INTRODUCTION
In this digital era where technologies like cloud computing, artificial intelligence, internet of things are rapidly expanding has led to tremendous increase in cybercrime. The 2022 SonicWall Cyber Threat Report recorded an unprecedented 623 million ransomware attacks, a 105% increase year-over-year. Additionally, IoT malware attacks increased by 87%, emphasizing the vulnerabilities introduced by connected devices. So the question arises: can cyber security will ever be able to keep up with these ever-growing threats?
AGE OF EVOLVING THREATS
Quantum computing threats
Quantum computing is a potential threat to cybersecurity because it could break encryption systems that are used to secure modern communications and e-commerce. Quantum computers are based on quantum physics, and are expected to be able to solve encryption equations faster than traditional computer.
Zero-day exploit
The unknown or unaddressed vulnerability is referred to as a zero-day vulnerability or zero-day threat. A zero-day attack is when a malicious actor uses a zero-day exploit to plant malware, steal data or otherwise cause damage to users, organizations or systems.
IBM’s X-Force threat intelligence team recorded 7,327 zero-day vulnerabilities since 1988, which amounts to just 3% of all recorded security vulnerabilities.
Crypto jacking
Cryptojacking is the act of exploiting a computer to mine cryptocurrencies, often through websites, without user's awareness.
One of the software used for cryptojacking was Coinhive, which was used in over two-thirds of cryptojacks before its March 2019 shutdown
Deepfakes
Deepfakes are images, videos, or audio which are edited or generated using artificial intelligence tools, and which may depict real or non-existent people. They are a type of synthetic media.
Ransomware-as-a service
Ransomware as a service (RaaS) is a cybercrime business model where ransomware operators write software and affiliates pay to launch attacks using said software. Affiliates do not need to have technical skills of their own but rely on the technical skills of the operators. The ransomware as a service model is a cybercriminal variation of the software as a service business mode.
ECONOMIC CHALLENGES
Global cybercrime costs
According to Cybersecurity Ventures, the annual global cost of cybercrime is expected to reach $10.5 trillion by 2025, up from $3 trillion in 2015. This represents a staggering 250% increase in just a decade.
Ransomware
Ransomware attacks have surged dramatically in recent years. In 2021 alone, it was estimated that global ransomware damage costs reached $20 billion, 57 times more than in 2015.
Data breaches
In 2023, the IBM Cost of a Data Breach Report revealed that the average cost of the data breach was $4.45 million globally which has increased by 15% over the last three years alone.
OVERCOMING THE CHALLENGES
Endpoint Detection and Response (EDR)
EDR also referred to as endpoint detection and threat response (EDTR), is an endpoint security solution that continuously monitors end-user devices to detect and respond to cyber threats like ransomware and malware. EDR is defined as a solution that records and stores endpoint-system-level behaviors, uses various data analytics techniques to detect suspicious system behavior, provides contextual information, blocks malicious activity, and provides remediation suggestions to restore affected systems.
IoT Security
IoT security (internet of things security) is the technology segment focused on safeguarding connected devices and networks in IoT. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects, animals and people. Each thing has a unique identifier and the ability to automatically transfer data over a network. However, enabling devices to connect to the internet opens them up to serious vulnerabilities if they aren't properly protected.
Artificial Intelligence & Deep Learning for Threat Detection
AI discovery is revolutionary. Traditional cybersecurity measures often rely on predefined rules and signatures to identify threats, which can be ineffective against evolving attack vectors. AI-driven threat detection is a proactive approach that leverages algorithms, statistical models, and machine learning techniques to identify and respond to cybersecurity threats. Unlike rule-based systems, AI can continuously learn and adapt to new data, enabling it to recognize both known and previously unseen threats.
Blockchain and Decentralized Security Solutions
Blockchain technology produces a structure of data with inherent security qualities. It's based on principles of cryptography, decentralization and consensus, which ensure trust in transactions. In most blockchains or distributed ledger technologies (DLT), the data is structured into blocks and each block contains a transaction or bundle of transactions.
Proactive Threat Hunting and Red Teaming
Threat hunting is a proactive strategy that involves actively searching for and neutralizing threats. It is useful for organizations that are at risk of targeted attacks. Threat hunting can help identify attackers, close security gaps, and find complex threats.
Red teaming is a discreet attack simulation that focuses on an organization's detection and response capabilities. It can help uncover vulnerabilities, strengthen security controls, and improve incident response planning.
Cloud Security and Cloud-Native Solutions
Cloud-native security involves incorporating security into an organization’s overall cloud-native application development strategy. It changes the infrastructure, teams, and processes required to build secure applications. Cloud-native security requires a comprehensive approach that bakes security into the software development life cycle (SDLC). Cloud-native security emphasizes application security to ensure the detection and improve vulnerabilities in a cloud environment.
CONCLUSION
Answering the question can cyber security ever keep up these emerging threats is rather complex and perplexing as new emerging threats and cyber security are co-evolving and the fact that no organization can afford complacent against new emerging threats, cyber security may never 'fully catch up' with every newly emerging threat. But right innovation, regulation and investment can significantly reduce the impact of cyberattacks.
Read more:
https://www.sonicwall.com/resources/white-papers/2022-sonicwall-cyber-threat-report
https://www.ibm.com/topics/zero-day
IBM’s X-Force® threat intelligence team
https://en.wikipedia.org/wiki/Cryptojacking
https://en.wikipedia.org/wiki/Deepfake
https://en.wikipedia.org/wiki/Ransomware_as_a_service
https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/
https://www.ibm.com/reports/data-breach
https://www.crowdstrike.com/cybersecurity-101/endpoint-security/endpoint-detection-and-response-edr/
https://www.techtarget.com/iotagenda/definition/IoT-security-Internet-of-Things-security
https://www.cybernx.com/a-what-is-ai-in-cybersecurity-leveraging-artificial-intelligence-for-threat-detection
https://www.eccu.edu/cyber-talks/decentralized-security-role-of-blockchain-in-cybersecurity/
https://www.ibm.com/topics/blockchain-security
https://www.tigera.io/learn/guides/cloud-native-security
Comments
Post a Comment