Cyber Security Threats and Trends To Watch For This Year
It’s never been more important to secure your company against cyber-attacks. With hackers increasingly getting tougher in their scrutiny of cyber defenses, security is just one aspect of being prepared for these types of threats. There are policies and practices to adopt, insurance as well as legal ramifications to understand regarding the security of valuable information and client data.
Companies both large and small have embraced the cloud and open source is now the standard for infrastructure software. And it’s no surprise that both create unique blends of benefit and risk. When you consider that the average cost of a data breach for companies grew from $3.8 million last year to $4 million in 2016, a major attack or failure could be merely problematic or devastating.
With each year presenting more sophisticated attacks, we can certainly expect an increase in the number of cyber-attacks based on open source vulnerabilities. What follows are a few areas that are trending cyber security threats globally this year.
The Internet of Things
The first area where we will likely see increased threats in DDoS Attacks is on IoT devices. Cybercriminals will target all manner of internet-connected endpoints such as surveillance cameras and employ them in DDoS attacks. In the rush to roll out all manner of IoT devices, security has taken a back seat. Worldwide spending on IoT security reached $348 million in 2016 and is predicted to climb to $434 this year. Some industry insiders also predict that by 2020 more than 25% of all identified attacks in the enterprise will involve IoT.
No Experience Necessary
Take into account that the tools hackers and cybercriminals use are readily available and are easily within reach of anyone who wants them and has the money to pay and it’s easy to see that this trend will continue to grow. Now add in the fact that experienced cybercriminals are offering high-quality ransomware to attackers with little or no technical knowledge or skills in return for a cut of the extortion profits. Now you have a recipe for sparking the exponentially rapid growth of cybercriminals.
Third Party Security Gaps
You can build an excellent security system and put all the right policies in place, but until you subject all of you third-party partners to the same level of scrutiny, your customers will still be at risk. Policies need to be tightened up with proper oversight to ensure that sub-standard security measures and systems don’t lead to major exposures.
Ransomware looks likely to spread into IoT devices, PoS systems, and ATMs. If you want your files back after a successful ransomware attack you’re probably going to have to pay the ransom. If you don’t want to end up held to ransom and out of pocket, then you need to act to mitigate the risk. Believe me, it will be a lot cheaper to take preventative precautions.
Diminishing Labor Pool
There have never been more jobs available in cyber security. Currently there are more than a million vacant IT positions worldwide. This shortage of skilled cyber security workers puts even the most sophisticated companies at risk and calls for more sophisticated protective measures.
If you are ready to explore how to take the most effective measures against the viable cyber attacks call our offices. VORAS Consulting is partnered with IBM and can provide the new Watson System for Cyber Security. Give us a call today.