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Cybersecurity Challenges In 2020 And How To Tackle Them?

Cyber security 05/27/2020 - 12:49 by Ruchika Tyagi

Top 5 Cybersecurity Challenges In 2020

Cybersecurity challenges is all about staying ahead by taking preventive action before any threats exploit the system. In this era of digitisation when hackers are getting smarter every day, it plays an important role in protecting our privacy. Every day we read news about threats like ransomware, phishing, vulnerability exploits, IoT based attacks etc. With the help of the internet, cloud infrastructure is coming online & becoming vulnerable to all sorts of attacks and breaches of personal information. The biggest example is Easy Jet, where hackers have accessed the travel details of 9 million customers. Another example is the Revil ransomware which attacked a law firm (Grubman Shire Meiselas & Sacks) used by the likes of Lady Gaga, Drake and Madonna, Facebook. Sony, HBO, U2, Elton John and many others.

The hackers have allegedly stolen including clients phone numbers, email addresses, personal correspondence, contracts, and non – disclosure agreements made with advertising and modelling firms. So, it’s not only the reputational or monetary loss that is the issue but the risk that businesses can even go bust after paying the penalties. Small firms may not even have the cash to pay or may get indebted. Undoubtedly, cybersecurity is a concern which needs to take care of!

Enterprises are investing in new technologies whether it is in telecommunication, Artificial Intelligence, space travel, tackling critical diseases or analysing the climate. With the help of digitisation, everything is connected and vulnerable at the same time.

1. Artificial Intelligence acts a parallel in cyber-attack & in prevention:

Artificial Intelligence has transformed the era by not only acting and not only on the defence side but on the attacker side as well. Biometric login is one the example of Artificial Intelligence. AI after a lot of research and modelling can learn the anomalies in behaviour patterns which can be used as a defensive tool – but unfortunately, these same techniques can be used by the hackers, phishers or thieves to execute a cyberattack.

2. Technical skills gap:

According to recent research by the Department for Digital Culture, Media & Sport (DCMS), around 6,53,000 organisations (48%) in the UK are unable to carry out basic tasks defined by the Govt Cyber Essentials Scheme like setting up the firewall, storing data etc. The report claimed that 4,08,000 businesses (30%) are lacking advanced cybersecurity skills like Pen Testing, forensics etc. The report also says that 25% had complained that this had impacted their business.

As per a New York Times report, Cybersecurity Ventures prediction that there will be 3.5 million unfilled cybersecurity jobs by 2021. That means there is a marked inability to provide cybersecurity professionals at the same speed at which the vulnerabilities are arising. Education & experience are critical for navigating threats. The problem is compounded by the fact that very few institutions provide higher education in Cyber Security.

In 2020 when thieves can easily clone the identities for any fraud, hackers can exploit any vulnerability, this will only increase unless there is an equal number of resources with the right skills to tackle this. Companies have to invest in training existing staff to prevent cyberattacks and also have to hire new resources to analyse threats in the network. Otherwise, companies will lose million dollars. According to the Ponemon Institute, the average cost of a data breach in 2019 is around $3.92 million and the cost per lost record is around $150. Companies are heavily investing in making the system robust but implementing these new advanced technologies requires access to highly skilled with hands-on experience technical resource

3. Cloud Risks :

Companies are moving their sensitive data from legacy data centres to the cloud, due to the flexibility & costs involved in the legacy data centre. Moving the data to the cloud needs proper configuration and security measures in place otherwise there are chances of falling into a trap. Cloud service providers are just securing their platform, securing the companies infrastructure from theft & deletion over the cloud is the companies responsibility. There are various solutions for cloud security like firewalls, multi-factor authentication, Virtual Private Networks (VPN) etc. In short, there are procedures and technology that the company needs to adopt to prevent any external and internal threats

4. Ransomware Threats:

This is the fastest-growing cyberthreat capturing the headlines these days. Ransomware encrypts files or blocks the access on the system or the network. Once the access is blocked then the hacker demands money depending on the criticality of the data or the size of the organisation. In these cases, besides victims losing the data, they may also be hit by financial and productivity losses and, additional IT costs, besides legal fees – a considerable problem! Cybersecurity challenges

5. Internet Of Things (IoT)

As the adoption of the Internet of things is growing. Security threats such as DDoS, ransomware can be used to steal critical data from both the individual and the organization. Attackers can exploit vulnerabilities in IoT infrastructure to execute the cyber attacks

Companies are becoming more dependent on technology, exposing them to attacks. So SOC(Security Operations Centre) and SIEM (Security Incident and Event Management) are critical tools to protect against the new threats. Teceze can help with 24* 7 support, with the help of our certified & experienced resources to manage the cybersecurity challenges. We also provide out of office hours support along with Holiday cover. And outsource our certified & experienced resources to our clients.

Cybersecurity challenges

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.

Here are cybersecurity challenges that need to be on your mind throughout the rest of 2020 1. AI, 2. Skills Gap, 3.Cloud Risks. 4.Ransomware Threats, 5.IOT.