Category: Cyber Security

Introduction

The face of workplaces has changed significantly since the start of the COVID-19 outbreak. According to a Microsoft study, 73% of workers want to keep the flexible work arrangements created in response to COVID-19. This has seen a rise in the need for organizations to adapt to remote or hybrid working systems. However, after this shift in the working space of employees, cybersecurity risks have increased by more than 25%.

On the other hand, data breach expenses have climbed dramatically YoY, from $3.86 million in 2020 to $4.24 million in 2021, according to IBM’s report. The average cost of a data breach was more significant in organizations with more than 60% of employees working remotely than the general average cost.

Managing security across remote or hybrid work environments is one of the most challenging for enterprise IT teams. This post will cover some of the most frequent cyber security challenges, and risks that businesses encounter when implementing cybersecurity solutions for remote and hybrid work.

Security risks in the cloud

Cloud-based applications are similar to other apps in that they are designed to make work more manageable, and most of the organization’s work runs on these cloud-based applications. Even though there are numerous advantages of cloud-based applications, these applications add even another degree of complexity to data management. They also expose organizations to new cybersecurity threats, posing a new set of administrative issues for IT departments.

Employees’ lack of security awareness training

Most companies ignore security awareness training for work-at-home employees, which poses a significant danger to an organization’s cyber security. According to IBM, the number of insider events involving credential theft has increased in frequency and cost since 2016, which could be prevented with proper training.

Data loss and data leakage risks

When remote workers use a wide range of devices and network gateways, store data in multiple locations, and access different versions of programs they need to complete their tasks, they increase the risk of data loss or harm.

As a result, IT teams must adopt policies that restrict accounts based on granular access for individuals, group permissions, locations, and devices, among other things, to minimize or reduce the risk of malicious activity and data loss.

Lack of physical security and monitoring of virtual workspaces

Hybrid workspaces are difficult to monitor because of the lack of physical security measures. This means that, while dispersed teams’ capacity to communicate securely is one of the most critical variables in assuring efficiency, it’s also one of the key factors that might put enterprises at risk.

Remote workers can be easier targets

Some of the concerns that security professionals regularly confront with remote workers include network security challenges such as weak or no home Wi-Fi security, computers shared among family members, missing firewalls, un-secure mobile devices, poor security hygiene, etc. Remote workers may also lack internet access or speed, delaying software updating and potentially leaving vulnerable places for fraudsters to exploit. Unauthorized software and shadow IT can potentially jeopardize a company’s entire cybersecurity posture.

Conclusion

In this cyber-attack-prone world, empowering remote workers to be safer with the right training is critical. According to a Tessian’s poll of 250, IT decision-makers and 2,000 working professionals, nearly 60% of IT leaders expect to increase cybersecurity awareness training if their organization transitions to a permanent hybrid work environment.

Along with enhancing an organization’s cybersecurity with advanced security models such as zero trust security, initiatives like these are necessary for organizations to combat cybersecurity issues in the age of remote and hybrid working.

While the digital revolution has brought businesses numerous benefits and opened up a whole new world of opportunities, it has opened up new avenues of cyber threats across the business ecosystem – including the possibility of our personal information being compromised. Cybersecurity has never been more critical and necessary than it is right now. As a result, Artificial Intelligence (AI) and machine learning approaches are being developed and supported in order to play a substantial role in the fight against cybercrime. Businesses and organizations are taking notice and are investing extensively in the development of new Artificial Intelligence technologies to identify abnormalities and potential risks.

AI is becoming increasingly important and playing a significant role in cybersecurity. The recent 9th Edition – Cybersecurity Summit SouthEast Asia organized by Exito Media Concepts, drove focused discussions on developing digital strategies and technological approaches to tackle cyberattacks in the SouthEast Asian Region. One of the panel topics focused on Overcoming Cybersecurity Hurdles with Artificial Intelligence. The panel featured Mr. Abdullah Al-Attas and Mr. Demetris Booth, and moderated by Dr. Carrine Teo Chooi Shi. The discussion revolved around how AI had played an important role in mitigating cybersecurity challenges.

There are a range of technologies being created by cybersecurity businesses to use AI for cybersecurity. In order to identify hidden and targetted attacks, these tools may use AI to processes, knowledge, and capabilities of security experts and researchers. AI tools can be designed and developed in such a way that it can be deployed to target cyber threats and malware. In the panel discussions Mr. Abdullah points out, how by introducing AI, organizations have reduced the margin of errors and increased the speed of investigation. Setting up an uniformed algorithm which can be applied for multiple analysis and systems has increased the systems efficiency. He further says, AI and machine learning will help organizations to detect, respond, and recover faster than before.

