Cyber security is like the chessboard where hackers are searching to checkmate the defenders. Hackers are outplaying the defenders by launching an attack every 39 seconds.
Cases of cyberattacks are increasing and these cybercriminals have become more creative by finding new ways to exploit the users and technology to access passwords, networks, and also valuable data. We have already mentioned the Cybersecurity challenges(check the blog cybersecurity 2023).
Apart from those challenges mobile devices are at utmost cyber risk. Advanced technology helps customers to access any information anywhere with the help of smartphones like email, bank accounts, etc. Once hackers acquire access, they can steal any information.
Let’s look at some of the cybersecurity trends to be prepared against the evolving nature of cyber threats in different industries
Financial Institutions – Fintech, mobile banking & eCommerce
Financial cyber-threats are the worst as it is directly ended with a monetary loss. The major target will be small banks & companies acquired by big banks to make a smooth process. Financial companies are more likely to pay ransom money rather than lose their data.
There are so many new creative ways to attack like the black market of digital fingerprints (Genesis Digital), and ATM Malware, Cybercriminals are getting successful in stealing card information and reusing it. Mobile Investment applications are becoming very popular, but some applications are not prepared for massive cyber attacks as they don’t have basic protection for users like 2-factor authentication or digital certificate pinning to protect communication. In fact, there were some cases where cybercriminals substitute their malicious versions from the interfaces of applications.
Implementation of any application or technology needs a combination of effort and research to make it secure.
After 3 years of Wannacry ransomware disturbing medical facilities and other organizations worldwide, the healthcare sector seems to be learning its lesson.
We still are witnessing several Ransomware attacks in healthcare industries in different countries. There are 3 major reasons for such cyber-attacks:
- i. Lack of cybersecurity awareness
- ii. Lack of attention to the risk involved with digitalization
- iii. Lack of proper security measures implemented in medical IoT devices
Some alarming facts are:
- i. Security researchers identified many vulnerabilities in different medical equipment.
- ii. Some medical records are available on the dark web. Sometimes medical records are more expensive than credit information
- iii. Access to internal patient information is more dangerous as the hacker can manipulate the diagnostics. Diagnostic mistakes can result in the death of a person.
- iv. Medical research is very expensive. Hackers are trying to gain access to medical research.
Manufacturers should work along with the security community and create a safer environment.
Most customer thinks that the data saved in Microsoft or Google is secure. But the reality is that the data saved in SaaS applications like G Suite, and Microsoft 365 are not covered from attacks. This could be because of Human error, malicious deletion requests, sync errors, etc. When more organizations are moving to the cloud then cyber threat also increases.
Cloud service provider and IT security providers should regularly review their security policies & procedures, and make changes if needed.
5G is the next-generation technology of mobile and internet connectivity. The 5G platform is new, and complex, and needs a higher level of security. 5G is going to have a revolutionary impact not only in telecommunications but also in providing a platform for technological advances in the fields of smart cities, intelligent power grids, and defense facilities.
Hackers will try to find a blind spot to steal information. Or we may see large-scale DDoS attacks or challenges in terms of protecting a sophisticated network of connected devices whereby if one device is compromised then it can lead to a whole network crashing.
Considering these facts, encouraging a Zero-trust network model along with product quality assurance can make clear communication between the technology adopters and providers.
Industrial Companies & Retail sector
Industrial companies and the retail sector are mostly dependent on the Supply chain. Smart supply chains represent virtual warehousing, where a product can be located anywhere.
To improve efficiency and lower costs, smart supply chains want to overcome the challenges of workforce, costs, and security needs through automation like IoT automation, Artificial Intelligence, robotics, and big data management.
Cyberattacks can cause disruption or can manipulate information but effective security controls can help in mitigating the risks.
2022 is already been a bumpy year. These trends suggest that companies need to be more strategic when it comes to advancing their security controls. Companies in every industry will need to get ahead of emerging and growing technologies like 5G, Artificial Intelligence, and the cloud. Analyze how their existing technologies may pose new threats in today’s cybersecurity landscape, and, if needed, adapt strategically and consider new technologies that can help protect against an attack.
Attackers are growing stronger and more sophisticated, but parallelly the cybersecurity industry is also becoming more robust. The key is to plan proactive solutions to keep the business safe.
BitSys Technologies Managed IT services help to reduce your costs, increase your productivity, and mitigate your business risks. We monitor and manage all internal network traffic, 24*7, or as per customer requirements from our London-based SOC. With a proven track record of providing solutions to reduce incident response time, contain breach detection, and protect their most critical assets and applications in different industries.
The only way to protect what you’ve worked hard to build is to be vigilant when it comes to cybersecurity. If you’d like to know more about how your business can benefit from managed services, just give us a call, we are here to help.
What cyber security trends and issues can the world expect in 2023: more stringent regulation, and the creation of new roles? Bitsys Technologies Ltd.