In a digitally interconnected world, hackers, cybercriminals, and other adversarial parties are provided with unprecedented opportunities to launch cyber-attacks and commit cyber-crime. Cutting edge technologies like broadband connectivity, Artificial Intelligence (AI), Distributed Ledger Technologies (DLT), Cryptocurrencies, and the Internet of Things (IoT) provide enterprises with a host of innovation opportunities, yet they also increase the number and type of their cybersecurity risks. This is evident in a significant number of notorious security incidents during the past decade. For instance, the WannaCry ransomware attack back in 2017 targeted Windows computers at a large scale and demanded ransom payments in Bitcoin cryptocurrency. Likewise, in 2016 the world witnessed the first large IoT-based cybersecurity attack, when the Mirai malware exploited IoT devices to launch a distributed denial of service attack. More recently, in 2020, the SolarWinds hack took place, when cybercriminals leveraged a vulnerability in SolarWinds’ Orion software to penetrate thousands of organizations worldwide, including parts of the United States federal government. The SolarWinds attack enabled the installation of additional malware in the compromised computers and resulted in a series of serious data breaches. SolarWinds customers comprise many of the US Fortune 500 enterprises, including some of the world’s top telecommunications companies and financial firms. Moreover, this cybersecurity breach affected the US Military, the Pentagon, the State Department, and 100s of research and academic institutions around the globe, which is indicative of the impact of the attack.
All these recent cyberattacks took place despite the ever-increasing investments on cybersecurity solutions and cybersecurity consulting. Cyber security solution providers are offering novel cyber-defense solutions, yet they can rarely address all the different types of cyber crimes.
There are various reasons why it is so difficult for cybersecurity professionals to address modern cyberattacks. First and foremost, cyber security experts are nowadays confronted with a very broad spectrum of cybersecurity threats and vulnerabilities. This is because of the expansion of the IT infrastructures in every aspect of the modern enterprise environment, as well as due to the deployment of novel and complex IT technologies. For instance, the expanded use of Machine Learning (ML) and Artificial Intelligence (AI) brings to the foreground new types of cyber-attacks, like for example data poisoning and evasion attacks. Such attacks used to be very rare before the advent of AI/ML in enterprise environments.
Another reason behind the spread of cybercrime lies in the innovation and intelligence of hackers, who are finding novel ways to launch adversarial attacks. Once upon a time, distributed denial of service attacks made it very difficult for enterprises to understand and mitigate them. Some years later, hackers invented the ransomware attacks, which yielded monetary benefits for cybercriminals, while putting enterprises in new ethical and technical dilemmas. Recently, the SolarWind hack revealed a novel type of supply chain security attack which is very hard to detect. Specifically, in the SolarWind case, hackers compromised an application monitoring platform (i.e., Orion), which was used as a Trojan horse. Given that large enterprises tend to trust interactions with their major providers, the detection of such trojan attacks across a supply chain of trusted organizations is particularly challenging. Likewise, supply chain organizations are typically unprepared to deal with attacks from trusted parties.
Supply chains tend to be complex from a security perspective. This is mainly because they are as strong as their weakest link. Therefore, hackers are seeking ways for breaking vulnerable parts of the chain, including IT systems and human factors related vulnerabilities. In this context, organizations must invest in cybersecurity solutions and cybersecurity services, while applying cybersecurity best practices from the top cybersecurity companies.
To boost their cyber-resilience in an hyperconnected and ever evolving digital environment, companies should consider the following best practices:
Overall, cybersecurity remains a long standing concern for Chief Information Officers (CIOs). CIOs must invest on effective solutions that secure their most important assets against all threats that could cause essential damage to their company. The selection of such solutions requires a deep understanding of the cybersecurity infrastructure and challenges of their organization, along with good knowledge of what the cybersecurity industry has to offer.
Lessons Learned from Recent Data Breaches and Cybersecurity Incidents
Cybersecurity: What are the latest attacks and vulnerabilities?
Zero Trust Security: Growing relevance in hybrid work environments
DDoS (Distributed-Denial-of-Service) Attacks and their different types explained
Advantages of Data Tokenization for enterprises
Trading Data as NFTs: The basics you need to know
Active (Machine) Learning: Leveraging Human Experience to Improve AI
Digital Platforms for a Circular Economy
Neuro-Symbolic Learning Explained
AI Regulatory Initiatives Around the World: An Overview
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