Disruptive technologies opened vast opportunities for cybersecurity warriors

We’re living in an information age where data is the new currency. As the world explores new digital frontiers, the importance of data security is growing exponentially. Once a company crosses the $1 Billion mark, it becomes part of a rare and exclusive club: The Unicorn Club. “Anytime, anywhere” has become the mantra of today’s enterprise workforce. The exponential growth of the Internet interconnections has led to a significant growth of cyberattack incidents often with disastrous and grievous consequences.

Employees in remote and home offices and on the road stay productive using applications in the cloud, collaboration tools, and personal devices tied into their corporate network. But as IT stretches to reach a far-flung workforce, it is exposed to more risks. Many organizations have implemented enhanced security across their networks to help protect data. But even with stepped-up measures, there are some simple ways you and your staff can help safeguard your IT environment. The development of more innovative and effective malware defense mechanisms has been regarded as an urgent requirement in the cybersecurity community.

The main challenge is how to keep the software and systems updated with the latest patches and limit their vulnerability to cyberattacks. Use the security features that come with your apps supplements other security measures you have in place. Strong passwords are one of the first lines of defense against breaches and changing them occasionally may help keep hackers out.

Digital transformation is helping to make the world a better place, but cyberattacks are an unfortunate part of this reality. These days, the success of any modern business, large or small, depends on the effectiveness of the data security systems it has in place.

A survey outlines, there are 46 companies in the Cyber Security industry that have achieved a valuation of more than $1 billion dollars; or in other words, have reached a so-called “Unicorn” status. Cyber-risk is on the rise, and every possible data point suggests the trend is likely to continue in the future, given the increasing need for multi-layered data-sharing across all business types and verticals.

According to Cybersecurity Ventures estimates, the cost of global cybercrime is expected to touch $10.5 trillion annually by 2025. According to an analysis by cybersecurity company Intel 471, the most prevalent ransomware threat towards the end of 2021 was LockBit 2.0, which accounted for 29.7% of all reported incidents. It further says, 471 examined 722 ransomware attacks that took place between October and December 2021 and identified the most impacted sectors.

Governments around the world are passing legislation to ensure maximum protection and, in most cases, the liability to protect data remains with the owner. Failure to comply with data-protection rules can result in fines for negligence or theft. The arrival of disruptive technologies like artificial intelligence, machine learning, the internet of things, blockchain, and others have opened vast opportunities for cybersecurity warriors. But the challenge remains how to make your system cyber-attack proof to earn and retain the trust of clients and customers. 

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA