Cybersecurity is a subject of relevance for all businesses, from small and medium enterprises to large companies. The adoption of AI and machine learning by cybercriminals is making threats advanced and increasingly challenging. According to research, in 2023, India recorded 400 million malware detections across 8.5 million endpoints, averaging 761 detections per minute.
As organisations rely heavily on technology, cybersecurity becomes vital for efficient business continuity. The proliferation of AI-generated content necessitates a careful approach. Businesses are embracing innovation while prioritising integrity and verifying information sources to uphold trust. Alongside robust cybersecurity, fostering resilience against cyber threats is becoming increasingly important. This requires comprehensive plans for business continuity and swift recovery from cyberattacks.
Overcoming challenges for a secure future
Cyber security attacks, data, and other breaches were once complex, demanding specialised tools, active technology, and physical access to analogue operational technology. The convergence of information and operational systems is fueled by the demand for remote visibility into industrial operations. This integration has enabled attackers with less advanced capabilities to exploit infrastructure assets.
According to a PwC report, Indian organisations are notably concerned about cyber risks in the next 12 months. The focus is on cloud infrastructure, invasion of connected devices, hack-and-leak operations, and the compromise of software supply chains. The apprehension of losing customer data and revenue, along with the potential for operational downtime, intensifies the threat.
The tech revolution, powered by AI, ML, data analytics, cloud computing, and IoT, opens a world of opportunities, enabling companies to craft resilient frameworks to navigate the new digital frontier. Looking ahead to 2024, emerging threats include AI-generated voice and video scams using advanced deep learning techniques. Phishing attacks, leveraging personal data from social media, are on the rise and more. New super-powerful quantum computing is anticipated to enhance the potency of malicious software, adding another layer to the challenges of cybersecurity resilience.
Cybersecurity Solutions to Nurture Resilience
Cybersecurity has become an important part of the business ecosystem. CISOs and cyber teams across the globe have adapted to remote, highly digitised, cloud-driven evolving workplaces.
Multi-Factor Authentication (MFA)
To heighten the security of remotely accessible services like VPN, external-facing corporate portals, and email access (OWA or Exchange Online), it’s crucial to implement Multi-Factor Authentication (MFA). Avoid relying on SMS and voice calls for one-time codes. Instead, consider deploying phishing-resistant tokens, such as smart cards and FIDO2 (Fast Identity Online) security keys.
Next-Generation Firewalls (NGFWs)
NGFWs offer enhanced protection compared to traditional firewalls. They analyse network traffic at a granular level, identifying and blocking potential threats more effectively. Organisations should view deploying NGFWs as a crucial security measure to safeguard their network and sensitive data.
Zero Trust approach
With the rise of hybrid work, many organisations are embracing Zero Trust frameworks. This means all users, apps, and devices seeking access are presumed unauthorised until proven otherwise. In 2024, organisations will further embrace Zero Trust principles, demanding continuous verification and least privilege access. This approach ensures that, even if a threat actor gains access, their lateral movement within the network is significantly restricted, bolstering overall security.
AI-driven threat detection
AI is becoming crucial in combatting cyber threats. In 2024, a notable increase in AI-powered threat detection systems is anticipated. These systems employ machine learning algorithms to scrutinise extensive data, identifying anomalous patterns that may signify potential cyberattacks. The proactive nature of AI-driven threat detection enables organisations to respond promptly to emerging threats, thereby reducing the impact of security breaches.
Ransomware resilience
Ransomware attacks are growing in sophistication and impact. On an average, a single ransomware security incident emerges for every cluster of 650 detections. In 2024, organisations will give top priority to building resilience against such threats. This includes routine data backups, employee training to identify phishing attempts, and the integration of advanced endpoint protection solutions. Incident response plans will be refined to ensure swift recovery in the event of a ransomware incident.
By enforcing strict access controls, monitoring, and logging all network activity, and implementing strong authentication and encryption mechanisms, cybersecurity measures help ensure that only authorised users and devices can access sensitive data or resources.
The Future of Business Security
The integration of business transformation and cybersecurity has prompted a fundamental shift in global strategies. Leading businesses worldwide have rapidly adopted technologies like artificial intelligence and machine learning. In India, companies are keeping pace by incorporating cybersecurity solutions into their operations. This strategic integration aims to fortify foundations against emerging threats, highlighting technology’s pivotal role in shaping the future of businesses globally.
Source: DSCI India Cyber Threat Report, PWC, DSCI India Cyber Threat Report, Drishtiias.com, The Free Press Journal
Views expressed by Ajay Sharma, Director of IT and Payments, Pluxee India
