Cybersecurity budgets are shrinking every year, according to ISACA’s cybersecurity 2021: A Global Update on Workforce, Resources, and Budgets. When it comes to cyber security, there is a serious shortage of human capital stocks. Although many businesses, governments and organizations are aware that cybercrime is happening all over the world, many people still think they are perfectly safe because they have installed enough cybersecurity protocols to prevent hacker attacks.

Everyone should be aware that threats like ransomware, phishing, data breaches, hacks and insider threats will always be there. Cybergangs will always find vulnerabilities, especially today with global pandemics, remote working environments, shifts in technology use, and a host of vulnerabilities in software.

Crisis awareness is important, and the implementation of a network security platform will provide your enterprise with the protection it needs, from your website to apis and all types of data storage.

Current threats to the organization

Shockingly, despite the adoption of advanced cybersecurity technologies, cybercrime gangs continue to extort millions of people by exploiting vulnerabilities in various security systems, and they are constantly developing new hacking strategies at a rapid pace. Here are the cyber threats facing most organizations today.

Social engineering

The threat depends on psychological and emotional manipulation skills. Once they have identified a target, they often send messages that evoke fear or fear, leading the target to provide them with access to the network. Common social engineering threats include trust attacks, favorability attacks, bait attacks, and phishing.

DDoS attack

Many companies are keeping up with emerging technologies, but some of them are failing to adequately train their employees on cyber threats and the importance of cyber security monitoring. The use of new devices makes organizations more vulnerable to distributed denial of service (DDoS) attacks, which can adversely affect an organization’s entire work system. Usually, once a DDoS attack occurs, an organization is forced to pay a ransom to resume operations.

Blackmail software

Cybercriminals use data encryption programs or ransomware to threaten infected businesses with a ransom payment if they want to resume operations. Despite warnings from the government and other security services not to pay any ransoms, about 40 percent of targeted groups pay money to criminals for a variety of reasons.

For example, the University of California, San Francisco Medical School was hit by ransomware on June 1, 2020, and the medical school had to pay $1.14 million worth of Bitcoin as a negotiated payment to recover/protect the critical data they held in various studies at the school. The attack was carried out by a gang called the Netwalker.

Ransom demand for Bitcoin and other cryptocurrencies in the United States reached about $1.4 billion in 2020. Ransomware is estimated to cost businesses around the world $21 billion in 2021.

Recent ransomware attacks:

The ransomware cyber attack on Colonial Pipeline on May 7, 2021, which affected the company’s computer equipment, again demonstrated the vulnerability of enterprise and organizational infrastructure. While Colonial Pipeline halted operations to stem the impact of the attack, hackers had stolen about 100 GB of data the day before. Worst of all, Colonial Had to pay a ransom of 75 bitcoins, or $4.4m, to the hackers. But no one is sure how badly the system has been breached or how long it will take to restore operations. The FBI identified an Eastern Europe-based hacking group called the Darkside as behind the attack.

In the attack, the hackers accessed the network using VPN accounts and passwords only used by Colonial Pipeline employees. According to the investigation, this group of accounts and passwords have been leaked on the dark net.

This was followed by a ransomware attack on JBS’s OPERATIONS in the United States, which also affected their operations in Canada and Australia. The attack occurred on May 30, 2021. Headquartered in Brazil, JBS, SA is the world’s largest producer of pork, chicken and beef by sales volume. The attack affected all of JBS USA’s infrastructure, including slaughterhouses in Nebraska, Wisconsin, Texas and Utah that were temporarily disabled as a result of the attack.

They also closed their beef plant in Souderton, Pennsylvania. On June 2, their 7,000 or so employees in Australia were put out of business. The attack is reported to have originated in Russia, possibly with REvil. The FBI is still investigating.

Internal threat

Internal threats are easy to miss because most of the focus is on taking steps to keep outsiders out. But often trusted insiders have access to the network and are likely to abuse their privileges to sell information. Many organizations are preventing this threat by constantly authenticating users and only allowing access to networks to those who need privileges to perform their tasks.

