It might sound alarming but it is the truth. Our every step towards technological advancement is taking us a step closer to a cyber catastrophe. Earlier government and financial firms were the only targets of hackers but now medium-sized businesses are also under radar. The growing usage of credit and debit card for buying services and products online is pulling attackers toward these nascent businesses.
Chief Information Security Officers are having a tough time managing growing threats. At times attacks are outpacing enterprise’s defense preparations. Industry research found that the average tenure of CISO is about 24 to 48 months. Another study by ISSA found, 31% of CISOs leave jobs because companies don’t fund cybersecurity accurately. Indecision, conflicting priorities, overwhelming attacks, and under-resourced staff are coaxing CISOs to work under extreme pressure or resign.
First phishing, then ransomware and now DDoS, attackers have evolved with time. 2020 is going to be no different, hackers will continue to attack businesses but their mediums will change. CISOs need to keep-up with the time and the changing trends.
Upcoming trends that every CISO should know about
1. Managed Security Services will become mainstream
Businesses from around the world will be outsourcing their security concerns to Manager Security Service Providers (MSSPs). These MSSPs are industry experts who rely on connected security operation centers to offer robust security against growing cyber threats.
Managed Security Services are growing popular because they offer incomparable benefits like:
- Top-notch Security at Lesser Price: It frees organizations from building an in-house team and investing in equipment. MSSPs offer robust round-the-clock at a fraction of the cost required to build an in-house team.
- Always hunting for new Threats: Security operation centers from around the globe work in a connected environment, they share information and analyze patterns to detect new mediums of attack.
- Instant Gratification: MSSPs stop 100% of attacks from reaching the final stage. They analyze every bizarre trend and take instant action. The proactive approach stops attacks from reaching the final stage.
- Reports Compliance Failures: MSSPs understand the importance of functioning under compliances hence they report any such failure at the earliest.
2. Credential Stuffing
Whenever a major data breach occurs, small hacker groups try to buy a chunk of the stolen data. Later, they use the same login credentials trying to break into systems of other companies. It generally occurs with departmental stores and subscription-based services. Since people find it difficult to remember passwords, they use the same password across multiple subscription-based services.
What is the hack here?
Well! With credential stuffing, a company can claim that their system was never compromised, which is true, the hackers never broke into the system, they just logged in. With credential stuffing, it is tough to discover who attacked the system and stole personal information. With this cybersecurity trend getting popular, enterprises will face a staggering number of attacks.
Action CISOs can take to avoid credential stuffing:
- Send out a notice to every user requesting them to change their passwords
- Establish a system that sends a push notification, every time someone logins into an account from remote locations
- Urge users to set strong and unique passwords
Cyber Insurance is fueling more Ransomware Attacks
A report by MSSPAlert specifies that around 700 ransomware attacks were launched on schools, healthcare agencies, and government agencies in the first nine months of 2019. Increasing ransomware attacks have got corporations investing in cyber insurance that pays for the loss that occurred to cyber-attacks. By 2020, cyber insurance is projected to be a $7 billion market alone in the United States.
The problem is cyber insurances are acting as a bet for ransomware attacks. Companies with cyber insurance are more likely to be targeted by ransomware attackers because of the cyber insurance companies believes in paying the ransom than paying for the damage due to downtime and service disruption.
In recent times, ransomware attackers have targeted hospitals, banks, and schools. By ceasing access to life-saving devices at hospitals and core banking software at banks, attackers almost stopped the flow of life.
How can CISOs stop ransomware from affecting their system?
- Encourage employees and stakeholders to never share credentials over email or phone calls
- Limit access and allow only key players to install new programs on office computers
- Use reputable antivirus and keep your firewall updated, at all times.
- Install filters and run scanners to scan incoming content
- Rely more on vulnerability assessment and penetration testing for discovering loopholes
DDoS Attacks will continue to grow
With CISOs putting requisite efforts in building a robust and impregnable system, it has got tough for attackers to break into and steal information. With firewalls working efficiently, they are unable to launch ransomware attacks. Also, content scanners are weeding out all phishing emails. Frustrated with failure at varied fronts, hackers are now relying on DDoS attacks for succumbing a system.
DDoS stands for Distributed Denial of Service and it is one of the strongest weapons in hacker’s arsenal. When a DDoS attack is launched, the aim is to overload servers of a website with more traffic than it can handle.
DDoS attacks are launched with an intent:
- To divert the attention of the target.
- Of installing malicious software or stealing data.
- To help competitors gain an advantage.
Common symptoms of DDoS attacks are:
- Gigantic increase in the number of spams
- The website goes offline for a long term
- Problems accessing files hosted on the site
How to stop a DDoS attack:
- Redirect your domain to a null domain
- Get third-party protection product to protect against such attacks
- Get in touch with your ISP seeking assistance with diverting traffic
- Leverage artificial intelligence to inform you as soon as a DDoS attack occurs
The need for Drone Security will rise
Businesses of all size and capacity are increasing their dependence on drones for improving customer service and conducting aerial surveys. With businesses set to invest $17 Billion on drone functionality in the coming five years, CISOs need to buckle up. With increasing reliance on the Internet of Things and Drones, the need to build a robust and secure functioning bracket is important.
CISOs will be required to think and build an environment where only authorized personnel can access data and control navigation of the drone. The environment must maintain a record of who accesses the data, how and when. The responsibility of securing drones will lie upon CISOs hence integrating it with the central system and its security feature will prove to be a game-changer.
While Chief Information Security Officers are busy creating a safe IT environment, hackers have already found a way to break into it. Being prepared for the known paradigms followed by hackers is not enough, today CISOs need to read into new ways of cyber-attacks and fight them diligently.
By leveraging managed security services, creating multiple backups, installing scanners and strengthening firewalls, enterprises can aim to stop hackers from entering into their system.