security breaches owing to inadequate investment.
Being aware of potential cybersecurity advancements in 2018 is crucial to prepare businesses better to counter potential threats effectively. Therefore, we have curated a list of the top 5 cybersecurity developments of 2018. Our aim is to encourage business leaders to allocate adequate resources for their organisations’ optimal security based on the shared insights.
The Impending Menace of Ransomware
The European Union Agency for Cybersecurity has aptly labeled the present time as the “Golden Age of Ransomware,” which is relatable. Figures from the first year of the outbreak indicate a 150% increase in ransomware attacks, and unfortunately, the upward trajectory is expected to continue beyond 2023.
The existing situation has given rise to an opportune environment for the widespread growth of ransomware. The increase in remote working has created a vast pool of potential prey to phishing scams, which are the primary stage of a ransomware attack. Once a hacker acquires unauthorized access to a company’s network using stolen credentials, they can launch a virus that encrypts all data and ask for a ransom to be paid.
The rising availability of Ransomware-as-a-Service (RaaS) toolkits has become a grave concern. These suites give nefarious actors the tools necessary to carry out ransomware attacks with little difficulty, leading to a surge in ransom payments. It is the primary reason why ransomware has become widespread over the last few years and is anticipated to persist for the near future.
An Interconnected Network of Vulnerabilities
The number of Internet of Things (IoT) devices connected is set to increase at a rapid pace, with projections estimating 11.57 billion devices by 2023. Consequently, there is a potential danger of unscrupulous actors capitalising on the heightened interconnectivity to gain entry to susceptible devices.
Recent reports of security breaches in the Internet of Things (IoT) highlight that hacking interconnected devices is not as difficult as one might believe. While some attacks may appear insignificant, IoT devices can serve as an entrée to access other networks like smartphones and computers. Hence, it is paramount to remain watchful and ensure that all connected devices are secure.
In the upcoming year of 2023, cybercriminals are predicted to become more inclined towards exploiting the Internet of Things (IoT) due to several reasons. These consist of the widespread application of IoT devices in numerous industries, the integration of 5G and edge computing, the growing prevalence of smart devices, and the IoT’s intrinsic design insufficiencies that might generate a sequence of vulnerabilities.
Expanding the Use of AI in Cybersecurity (And Cyberthreats)
The rise of Artificial Intelligence (AI) seems to have no bounds, with AI-powered solutions continuously evolving and expanding their range of applications. For instance, in the domain of cybersecurity, AI-based solutions that can detect malevolent activity have become increasingly prevalent.
In the banking industry, the utilization of AI has grown significantly to detect and thwart fraudulent activities. This technology operates by monitoring and scrutinizing dubious activities occurring within the vital sectors of a company’s network. AI can quickly identify malicious conduct and take remedial measures to control the damage or alert human teams instantly.
The widespread implementation of Artificial Intelligence (AI) cybersecurity solutions can largely be attributed to the escalation of AI-backed cyber threats, despite the numerous advantages they provide.
Countless wrongdoers are utilizing AI. To augment their operations, some hackers are leveraging Artificial Intelligence (AI) to strengthen their social engineering strategies and detect network weaknesses. To battle automated attacks effectively, security teams are adopting a blended strategy that integrates AI with manual supervision. Regrettably, AI cyberthreats can act rapidly and may even surpass AI cyberdefenses in skill.
A Focus on Personalized Security Becomes Paramount
According to Gartner, identity-first security was expected to become a popular approach by 2023, but it seems to be receiving more attention earlier than anticipated. Identity-first security is a technique of handling access concerns, stressing on the control and supervision of personal identities as opposed to a business-wide strategy.
Adopting an identity-first strategy for network security may serve to provide improved protection against frequent attacks, including credential misuse, revelation of classified data, and privilege escalation. The goal of identity-first security is to guarantee that sanctioned individuals and devices can access essential resources as needed and for legitimate purposes.
Due to the increasing dependency on intelligent and automated devices in corporate networks, it is crucial to adopt a zero-trust approach and concentrate on dynamically overseeing the identities of all users and devices present in the network at any moment.
Increased Governmental Oversight and Involvement
With the pace of technological advancement accelerating, it is unsurprising that legislation and regulations are struggling to keep up. Nonetheless, the cybersecurity industry is bound to be handled differently in light of the growing threat posed by cyberattacks. Across the globe, governmental bodies are growing increasingly anxious as the number of attacks on crucial infrastructure continues to soar.
As a result, swifter regulation is expected to be implemented by 2023 with the objective of managing the problem effectively. Possible solutions include regulatory guidelines for dealing with ransoms linked to cyberattacks, stricter penalties for hackers, and other approaches.
Governments worldwide will address the escalation of cyberattacks in diverse ways, although most wealthy nations are demonstrating indications of working on legislation to combat this predicament.
One Year Has Passed, It’s Time to Take Action
It is evident that certain probable challenges may arise in 2023 concerning the frequency and intricacy of cyberattacks. Instead of viewing this as a source of apprehension, the business community should view it as a stimulus to take necessary measures. Cybersecurity teams should be ready to confront these challenges directly to ensure the safety of their enterprises.
The corporate sector has two formidable weapons available to combat the impending danger of cybercrime. Technological progress can enhance visibility and offer significant potential to reduce harm. Nevertheless, training is still a crucial element for intercepting and mitigating attacks. As we approach 2023 and an increased emphasis on taking proactive measures against cyberthreats, a blend of these two approaches is the optimal launching point for enhanced prevention.