Mr. Asheet Makhija , COO, Techjockey.com shares his insights on the emerging challenges businesses face through cyberthreats.
As we’ve become deeply entrenched in the digital world, We have come to realize that cybersecurity is not just a technical issue but a pivotal business challenge. And this is why we believe this and how it impacts us all, especially in the leadership roles.
Facing the Reality of Cyber Threats
Let’s look at the numbers – they’re quite alarming. In 2022 alone, there were 623.3 million ransomware attacks globally (SonicWall), a 13% increase in ransomware breaches over the last five years. The average cost of these attacks is a staggering $4.54 million, excluding the ransom.
The 2016 debit card breach where over 3.2 million debit cards were compromised. Major banks like SBI, HDFC, ICICI, Yes Bank and Axis Bank were affected. The financial implications included card replacements, refunds, and increased security measures, alongside a loss of customer trust in the affected banks’ digital security measures.
These figures aren’t just statistics; they represent real threats to our businesses’ financial stability and reputation.
The Complications of Remote Work
The shift to remote work has undoubtedly made things more complex.
Employees working from home or public places might use unsecured Wi-Fi networks, and these networks lack robust security measures, making data transmission vulnerable to interception attacks.
Then there are other complexities such as:
1. Lack of physical verification and direct communication among team members resulting in phishing attacks.
2. Increased use of personal devices with least to zero level of security.
These complexities are an opportunity for attackers which hence increases the attack surfaces.
Did you know that data breaches involving remote work cost $1.07M more on average than traditional settings (IBM)? And 20% of organizations experienced security breaches due to remote work during the pandemic (Malwarebytes). This new reality requires us to rethink and reshape our cybersecurity strategies.
Navigating Third-Party and Supply Chain Risks
The interconnected nature of today’s businesses introduces significant third-party and supply chain risks. Third-party attacks have risen from 44% to 49% year over year (Ponemon Institute), and almost half of organizations have suffered a breach due to a third-party vendor in the past year (Ponemon Institute).
As businesses increasingly rely on external partners and suppliers, their cyber risk exposure extends beyond their immediate control. This calls for vigilant management and oversight.
Harnessing AI in Cybersecurity
Here’s what positive, AI in cybersecurity is a game-changer. AI can potentially save organizations up to $3.81M per data breach.
For Example :
1. AI can detect anomalies that signify potential security incidents, it can also isolate infected systems or block IP addresses.
2. AI Continuously learns and adapts to new threats.
Moreover, AI and automation enable us to detect and contain breaches 27% faster. It’s clear that embracing AI is not just an option but a necessity in our fight against cybercrime.
The Rise of Zero Trust
” I am a Proponent of the Zero Trust Model “
Asheet Makhija, Chief Operating Officer
Zero Trust Model is imperative, and here’s why, it could save nearly $1M in average breach costs compared to traditional security models. Sectors dealing with sensitive data like banking, finance, IT services and healthcare have shown the adoption of Zero Trust Models. This approach is rapidly becoming an essential element of robust cybersecurity strategies.
The Challenge for Us as Leaders
Convincing our CEOs and fellow executives about the critical need for substantial cybersecurity investments is one of our biggest challenges. We need to use data and real-world scenarios to demonstrate the real impact of cyber threats and the value of proactive security measures.
Key Takeaways:
- Cybersecurity is integral to our business strategy.
- Remote work increases cybersecurity risks.
- AI and Zero Trust are indispensable in modern cybersecurity.
- We must actively manage third-party and supply chain risks.
- As leaders, it’s our responsibility to advocate for adequate cybersecurity investments.
Conclusion:
The cybersecurity landscape is complex and ever-changing. As leaders, we must understand these challenges and allocate the necessary resources. Consider cybersecurity as an investment in our company’s future, safeguarding its assets, reputation, and trust. To put it bluntly, ignoring cybersecurity is akin to leaving your front door unlocked in a high-crime area. It’s not about if an incident will occur, but when.
