The rise of the internet has encouraged companies’ rapid adoption of technology. That results in the simplification of online transactions. Nonetheless, as the world becomes more digitalized, the frequency of cyberattacks is growing, which is pretty alarming. Many enterprises seem not entirely prepared to handle information technology security and deal with the growth of cybersecurity threats risks that dampen their company operations. These cyber-threats may negatively influence any industry because they can compromise critical data and cause operations to be disrupted. When this happens, it will result in negative repercussions.
Hackers are aware of these cyber weaknesses and are well-versed in taking advantage of them. As a result, organizations must reconsider their cyber security strategies to deal with the rising threat of cybercrime and decrease cyber risk.
What Covid-19 Did to Accelerate Growth of Cybersecurity Threats
The Covid-19 pandemic heralded the beginning of a new age of cyber-threat. In response to the spread of the coronavirus, which resulted in economically damaging lockdowns, businesses scrambled to transfer whatever activities they could online. The rush to digital transformation presented an excellent opportunity for cybercriminals. With a growing number of people working from home and company processes relocating online, corporate information technology systems and data warehouses have grown in size and complexity. That led to the creation of a larger and more appealing “attack surface.” In response to the pandemic and the changing nature of work, cybercriminals launched a surge of spam, malware, phishing schemes, coronavirus-related corporate email compromise attempts, SMS phishing, and credential theft assaults, among other things.
Cybercriminals used COVID-19 to target healthcare institutions and critical infrastructure. The scan and exploit approaches and password spraying were the most often used to take advantage of unpatched vulnerabilities. It can obtain large amounts of personal information, intellectual property, and national intelligence. With millions of individuals working from home, the number of exposed virtual private networks and remote desktop protocols has significantly grown.
When businesses introduced digital workplace solutions to compensate for the loss of physical work locations, it created new attack vectors. Many security teams were forced to develop new techniques of safeguarding remote endpoints and patching them to keep up with the times.
Ransomware Is Going After Communities
What frequently starts as an employee clicking on a seemingly benign link in an email may quickly spiral out of control. It can bring multibillion-dollar corporations and even towns, cities, and communities to their knees. Moreover, it can even escalate geopolitical tensions and have ramifications across the global economy and financial system.
Over the last year, there has been a significant surge in ransomware assaults. Several reasons have contributed to this development, including the advent of cryptocurrency that is difficult to track and a rise in work-from-home opportunities that have led to new IT vulnerabilities. Some also believe that it can be traced to a political climate marked by ongoing tensions between the United States and Russia – from which many of these attacks are believed to have originated.
Following a recent wave of ransomware assaults that devastated critical American infrastructure and affected major food supply chains, it has become clear that no company, no matter how large or small, is immune to these sneaky cyberattacks. The recent assault on Colonial Pipeline, owners and operators of one of the significant petroleum pipelines in the United States show this. The owners and operators were then forced to choose between paying criminals their ransom demands or being unable to run the company. After being targeted by hackers, the pipeline, which supplies over half of the petroleum used on the East Coast, was forced to shut down for several days. Panic purchasing resulted in petrol prices reaching their highest levels in seven years just before the Memorial Day weekend travel season.
Dealing With The Growth of Cybersecurity Threats
Due to the ongoing evolution of cyber security, IT security departments must be up to current on the newest threats. Understanding security threats in the context of a company’s operations is a critical step in managing cybersecurity hazards. Business owners must ensure that they have implemented sufficient controls over the security of their infrastructure.
In the majority of situations, workers mistakenly divulge critical information and jeopardize security without realizing it. Thus, raising employee knowledge and educating them about Cybersecurity is one of the most vital stages in lowering the cybersecurity risk provided by their employers. Companies must teach workers not to open unfamiliar attachments or personal emails on company computers or laptops. They must also advise them not to download or install any illegal software. Another essential technique to consider is the implementation of a strong identity and access management system, which may aid in reducing the danger of a cyber-attack by restricting the access of workers to sensitive data.
Due to the rising complexity of the IT environment in enterprises, data security teams must choose the most appropriate procedures and technologies to protect themselves from possible cyber attacks. The need for a safe and secure network design is an absolute requirement. It is essential to keep a backup of crucial data stored on a detachable hard drive at all times. Because of the growth of cybersecurity threats throughout the world, suppliers, vendors, and third parties should be required to do frequent network vulnerability and security risk assessments on their systems and networks. They should make investments in technologies such as antivirus, spyware, intrusion prevention, and other similar programs, as well as in a reliable firewall.
Final Thoughts
Security breaches in different sectors are becoming more common. If information is stolen due to cybercrime or a targeted incursion, it may result in customer distrust or a tarnished business brand. It can also lead to decreased productivity, workforce disruption, and financial implications.
There are huge stakes in every industry, and opponents are growing savvier as they use new tools and tactics to harm professional services organizations. To avoid being caught off guard, businesses need to plan for the unforeseeable and take a proactive approach to protect themselves and their customers. Businesses can maintain vigilance and be well-prepared to traverse the ever-changing threat environment with a comprehensive cybersecurity plan.
References
https://www.heritage.org/cybersecurity/heritage-explains/the-growing-threat-cyberattacks
https://timreview.ca/article/881