AI can be further used to evaluate all signs of breaches automatically, alerting the security analysts to investigate the situation. AI tools can also be designed in a specific manner wherein along with identifying the threat, it can simultaneously trigger the investigation. Mr. Demetris points out that AI bridges the gap that was left void with traditional system and human surveillance. AI tools can be trained to detect the smallest of the smallest patterns across various networks – this is an advantage over traditional software and humans.

Whatever form AI takes, it is apparent that it may give important information and insight about an incident and enable company to respond fast.

Cybersecurity has emerged as one of the most critical concerns that businesses must address as consumers and huge companies are unavoidably vulnerable to cybersecurity risks. The attacker techniques are evolving and becoming more elusive day by day. In addition, since the pandemic, firms that have moved to remote work have grown more exposed to hacking assaults.

With the scale and frequency of data breaches escalating, it’s critical to be aware of the emerging trends in cyber security to watch in 2022.

1. Ransomware assaults

The ransomware attacks worldwide grew by 151% in 2021, making it the top cybersecurity trend of the year. Ransomware is malware that encrypts files once it has gained access to a company’s network. It renders the data useless and the systems that rely on them inoperable, allowing the attackers to demand a ransom in return for their decryption.

One of the recent attacks was the Fantom ransomware technique. This technique of operation was an alarming hacking approach concerning the Windows operating system. Fantom presented its victims with a Windows update-like screen, a virus that encrypted files in the background.

2. Data Breaches

Data is an irresistible force in today’s digital age, and personal data security is essential for total peace of mind, whether for an individual or a business. But, unfortunately, we live in a world where any tiny fault or technical problem in your system might allow hackers to get access to potentially sensitive information, leaving us subject to cyberattacks and identity theft. This issue has been on the radar for a long time, and it will continue to be a concern as time goes on, requiring businesses to address it.

3. Cloud Security

More and more organizations are moving to the cloud with the help of top cloud management software solutions. Most cloud services, however, do not yet provide safe encryption, authentication, or auditing logging. Due to a lack of cloud security settings, fraudsters may override internal restrictions that safeguard critical data in the cloud database. As a result, IT security experts see the need to strengthen cloud security.

4. Software Packing

Software packing compresses or encrypts an executable file and modifies the file signature to evade signature-based detection. Therefore, wherever feasible, defenders should try to narrow out their assault surface. Preventing and detecting these sorts of assaults is easier with an endpoint protection platform (EPP) that records and analyses data over time.

5. Defensive Evasion

The technique adopted by attackers to avoid detection during a breach is known as defence evasion.Uninstalling/disabling security software or encrypting data and scripts are examples of defence evasion techniques. Additionally, attackers may use operating system features to hide ordinarily visible windows from users rather than alerting them to adversary activity. Once again, attackers have demonstrated their willingness to employ system tools and procedures typically used for system management.

If 2020 and 2021 have shown us anything, attackers will continue to alter their tactics, forcing defenders to adapt as well. Attackers have honed their skills at eluding security measures. Their level of quality assurance has improved, and when it comes to command and control, they’ve become more stealthy. As a result, businesses are forced to defend themselves against these attacks, which leaders can only do by upgrading their cybersecurity.cloud security.

The days of rule-based engines and simple prediction algorithms detecting most fraud attempts are long gone. As technology is advancing, the risk of being a victim of fraud is also growing. Now fraud-based assaults have a distinct pattern, sequence, and structure that makes them impossible to identify using only rules-based reasoning and predictive models.

This rapid development of complex, highly advanced fraud efforts can be countered only by AI. Artificial intelligence in cyber security can review years of transaction data in minutes to compute risk scores. As a result, AI is extremely useful in identifying fraud and other financial crime-related suspicious actions.

Here are five ways in which artificial intelligence is driving a new age of fraud detection.

1.  Analyze data with precision

One of the essential characteristics of machine learning is its ability to assess large volumes of transaction data in real-time and identify questionable transactions with exact risk scores. This risk-based analytics technique finds complicated patterns difficult for analysts to spot, allowing banks and financial institutions to run more efficiently while identifying more fraud. The algorithms analyze various elements to fully depict each transaction, including the customer’s location, the device utilized, and other contextual data points.

