Increase In Aiming Ransomware
All you need to do to get the pulse of the ransomware threat today is pull it up as a search term in the news on any given day of the week. Ransomware attacks happen in one of two ways: by opportunistic means, or by targeting someone or something. Targeted attacks are way more sophisticated and specific, and we have seen an increase in reports that indicate custom ransomware has been launched against an organization’s specific technology stack. In the crosshairs have been large organizations that are multi-national, and through the definition of its services cannot endure a prolonged outage. More companies, More municipalities , and more core service businesses must be on the lookout, and ensure they are comprehensively protected by a triad of methods: secure the environment, have a plan to elegantly recover from a breach, and an ongoing assurance plan of security and compliance.
Affecting Crypto Currency
For all the financial opportunity crypto promised investors and aspires to create, its reputation has taken a beating. And the horror stories about crypto-exchange incidents are overwhelming the industry with negative press. For example, Binance lost $100m in a direct cyberattack. Various tokens have been breached. Then there was the FTX cryptocurrency exchange and hedge fund debacle. The fragility of the space has created uncertainty in its security and another crypto breach could be the final domino that knocks all other dominoes down to undermine the future of crypto currency as a viable financial alternative.
Cyber Risk Management Will Be Top Priority For Business Leaders
When it comes to the governance and oversight of cyber risk, our system is broken. It’s no longer what it used to be fifteen years ago - we are dealing with higher stakes and fragile corporate reputations. As a result of this, in 2023, we will see companies double down on cyber risk management. Boards will need to have a much clearer role and responsibility when it comes to the process of ensuring adequate controls and reporting cyberattacks. Cyber risk governance is not just the domain of the CISO it is now clearly a Director and Officer level concern. When it comes to cyber, plausible deniability is dead.
The Rise In Cloud Native Breaches
Not only will we see a rise in security incidents overall, but specifically, a rise in cloud native breaches. According to 2022 research, nearly half of all data breaches occurred in the cloud. As companies continue to migrate parts or entire infrastructures to the cloud, we will see an increase in the amount of data and crown jewels stored in the cloud, leading to more opportunities for cloud-native security incidents. Applications must be built in a way where third parties can be trusted. Because this supply chain isn’t secure, hacking in the cloud holds a lot of growing value in the eyes of cyber attackers.
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