Top 5 Challenges of Cyber Security

By 2023, cyber security is estimated to cause a staggering USD 8 trillion in damages. It can be the third-largest economy after China and the US if it were measured as a nation.

Cybersecurity is a fast-growing issue in today’s digital world. While it may not always be obvious, cyber attackers are constantly evolving their approach to penetrate the computer systems of enterprises and individuals alike. 

Unfortunately, this means that companies like yours must be ever-vigilant and continuously monitor their networks against potential attack vectors. 

This blog post will share insights on the top 5 challenges of cyber security, including emerging technologies at play, insider threats, and the role of compliance regulations!

Why is cybersecurity a must for organizations?

Cybersecurity is becoming important as we all become increasingly connected. Data theft and damage must be protected, whether it’s sensitive data, personally identifiable information, protected health information, or even your intellectual property.

As global connectivity and the utilization of cloud services to process sensitive data and personal information expands, so do inherent risk and residual risk. Poor service configuration paired with ever-evolving cyber villains means a heightened likelihood for your business to suffer from an attack or breach. 

Also, according to Cybersecurity ventures, it has become so synchronous that every IT position is also a cybersecurity position now. Every technology worker has to be involved in securing apps, devices, data, infrastructure, and people.

Therefore, the need for companies to ensure their security protocols are up-to-date has never been more important – now is the time for you to double down on robust cybersecurity measures!

Top 5 Security challenges you may face

Here are the top 5 cyber security issues and challenges you may face in your business:

Cloud Attacks

Cloud computing has developed exponentially in recent years. Cloud Service providers now offer their customers a wide array of cloud platforms to maximise efficiency and reduce costs. 

What started as merely an option for backup storage, cloud computing has since evolved into a comprehensive computing platform that has revolutionized the way organizations handle, store, and share data. It is, therefore, essential to know what constitutes a cloud cyber attack so your company can bolster its defense against them. 

A cloud cyber attack involves malicious activities targeting an off-site service platform that provides storage, computing, or hosting services via its cloud infrastructure. 

This further encompasses attacks on services utilizing service delivery models such as Software as a Service, Infrastructure as a Service, and Platform as a Service, and more. Each of these models offers its distinct features, making them prime targets for cybercriminals. 

• One of the most used methods malicious actors use is exploiting vulnerabilities in the service software itself. 
• By exploiting these weaknesses, attackers gain access to confidential information or disrupt business operations and cause havoc. 
• Ransomware has also become a favorite tactic of malicious hackers. It works by encrypting users’ data and holding it hostage until they provide the ransom amount in exchange for a decryption key that unlocks their information.

Thus making it challenging for businesses to protect themselves since it requires extensive security measures both on-premise and within their cloud assets to ensure complete protection from attacks. 

The most recent example is that – In March 2020, CAM4, an adult live-streaming website, faced the unimaginable when their cloud account was hacked to reveal a staggering 10.8 billion sensitive entries. 

Compiling over 7TBs of data ranging from location details and email addresses to usernames and payment logs, no stone was left unturned in this hack. The magnitude of this attack illustrates how critical it is for companies to ensure the security of their cloud platforms. This example is a constant reminder that good cybersecurity practices are essential in protecting one’s users’ privacy and safety.

This is why cloud companies usually turn to Sprinto to get SOC 2 or ISO certified. After all, prevention is way better than cure!

Ransomware Attacks

Ransomware is malicious software that can cause irreparable damage to your computer and your data. It revokes your access to your data by locking the device itself or encrypting the files stored on it. 

Moreover, ransomware has been known to spread from one machine to another to infect a larger network, as seen with the Wannacry attack that impacted the UK’s National Health Service in May 2017. 

The perpetrators behind ransomware attacks usually demand payment for unlocking your computer or granting access to your data again. This is often done through anonymous emails or websites requiring payment in cryptocurrency. 

Unfortunately, paying the ransom does not always ensure that access will be granted and victims may lose not only their money but also any sensitive information they have stored on their devices. 

Moreover, there is no surefire way to guard against ransomware attacks, and even the best security measures may prove insufficient if hackers are determined enough. In addition, many new variants of ransomware are being constantly developed, so staying abreast of these developments is crucial for protecting yourself from them.

IoT Attacks (Internet of Things)  

Given their versatility, IoT gadgets do not usually maintain the stringent security safeguards that would safeguard them against malicious activity when compared to other computational assets. As a result, attackers have exploited these weaknesses to access the systems. Though this is witnessing change, the change has not amassed mass adoption globally.

IoT devices are breached to gain access to confidential data and information. These breaches usually involve installing malware on a device, damaging or corrupting the device itself, or using it to access deeper levels of confidential data belonging to the concerned business.

For instance, a cybercriminal may use any weaknesses in an IoT device connected to an organization’s temperature control system. By taking advantage of the device, they could possibly alter the room temperatures associated with this particular machine. Consequently, organizations must prioritize security measures for their Internet-of-Things devices to protect themselves from attacks and malicious activities.

This attack can have severe implications for businesses as it could lead to increased energy costs and disruption of services due to damage caused by extreme temperatures. Furthermore, if successful, this attack could provide access for the assailant into more sensitive areas within the network and leave open doors for further malicious activities.

For example, this massive attack was one for the records, wreaking havoc on the internet as one of the most significant DDoS attacks ever orchestrated. Malware dubbed ‘Mirai’ was used to infect and commandeer IoT devices such as digital cameras, set-top boxes, and home routers so that it could cohesively operate them as a botnet. 