Third party and fourth party suppliers

Organizations must investigate the software vendors they use to upgrade their systems and business operations. Most vendors need access to your assets when deploying their programs, which can compromise not only your business processes, but also your sensitive data. Establishing an extensive third-party risk management plan can ensure the health of all your suppliers’ networks.

Emerging cyber security trends

The current global pandemic crisis has increased the dependence of individuals, industries and governments on technology. New work guidelines, restrictions and health regulations have changed the way people work and live. This has implications for network security and has brought new trends.

telecommuting

In order not to completely disrupt business operations, companies are forced to buy IT services and products to prepare for remote work environments. For most enterprises, the migration to cloud computing and storage is haphazard. Other companies have either shied away or rushed to put in place security measures, creating new threats and risks. Companies should evaluate their new security infrastructure to check for weaknesses and improve their remote security policies.

2. Ransomware poses new challenges

Cybercriminals are aggressively attacking many consumer-facing industries. Many industries and corporate IT departments rely on VPNS to access their internal networks, but VPNS have proved vulnerable, so the best bet now is to switch to zero-trust Network Access (ZTNA).

3. Use multiple authentication

More and more companies will use multi-factor authentication (MFA) and strong passwords to protect against malicious attacks and data breaches. An example of MFA is to provide users with a one-time password.

Other cybersecurity trends for 2021 and beyond include:

· Implementation of ai-driven safety systems.

· Data privacy will be a stand-alone program, not just a component of the security program.

· Cloud services can also be targeted by cyber criminals, so make sure you have proper security measures in place before migrating work loads to the cloud.

· Conduct companywide network security training for everyone.

· Hire more cybersecurity professionals and chief security officers.

· Introduce real-time data visibility and security automation.

What is cyber security hygiene?

Many of the cybersecurity trends of the past two years have been accelerated by the global pandemic. Like a health crisis, organizations should take cyber security risks seriously, be proactive in addressing them, and accept that security cannot be viewed as an optional investment for any organization, but rather as a long-term imperative.

Cybersecurity hygiene means putting in place appropriate security protocols, such as increasing an organization’s staff. Similarly, organizations should start investing in network security automation to collect and analyze network activity in real time. In a 2020 IBM report, the firm found that the average difference in data breach costs between organizations with and without secure automation was $3.58 million. Even with a data breach, companies with fully deployed automated security can save more money.

Companies must create a culture of cyber security education and awareness so employees can identify threats. As companies continue to face cyber security challenges, it is increasingly important to provide ongoing training. Management should emphasize the urgency of cyber security awareness that everyone has the responsibility to protect company data and protect the company from cyber security risks.

Update staff network security awareness training

Most new hires may or may not have received security training, as the company has an IT department to ensure organizational security. However, as cyber threats intensify, it is important to go back to basics and update employees’ awareness of cyber security. The organization should retrain them on basic safety protocols and new issues.

· Phishing attacks are so common today that many groups have made COVID-19 the subject of their scams. They should be aware of fraudulent websites, phishing emails purportedly from the Centers for Disease Control and Prevention (CDC) and the World Health Organization.

· Train them on how to protect and use removable media such as CDS, smartphones, SD cards and USB sticks. So employees should know how to use random passwords instead of regular ones.

· All employees should implement a desk cleaning policy. They should not leave their computers unattended, and they should be password protected; Files should also be locked, not left lying around, copied or stolen. In addition, employees working with their devices must be taught to use biometric authentication or encryption to protect sensitive data.

· Many locations have free Wi-Fi access, and employees must learn how to safely use public Wi-Fi and minimize risk.

While securing a network can be challenging, there are many steps organizations can take to enhance their security to prevent widespread breaches. It is expected to be an uphill battle, given that most attacks are now economically motivated. So instead of spending millions of dollars to fix vulnerabilities, use IT to upgrade your cybersecurity systems, hire security directors and competent IT staff, and train every employee on the importance of cybersecurity and their responsibilities in keeping data secure.

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