Strategic Talent Management: An Essential Asset for Your Organization’s Success
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By: TEAM International | October 5, 2024 | 15 min
The cybersecurity trend in the business world is skyrocketing as corporate awareness, investment, and education in IT assets’ safety reaches new heights year after year. That’s great news for our data privacy, but do you know what’s also rising year after year? The frequency, sophistication, and financial impact of cyberattacks.
It’s no exaggeration to say the corporate world and cybercriminals are in a full-blown arms race. And right now, the criminals are winning.
As digital transformation becomes the new normal and businesses set their targets on the AI frontier, cyberthreats grow increasingly dangerous. Your business can’t afford to get caught with its defenses down. A robust cybersecurity infrastructure is a must these days, and the best defense always starts with a clear-eyed view of the threat landscape. Do you know what to watch out for?
It’s those extortive cybersecurity breaches where bad actors gain control of a corporation’s digital assets and then demand payment to restore a system’s integrity.
Ransomware is commonly associated with encryption attacks or data theft, but it can also come in other forms:
What is essential to understand is the end goal of ransomware: extortion.
Another worrying trend is the increasing sophistication of ransomware attacks. Whereas attacks were once largely limited to encryption and, thus, the total freeze of a corporation’s data assets, the copying and removal of data, known as exfiltration, is now becoming a common practice as well.
This severely escalates the nature of- the threat as corporations could both lose access to their data and have it published for all the world to see.
Yes, there is a pre-AI and a post-AI world when it comes to cybersecurity.
Indeed, the advent of artificial intelligence has catalyzed a dramatic surge in cyberthreats, exponentially increasing the volume of attacks and spawning entirely new and sophisticated forms of digital aggression. So, despite the limitless benefits businesses seize with AI, it’s a double-edged sword.
For example, this technology can increase the quality and quantity of phishing attacks by rapidly generating realistic emails and websites. And when you cast a wider net, someone is bound to fall in.
Moreover, AI can analyze vast troves of online data to find the most profitable and least defended targets, leading to a vast explosion in cybercriminals’ profitability and incentivizing even more attacks.
While this is certainly dangerous, phishing is at least something we’re used to. However, most people are still relatively unpreoccupied when it comes to new threats, like voice cloning and deep fakes, which increases the danger.
If you don’t believe us, check out the story of Arup, a UK engineering firm. It confirmed that one of their employees transferred 25 million to cybercriminals after being duped by a deep-faked video call. And it surely won’t be the last case we see.
Luckily, AI developers and cyber defense firms are well aware of the situation and work hard to employ their technological capabilities to outwit the bad actors. Until then, you must remain vigilant and recognize that the cyberthreat landscape is in an especially turbulent moment.
As businesses increasingly migrate their operations to the cloud, they also inadvertently expand their attack surface. Cloud environments, while offering unprecedented flexibility and scalability, can become a cybersecurity nightmare if not properly secured.
One of the primary issues stems from misconfigurations. In 2024, we’ve seen a surge in data breaches caused by improperly set up cloud services of up to 154 percent. And it’s not hard to imagine why, is it? It’s all too easy for an overworked IT team to leave a database exposed or grant excessive permissions, creating gaps for cybercriminals to exploit.
We’re also witnessing an uptick in attacks targeting cloud APIs. As the connective tissue of cloud environments, APIs become prime targets for hackers looking to gain unauthorized access or disrupt services.
Moreover, while beneficial for business agility, the multi-cloud trend complicates security efforts. Managing security across multiple cloud platforms requires a level of expertise and vigilance that many organizations struggle to achieve. You’ll need highly qualified cloud engineers who know all the pitfalls and ways to avoid them.
In today’s interconnected business landscape, your cybersecurity is only as strong as your weakest link—and more often than not, that weak link lies beyond your direct control. Third-party exposure has become a critical vulnerability for companies of all sizes, with the potential to compromise even the most robust internal security measures.
Just think of the explosion of the “as-a-service” trend. This innovative business model has been widely adopted by data-centric firms across multiple industries and has thus proliferated a massive overexposure of digital assets as corporations and startups race to offload labor-intensive services to these third-party solutions.
Consider this: in 2024, an average enterprise uses over 1,000 cloud services. Each of these represents a potential entry point for cybercriminals. If even one of these third-party providers has inadequate security measures, your entire organization could be at risk.
The fact that many businesses lack visibility into their third-party ecosystem compounds the problem. It’s not uncommon for organizations to be unaware of all the vendors that have access to their sensitive data, let alone the security practices these vendors employ.
To combat this worrying trend, businesses deploy an array of management techniques, like strict data practices for providers, limiting access only to what is necessary, and continuous monitoring and audits. However, with the non-stop rise of IT solutions and the increasing complexity of digital products, it’s unlikely that managerial techniques will be enough to control this expanding web of third-party vulnerabilities. Businesses that cannot afford a breach will most likely have to travel the harder yet safer path of tech integration.
Not to sound alarmist, but it is most definitely a time for vigilance. That cybercrime is on the rise is simply a fact, and threats keep becoming ever more varied and sophisticated. But don’t despair! There is far too much to be lost to let the cybercriminals win, and this is a warfare we can handle.
Invest in comprehensive security solutions, employee training, and periodic audits of your defense strength. Moreover, leverage collaborations with industry experts like TEAM International to stay ahead of emerging threats. Regularly re-evaluate your defense needs, and always remember: it all starts with awareness!
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