Gartner has stated that one of the fastest-growing sectors in the technology market is none other but the cloud infrastructure service.
It’s because cloud application has become incredibly common.
More and more organizations are now relying on securing their information in a universal centralized location.
It not only offers them the most secure environment but also a place where they can stay interconnected and access information in real-time from anywhere.
While SaaS and IaaS based products are becoming quite the norm, cybersecurity challenges are booming up.
An immense uprise has also been observed in the IoT market which shows an estimation worth US $520 billion.
As more and more such technologies are entering the folds of enterprise development, the challenges organizations are facing in handling them has also evolved.
People are more inclined at the thought of securing their data and information rather than pondering how exceptionally that information is going to help grow their respective businesses.
In light of the above sensitivity of the information, identifying what security challenges are being faced by such an organization has become more of a necessity than just a need.
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A Brief Overview of the Infamous Cyber Security Breaches
Do you know that one of the most pervasive attacks in the year 2018 within the cybersecurity sphere was none other but the Distributed Denial of Service (DDoS) attack?
It has crippled many network security practices deployed by networking specialists operating in multinational firms.
According to the research, the DDoS attack instance has increased five folds from the year 2017.
These attacks have not only increased in numbers but have also become more lethal that can even overload and shut down your system.
What is a DDoS Attack?
It is the type of attack, hackers use different sources to infiltrate a particular server and then send a flood of requests to a server in a short span of time.
What is the intention of the DDoS Attack?
- The intention of sending a DDoS attack on a particular server is to make sure that the server gets overloaded with unwanted traffic.
- The purpose of a DDoS attack is to prevent potential visitors from coming to your website and make a purchase from your service.
A recent study indicated that more than 75 percent of the businesses that were aiming to fend off cyberattacks were using some of the latest security solutions on the market.
Yet, these were the victims who experienced the worst cases of ransomware attacks.
What is Ransomware Attack?
Ransomware is the type of attack where hackers steal information by locking away your device.
The only way to release the information is by paying a ransom.
According to statistics, Ransomware account instances decreased by almost 30 percent in the year 2018.
However, the attacks which were carried out were extremely sophisticated in nature.
You need endpoint security to stop the ransomware. But. it’s not so easy to ensure this.
Cyber Security Challenges Multinational Firms can Face in t
Let’s see one-by-one with examples.
1. Vulnerability in the Internet of Things (IoT)
5G technology is becoming more and more prominent. As much as it is coming into the limelight so are the risks associated with 5G.
It has increased vulnerability to connected objects.
It is observed that this year, the Internet of Things will introduce more interconnected devices within homes and workplaces.
As a part of the smart home system, more and more gadgets are getting connected over the internet.
These things will be interconnected with the Internet using 5G technology. And as a result, it would be more open to lethal cybersecurity breaches in comparison to previous devices.
For example,
Future IoT devices are dependent on voice search. Security gaps will exist because these IoT devices will be powered by AI technology such as Axela.
Hackers can imitate different voices and make use of them to steal user information.
They can then use the information to commit cyber espionage.
You should take safety precautions to avoid IoT privacy issues. Otherwise, it can make severe damage.
2. The Rise of State-Conducted or Sponsored Cyber Attacks
One more thing that has crossed our path during recent times is the rise of state-conducted sponsored cyber attacks.
Such attacks will be performed on high-priority targets which can be journalists, dissidents, and politicians that are growing at a rapid pace.
It is also heard that Governments of the world, out of envy, may turn a blind eye to such attacks when they will take place in their own respective country.
Besides, nations love to keep an eye on their own citizens and hence they will perform such attacks.
For example,
The famous case of the Saudi journalist Jamal Khashoggi is one of the best examples that we can quote.
According to the Israeli newspaper, Haaretz, the Saudi government leveraged the power of cyber weapons to track Khashoggi.
At the time, he was residing in Canada minding his own business.
3. Chances of Voter Fraud Becomes More Eminent
With Trump becoming the President and the rising concerns of voter fraud, cybersecurity individuals are more inclined to take the best practices into consideration when enrolling and protecting online voters.
By providing voters with a more secure process of casting their votes for their favorite applicants, the purpose of deploying the best strategy in place is to minimize the chance of voters becoming victimized by fraud.
According to Windows Expert Bradley,
We have a need to ensure that everyone can register and vote online. But, we will need to take major steps to ensure we can do so safely and properly.
4. An Adaption to Zero Trust Approach in Cyber Security
In the cloud environment, we have seen new security systems emerge which are more accessible to users.
As we have seen organizations leveraging the power of VPN services, online platforms have come to the conclusion of establishing the zero-trust approach when it comes to cybersecurity.
What is the zero-trust approach?
The Zero Trust approach makes sure that users should never trust. And always verify when something comes in contact inside or outside the network.
It offers the least privileged access based on verification. It further sees the context in which the request is generated and the risk to the environment as well.
This technology works wonders for organizations seeking to implement cybersecurity practices.
Finally…
So these are some of the developing trends in the world of the cyber-security market in the year 2023. Along with cybersecurity challenges, there are also some opportunities.
If you are aware of these trends already, then it is definitely a great start for you.
In case, you are not then this article is the best resource to begin your research on them.
Study the one that befits your role within an organization.