Information security industry is on high-alert given the emerging cyber-security threats. Due to malware, phishing, artificial intelligence, cryptocurrency, machine learning, IoT and other technologies, data assets and networking systems are exposed to constant risk. In this blog, we try to cover some of the latest cyber security threats and trends that require immediate attention and solutions.
One of most robustly used electronic device is the mobile phone. Users of this category often make online payments, automated transactions through payment gateways, among the many uses offered. This usability has incubated a new threat towards mobile devices being subjected to cyberattack.
Mobile devices are disparate and involve multiple touchpoints that needs security clearance. These touchpoints are diverse in nature and requires multiple levels of research and authentication. Cyber security vendors are currently evaluating the scope of service that can be provided in this situation. 2019 is believed to be a year this problem is likely to be addressed.
Stringent Data Privacy Issues
General Data Protection Regulation (GDPR) took effect in 2018. This regulation contributed and rolled out many standards across the globe for internet users. Approach to user privacy in-line with recommendations from standard bodies and ensuring end-user privacy has sought paramount priority, globally.
This has created a need for cyber security services. This year, there are more elaborate terms and conditions that are to be articulated within the GDPR that executives are expected to focus on.
Statista.com reports that devices connected to the IoT technology is estimated to reach over 31 billion by 2020. With this, businesses of different categories, specially, in the B2B work space are likely to adapt with, in order to streamline its businesses. They believe in doing so with the insights they glean with the bulk data that is collected over these devices.
Healthy adaptation would mean connecting devices such as laptops, tablets, routers, webcams, smart watches, medical devices, manufacturing equipment, automobiles, security systems within a network. Higher the number of connected devices, greater is the risk of security and higher is the threat. IoT networks therefore, become more vulnerable to cyber invasions by hackers. They may anytime choose to overload a network or worst case, lock down essential equipment for financial leverage.
Increasing trends of cybersecurity in the market has potentially expanded the job market in this domain. Skilled professionals who can offer cybersecurity services are in demand and is likely to increase their need in the next few years. The talent pool is required to adapt and evolve according to tech and the need of the hour. This may prove to be a bit complex while it comes to implementing these options in real-time.
Crypto-jacking is a form of cyber-attack in which a hacker hijacks a target’s processing power in order to mine cryptocurrency on the hacker’s behalf. In this, hackers target cryptocurrencies to extract money. Publicized hacks such as WannaCry worm, that affected systems across the globe in May 2017 are more on the rise. They hijacked victims’ cryptocurrency files and encrypted them differently and demanded a ransom through bitcoins in order to release decrypted files.
Hijackers of this category depend on harnessing victims’ machines to “mine”— perform the computations necessary to update cryptocurrencies’ blockchains, creating new tokens and generating fees in the process. To curb all this, we already see cryptocurrency mining detectors that identify unauthorized code within a system. Owing to this, Cyber Security Audit Services are likely to seek precedence in this year.
When cyber security is to be implemented in various software systems there comes a need to automate certain processes that are otherwise hard and complex to manually execute. Harnessing the power of automation isn’t that easy overall. Although many Security Information and Event Management companies (SIEM) are trying to automate many processes in the field, the outcomes are often unprecedented.
Since cybersecurity is still at its infancy, there are only less than 35% of the people who are currently interested to explore the field; let alone automation and its nuances. Perhaps, one way to catalyze the whole process at the moment is to run a quantitative vs qualitative analysis on the retrospect.
Third-party unverified sources
Third-party vendors, contractors, partners who collaborate with larger corporations often do not have a secure network in place. These corporations hardly check their third-parties while integrating with their systems. Majority of these hackers aim to attack and steal data of such weak-knit infrastructure.
Ethical Hacker, Jamie Woodruff, analyzed the increased reliance on third-parties which has become a reason for increased cyber-attacks world-wide. He quoted, “As more technology comes out, we’re ever more reliant on third-party vendors. Look at how APIs work, and how we feed them into third-parties. That’s a potential way in to the corporate network.” He also exemplified in a V3 article where a hacker conveniently chose one of Target’s, a prominent US Retailer, third-party suppliers, a refrigeration company as his way to break-in. He was successful where he stole personal data of 110 million customers.
Sophisticated Grids are not Hacker-free
The more complex a software is architected, so is its risk of being hijacked.
According to NYT, physical assets built on a multi-billion dollar evaluation is not spared by hackers either. Power grids, Military Intel-Infrastructure, Retail Chains, Transportation Network, Water System Facilities are all at risk given their scope of impact.
Clavax is tirelessly working towards creating strategies with cyber security services. Given an infrastructure, these are aimed at running cyber-security audit services at regular cycles to remain upgraded.