2.  Detecting fraud in real-time

Rather than needing to wait six or eight weeks for fraudulent charges, AI allows fraud attacks to be detected in real-time. The potential of modern security software to detect fraud assaults in less than a second is the future of fraud control. When a digital organization depends solely on structured learning and rules, new assaults are challenging to detect. AI eliminates the need to constantly play catch-up to online fraud by balancing supervised and unsupervised learning.

3.  Better insights for fraud analysts

With the increasing number of new cyber-threats and massive volumes of data to evaluate, fraud analysts are faced with the near-impossible challenge of quickly recognizing anything that appears suspect. As a result, financial institutions must adopt a novel strategy that allows for rapid cross-channel data analysis and extraction while identifying fraud in real-time. In addition, AI provides fraud analysts with a complete overview of transactions, allowing them to examine past data in context.

4.  Facilitates digital businesses

To meet business goals, AI helps digital enterprises to reduce chargeback rates, decline rates, and operating expenses. One of the most valuable features of an AI-based fraud protection

technology is its capacity to personalize and adjust business results for the entire company, individual product lines, departments, and selling seasons in real-time. To achieve increasing agility, speed, and time-to-market levels, digital organizations depend on a combination of supervised and unsupervised machine learning, with AI-based fraud detection solutions at the heart of the endeavour.

5.  Accomplish Regulatory Compliance

Today, AI-based fraud protection helps companies comply with internal corporate regulations, regulatory authorities, and agreements with distribution partners. Financial institutions require a fraud detection system that uses AI and unsupervised machine learning to stay ahead of the game. Machine learning enables businesses to examine data in context across devices, applications, and transactions with minimal human intervention. This can save banks time and money by reducing the risk of expensive fines.

Given the large quantities of money at stake and the constant threat posed by criminals, firms will need to utilize cutting-edge technologies that can adapt to remain ahead. While businesses may not be able to transition to advanced data analytics right away, they should start by reviewing their existing data, determining data requirements, and creating the talent needed to get started as soon as feasible.

As technology advances, and with it comes better opportunities as well as threats. As we move closer to an era of automation, Big Data, and the Internet of Things (IoT), the digital world appears to be more unpredictable than ever before. However, while technology provides massive advantages, it also poses more significant risks. The sheer magnitude of the opportunities it enables makes technology a target for cybercrime, corporate espionage, and cyberattacks. 

After the impact of COVID-19 on businesses, corporate networks were no longer a source of trust, with the majority of employers working from home on their personal devices. This has prompted firms to explore the Zero Trust approach to safeguard corporate data wherever users and devices may still be while also ensuring that applications function fast and without hindrance.

What is Zero Trust Security?

Zero Trust is a network security model that mandates that all users, either inside or outside the company’s network, should be verified, permitted, and regularly monitored for security configuration and posture before granting or retaining access to apps and data.

Zero Trust basically means that no one should be trusted, including people behind the firewall. Besides, insider threats remain a big concern, and most hackers now have ready access to billions of stolen credentials, making breaching the firewalls easy.

How Zero Trust Security Works?

Traditional network security, which followed the “trust but verify” strategy, differs significantly from the Zero Trust Security model. The conventional method automatically authorized users and endpoints within the company’s boundary, exposing the organization to hackers and valid credentials taken over by malicious users, granting unauthorized and compromised accounts broad access. Due to the pandemic, this approach became outdated with the cloud migration of corporate transformation efforts and the acceleration of a Remote Work Environment.

Zero-trust security has developed into a comprehensive approach to cybersecurity that encompasses a variety of technologies and procedures. Zero Trust security seeks to defend the organization from advanced cyberthreats and data breaches while also assisting with future data privacy and security regulations. This framework’s implementation combines advanced tech like risk-based multi-factor verification, identity protection, next-generation endpoint protection, and cloud-based technology.

Why does your organization need a Zero Trust security model?

While Zero Trust has been referred to as a standard for several years, it is becoming more structured as a reaction to protecting digital transformation and a variety of sophisticated, destructive threats that have surfaced over the last year.

Firewalls and security restrictions do not stop hackers from breaking into your network. Instead, you have to build internal barriers and watch activities to capture their movements before breaking in. The data-centric Zero Trust architecture will provide essential security to defend against data breaches and advanced cyberattacks.

A Zero Trust approach aims to safeguard every user, every device, and every connection at all times. If you wish to secure your organization’s most important resources and handle threats more effectively, you must integrate and update your security technologies to Zero Trust.