This horde of enslaved gadgets then attacked Dyn’s DNS servers, effectively taking big-name websites like Twitter, Reddit, Netflix, and CNN offline while they scrambled to contain the confusion. 

It was later revealed that lax security measures on these devices opened the door for Mirai malware to infiltrate them using their default name and password easily – hence bracing itself for further reconnaissance on other vulnerable IoT gadgets.

Phishing Attacks

Phishing is a form of social engineering frequently employed to pilfer personal information including usernames, passwords, and credit card numbers. This cyber security problem involves a bad actor who masquerades as a reliable entity sending emails, messages, or texts to the vulnerable target(s).

The unsuspecting recipient is tricked into clicking on the malicious link, upon clicking it installs malware onto their system, initiates a ransomware attack that freezes their computer, or reveals confidential information. 

An example of a typical phishing scam is when an attacker sends out a spoofed email that appears to be from any trusted email id and contains instructions for the user’s password expiration. 

How to prevent this: To protect your company from these types of attacks, you need to know how phishing works and what kind of threats you can face. You must also create strong passwords and educate your employees on recognizing potential phishing emails so they can avoid becoming victims.

Sprinto in its efforts to help organizations achieve compliance ensures that they are regularly trained on the best practices of cybersecurity, common pitfalls that everyone can avoid and more.

Insider Attacks

In May of 2022, a security risk that stemmed from within Yahoo was revealed when it was discovered that Qian Sang, a research scientist at the company, had stolen proprietary information. 

The incident occurred shortly after he received an offer of employment from The Trade Desk, a Yahoo competitor. After being aware of his job offer, Qian Sang immediately downloaded around 570,000 pages worth of Yahoo’s intellectual property (IP) to his devices. 

He used both digital and analog methods to quickly extract the data from Yahoo’s systems and get away with it undetected. 

The consequences were severe for both parties: Qian Sang faced criminal charges for theft of trade secrets and violation of computer crime law, whereas Yahoo suffered an irreparable financial loss due to the unauthorized disclosure of its products. 

This incident exemplifies just how damaging an insider threat can be – a single individual with malicious intent can seriously damage a company in terms of its reputation and financial standing. 

This is why, as a company, you must prevent such incidents by putting in place proper security measures that keep track of internal user activity and limit access to sensitive information based on user roles and responsibilities. 

How to prevent this: To avoid these biggest challenges in cyber security, you should conduct regular internal audits to ensure no unauthorized downloads or access attempts on their networks. 

Companies should also implement employee training initiatives that educate personnel about the importance of cybersecurity and make them aware that they could face legal consequences if they engage in malicious activities while using company-owned resources or networks.

How to overcome these challenges?

As the world of technology expands, so do the top cyber security threats to our online security. It can be daunting to contemplate how to protect your company from cyber threats, but it doesn’t have to be insurmountable. 

Cybersecurity is a task that requires comprehensive strategies and processes which demand continual attention and continuous reinforcement. Employing solutions like two-factor authentication, encryption algorithms, alerts for malicious activity, and safe password practices will help keep us safe in cyberspace. 

We can keep our data safe with due diligence and preventive measures!

If you’re looking at the digital landscape and feeling overwhelmed by the cybersecurity challenges, it might be time to bring Sprinto into your world. Sprinto helps you take the strides to achieve a secure security posture by helping you align your security systems with the global standards defined by compliance frameworks like SOC 2 and ISO 27001. These steps not only help you achieve compliance but also lay the foundation for a culture that prioritizes security over anything else.

Talk to our experts today to understand how Sprinto can help you become compliant with global compliance standards while laying the foundation for a security first tomorrow.

How Sprinto Can Help Shape You Shape Your Compliance Needs

At Sprinto, we understand that every company has its own unique needs when it comes to compliance – which is why we have developed a system that is highly customizable and adaptable. 

Sprinto is an innovative compliance automation solution that makes it easier for cloud companies to achieve effective and efficient compliance in a fraction of the usual time. 

Our automated process can reduce the time taken to become compliant from 6-12 months to as little as 14 business days, depending on the size of your organization and your implementation speed. 

What’s more, this automation process also significantly cuts down costs – with our platform, regulatory frameworks that used to cost upwards of $100,000 – $250,000 can now be achieved with much less investment.

At Sprinto, we understand that every company has its own unique needs when it comes to compliance – which is why we have developed a system that is highly customizable and adaptable. 

We use powerful AI technologies to automate the compliance process and provide full transparency so you can monitor every step. Our experienced team of professionals work closely with you throughout your implementation project, offering advice and guidance when necessary while understanding your constraints to provide optimal solutions.

Save time trying to figure out how to become compliant with complicated manual processes – let Sprinto take care of it! Contact us today and find out how our automated solution can help shape your compliance needs quickly and easily.

FAQs

What is the most difficult challenge to cyber security?

The most difficult challenge to cyber security is adapting to a remote workforce. With more and more companies around the world turning to remote work, there are new risks in cybersecurity that have emerged. Companies must now invest in solutions that protect their systems from attacks outside their networks. This includes ensuring secure access for both employees and customers and securing servers.

What are the main challenges of cybersecurity in the world today?

The biggest challenge in cybersecurity today is the ever-changing nature of cyber threats. Cybercriminals are constantly inventing new techniques and strategies to exploit vulnerabilities in networks and systems.