Cyber security is like the chessboard where hackers are searching to checkmate the defenders. Hackers are outplaying the defenders by launching an attack in 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. Apart from those challenges mobile devices are at utmost cyber risk. Advanced technology helping 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 cyberthreats in different industries.
Financial Institutions
Financial cyber-threats is the worst as it is directly ended with the 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 losing their data. There are so many new creative ways to attack like the black market of digital fingerprints(Genesis Digital), 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.
Healthcare industry
After 3 years of Wannacry ransomware disturbed medical facilities and other organisations 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:
- Lack of cybersecurity awareness
- Lack of attention to the risk involved with digitalisation
- Lack of proper security measures implemented in medical IoT devices
Some alarming facts are:
- Security researchers identified many vulnerabilities in different medical equipment.
- Some medical records are available on the dark web. Sometimes medical records are more expensive than credit information
- 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.
- 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.
Corporate Sector
Most of the 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, Microsoft 365 are not covered from attacks. This could be because of human error, malicious deletion requests, sync errors, etc. When more organisations 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 the changes if needed.
5G Security
5G is the next-generation technology of mobile and internet connectivity. 5G platform is new, complex, needs a higher level of security. 5G is going to have a revolutionary impact not only in telecommunications but also on providing a platform to technological advances like 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.
Conclusion
2020 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. Analyse 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.
