Top Cyber Security Challenges

The information security market is assumed to become a $170.4 billion industry by 2022. This number is only going to go up in the coming years, calling attention to all stakeholders. Cybercrime is something 88% of organizations worldwide experienced at least once since its inception.

And surprisingly, major breaches were caused by human error and not machine ones. Many research suggests that only 5% of companies’ folders have proper security. All these numbers are pointing to one thing, more strengthened cybersecurity in the organizations.

But the challenges are also innovating and getting tough to tackle. Before, security was limited to a few things but now the opportunities are endless. The chart below shows the percentage of cyberattack types.

Chart  values
Hacking – 45%
Malware – 17%
Phishing – 22%

Out of these attacks, 86% were after Monterey assets while 10% were by espionage. But these are just surface-level attacks, they are more complicated than this.

Cybersecurity Challenges

We will look at some of the major cybersecurity challenges that companies will face in the near future.

1. Ransomware Evolution

A type of threat in which the hackers lock the user’s computer and demand a ransom to unlock it. This is a very common malware attack that has grown even more in the last few years. The companies need to have a powerful recovery strategy in case they face this type of attack in the future.

DRaaS solutions have efficient results against this allowing users to automatically back up our files and identity threats.

2. Blockchain Revolution

Blockchain technology allows multiple users to connect and initiate transactions without any third party. This has become a famous way of communication but is hard to predict. The professionals can identify reliable blockchain but the newcomers are prone to this type of fraud as well.

Bitcoin is a common asset that companies transfer using the blockchain system.

3. IoT Threats

The Internet of Things allows connection between physical devices through the internet. Each device has a unique identifier and can facilitate transfer without human interference. But the firmware present in it increases the chances of cyber attack. This is why companies need to have strong security policies, user verification, authentication, and protocols to reduce the risk.

AI Expansion

Artificial intelligence is bound to take over the digital space. It comes with the ability to protect the cyber environment. But at the same time, hackers with good knowledge can encrypt the algorithm and attack the organization. Human involvement is reducing every day and that may be a problem in the future.

Serverless Apps Vulnerability

The applications depending on third-party cloud infrastructure are serverless apps. They may also rely on a back-end service to function. They are highly vulnerable because the users access the application locally or off-server on their devices. Here, the users need to be responsible as the hackers can easily get access to their data. And their small size is a bonus for hackers as they can launch their applications quickly and easily.

Cloud attacks

The users are now resorting to cloud services for different needs but the hackers are targeting the entire platforms. This allows them to steal user data like images, documents, videos, etc. And the companies may even lose their entire goodwill and monetary position with this type of attack.

Phishing attacks

This attack works on the idea of setting bait to steal information. The hackers don’t lock the system but instead use the information for personal gains. This may include using their identity, bank accounts, etc. It is a very old technique but still a very relevant one in our country.

Software Vulnerabilities

A single bug in the software can make the entire program vulnerable to threats. This is applicable for most advanced software as well if the developers do not update it with changing times. Having software updates is a safe choice to avoid attacks as the algorithm will change with every update.

BYOD Policies

The Bring-Your-Own-Device policy is a good initiative to protect employee’s personal information. But it is a challenge for the organization as their network accessibility increases. The devices may have outdated or pirated software, making a way for hackers to break in. Even a single device can lead to the falling of the entire company.

Insider Attacks

An extension of BYOD, but here the insider may have an ulterior motive. This may be employees or clients, anyone with access to the network can leak the information. The competitors can also plant in their person to do this job or bribe an existing member. This is a human challenge that only company ideology can handle.

Outdated Hardware

When there is an update in the computer, the software and the hardware, both need to support it. The software can easily adopt it but if the hardware is outdated, there is a problem. To ensure that the system works, companies opt to use older versions only. This opens the way for hackers leading to security compromises.

Fifth-Generation Network

Yes, the 5G network is opening opportunities for multiple industries and is defining the new era for telecom. But these networks have a complicated architecture that needs very strict security measures. And the small companies especially may not have the resources to deal with it. This can result in attacks using unsecured spots and thus compromise security.

Extended Detection & Response (XDR)

Because the number of cyber threats has gone up, organizations have pressure to reveal consumer data across networks. Here, XDR is effective because of its ability to correlate data and detect threats immediately with incident response.

