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Explainer: As cybercrime changes, how can businesses maintain their cybersecurity?

Explainer: As cybercrime changes, how can businesses maintain their cybersecurity?

The COVID-19 outbreak has accelerated technology adoption while revealing cybersecurity weaknesses and unpreparedness. Security concerns are compromising confidence as global interconnection grows in the Fourth Industrial Revolution (4IR). According to the World Economic Forum’s Global Risks Report 2021, cyber risks remain high on the global threat list.

Cyberattacks on organizations throughout the world increased in 2020 as more individuals shifted to virtual surroundings to stay connected. So, how are cyberattacks growing more complex, and how are businesses adapting their cyber security tactics to keep up with cybercriminals?

Learn about ransomware and malware.

The 2021 Microsoft Digital Defense Report (MDDR), which includes more than 8,500 security professionals from 77 countries, emphasizes “big game ransomware,” which is human-operated and involves criminals seeking major targets for pay-outs via criminal syndicates and affiliates.

When a network is penetrated, the purpose is to steal sensitive information, documents, and policies before exacting a ransom. Payment is usually asked using bitcoin wallets, which allow criminals to remain anonymous.

The MDDR suggests that businesses plan for the worst in order to make it more difficult for attackers to get access to systems in the first place and to make it simpler for victims to recover.

Malware is a type of invasive software that attempts to take control of a company’s server in order to harm or destroy computer systems. Will Foret, President of IT assistance business Spot Migration, stated in an article for Forbes that malware “may be a variety of dangerous software.” When discussing cyberthreats, it is a catch-all word. It may be ransomware, malware, worms, or a virus.”


Keep an eye out for spam emails

Phishing is the most prevalent sort of harmful email, and the quantity of phishing emails sent this year has remained consistent, according to Microsoft’s analysis of emails that traveled through its platform this year.

According to the MDDR, “in 2020, the industry observed a spike in phishing efforts that has stayed consistent throughout 2021.” Internally at Microsoft, we observed an increase in the overall amount of phishing emails, a decrease in malware-containing emails, and an increase in voice phishing (or vishing).”

Recently, a notion known as ‘spear phishing’ has emerged, in which hackers target employees using emails that look to be from other colleagues. This enables the attacker to steal personal information from victims with ease.

According to Microsoft’s MDDR, businesses should educate their employees on the context of the emails they receive in order to detect any behavioral changes in their coworkers.

According to a blog post by security technology specialist Kaspersky, “mindset” and user “behavior” are two important criteria for robust cyber security and protection.

Even careful users may struggle to spot a phishing attempt, according to the blog on phishing emails and scams: “These attacks get more complex with time, and hackers discover methods to adapt their schemes and deliver highly convincing messages, which may easily trip people up.”

Employees should take a few basic precautions to safeguard themselves, according to Kaspersky, such as employing common sense before handing over sensitive information, not opening attachments, keeping software up to date, and not clicking on embedded links.

Close the skills gap in cybersecurity.

Companies that are experiencing cybersecurity breaches are also experiencing a skills shortage. According to a research by the Information Systems Security Association (ISSA) and analyst Enterprise Strategy Group ESG, 95% of respondents say the gap has not narrowed in recent years.

In an ISO interview, IT security consultant Edward Humphreys says that education is a company’s best weapon against cybercrime and that without the necessary skills, organizations are vulnerable to attacks.

According to a PwC research, more than half of company leaders intend to boost their cybersecurity spending this year. Furthermore, 51% stated they planned to hire more full-time cyber employees in 2021.

The World Economic Forum established the Centre for Cybersecurity to address global cyber security concerns and promote digital trust. This independent worldwide forum intends to promote international discourse and collaboration between the corporate and governmental sectors in order to raise awareness of the importance of cyber security.

As part of its efforts, the community has highlighted three major priorities: creating cyber resilience, boosting global collaboration, and comprehending future networks and technologies.