Automation & Integration

The cybersecurity team gets very limited time to overcome the challenge. The idea of automation and integration can lead to more productivity. This is why organizations are using DevOps and CI/CD processes to manage risk faster.

Complex Regulations

Cyber attacks can come from any part of the world but different cyber policies on a national level can create problems. Because each standard is different, there is a conflict between the networks leading to weaker defense mechanisms.

Also, these standards are expensive to follow and fewer resources in small companies are also a challenge. The authorities should consider all these points before enforcing any standard on the companies. Coordination between them can reduce the extensivity of this challenge in the long run.

Dependence

The organization depends on many parties for functioning, leading to more and more people in their network. This allows hackers to find loopholes to enter the digital supply chain. This sensitive chain is an opportunity for them to enter and make the organization vulnerable to threats.

Lack of expertise

The threats are evolving with time and thus the need for cyber experts is also high. But lack of educational courses and training is a major challenge. The number of experienced experts is less and the number of threats is infinite. If the companies start more efficient training programs, they can easily overcome this challenge.

Difficulty Tracking criminals

The imprisonment detection of a cybercriminal is very low in almost all countries. This shows how advanced these hackers have become. They use the dark web and deep web to sabotage companies and get away with it too. There is a need for a more systematic process for the prosecution of these criminals and more serious punishments.

Persistent Threats

The threats that live off the network for a long time with coming under the radar are persistent threats. And they have also become stronger with technology. They live in the system for a period of time to get information and then use it for specific purposes. They are not the same as usual malwares and always have an aim in mind.

Importance of Cybersecurity in Businesses

1. Work Safety

The employees use a particular system every day which has all their personal information and projects. Having secure cyberspace can make them confident about working and not losing their hard work. This can also lead to an increase in productivity.

2. Website Stability

The website is most vulnerable to security threats due to the internet network. The hackers can break in and bring it down if there is no security. And this can eventually lead to a pause in the business process.

3. Prevents Adware

This computer virus reduces the productivity of the business. And proper security protocols can prevent it from breaching the firewall. Even an accidental click on them can lead to the automatic entry of these viruses into your computer.

4. Customer Confidence

The customers feel more confident about sharing their information if the company is known to be secure. The goodwill comes with time and following safety measures can definitely reduce the time companies need to reach this trust level.

Impact of Cyber Threats on Business

1. Economic Costs

a. Theft of intellectual property
b. Corporate information
c. Cost of repairing damaged systems

2. Reputational Costs

a. Loss of consumer trust
b. Loss of current customers
c. Loss of potential customers
d. Inadequate media coverage

3. Regulatory Costs

a. Regulatory fines
b. Sanctions
c. Blacklists

Cyber Attacks Prevention

1. Expertise

Having the expertise on a team is always the best idea. They have the right education and experience to strengthen your cybersecurity. And they also know the pattern and resources which hackers use, giving you an upper hand. They might charge a bit more but definitely less than the ransoms.

2. Risk Assessment

Having regular audits and updates is very important in every organization. This can help you identify loopholes and rework your policies as soon as possible. The number of vulnerabilities and risks will automatically go down with this.

3. Data Backup

The employees should make it a point to keep data backups of every file. This can save a lot of money at a time when ransomware attacks come. The organization can save itself from falling into the pit of cyberattacks.

4. Email Security

The main communication in the business environment is via email. And having a secure chain of communication is very important to keep things confidential. It is better to check the server and the email service before initiating a conversation with anyone. A mistake here can lead to exposure to private conversations and deals.

5. Existing Cybersecurity Protections

The idea is to use the latest guidelines and standards to protect your system and network. Technology is changing every day and this is something that applies to cybersecurity as well. Meeting cybersecurity needs today requires up-to-date technology and resources at all times.

Conclusion

These were some of the major challenges that organizations will face with poor cybersecurity. We have given some solutions which help you avoid such issues, but some things are just not in control. But this doesn’t mean that we neglect this important topic.

Cybersecurity should be one of the agenda’s in all board meetings and a concrete solution should always be there. The reasons for it are simple, the safety of our business and lives.