Cyber Security has become a basic need with the Digital transformation in effect across all streams of life
We constantly seeing new technology emerging in the market and with those new technologies comes new risk. Now a days we see technological improvement is everywhere whether it is automotive or e-commerce or simple database management system of our day to day accessed websites. So, most of our interaction with one another, the shops we shop in, orders we do or services we provide is been done through the internet with various technologies. And those technologies are constantly upgrading to provide us with the ease of use, so with the growth of technology we face new threats as well and If we don’t secure it efficiently has created a gap of cyber security professionals which is around 2.93m globally. Making compromise in Cyber Security can also lead to financial loss. A predicted cost of cyber-attack today is almost 6T for the larger companies. Most of the company who suffered cyber attacks could not recovered from it.
If we inspect the statistics, we have huge impact of cyber-attack, in every 14 sec another business is falling victim to a Ransom attack and in every 39 sec some common attacks are happening in all over the nation.
IMPACT OF COVID-19 in cyber security
As we all know year 2020 is bit of turning point for all of our lives, The COVID-19 pandemic created a big impact on all of us, not just for a global health crisis but there is much more to it.
In 2020, many organizations rushed out to work from home to ensure business continuity Our all the offline jobs become online, so most of our work are done in the cyber space because of which there was an exponential increase in cyber-attack. There were so many data breaches, ransom attack, phishing & vishing attack and many more.
Due to the significant increase in the number of individuals who are working remotely, companies are highly susceptible to data breaches. For example, SCUF Gaming, a manufacturer of high-end gaming controllers, announced recently that it had suffered a data breach. In its announcement, SCUF explained that that the “issue was specific to one system, being operated off-site due to work-from-home precautions resulting from the current Covid-19 pandemic.”
There was a teleconference and video conference hijacking, there was an attack during zoom meeting commonly known as zoom bombed, where attacker can interfere in between the meeting and can project some malicious content.
During the pandemic, hackers were making use of new phishing schemes by taking the advantages of user’s fears, doubt and uncertainty due to COVID. It was reported that coronavirus related phishing emails remained the most promising attack type during the third-quarter of 2020 and will be continued till the pandemic last.
Ransomware attacks, where cybercriminals hold your computer data or network hostage until a ransom is paid, have been successful during the pandemic on a level we have not seen before. The hackers have gained control of major companies’ systems and demanded large ransoms.
Attackers were also targeting the companies, that are fighting against the pandemic. These companies were already so stressed and busy doing all the required work, trying to stop this global pandemic that they have become easier targets. They also hold incredibly valuable data such as research or potential vaccines that other companies or governments would love to get their hands on.
The most well-known attack during the pandemic was the biggest Twitter hack in the history. On July 15, someone took control of several celebrities, business executives, companies, and politicians' Twitter accounts and conned people into sending Bitcoin to an account. The attacker hacked into the accounts of people such as Apple, Bill Gates, Kanye West, Elon Musk, and even Barack Obama.
Need of Cyber Security:
Any business or organization that has online or digital process needs to maintain proper cyber security. The need of cyber security is dire for sectors like banking, fintech, insurance, pharma & healthcare and more. Cyber security checks & regulations are becoming mandatory for business growth and development.
Well, some of the basic security measures can be used by organizations are:
· Update and practise data security policies
· Limiting the confidential information to the authorized users only
· Make use of VPN
· Be smart enough to differentiate the scams or phishing emails.
· Avoid using free or open Wi-Fi.
· Increase your hardening standards
The COVID-19 pandemic throws a major effect on our lives with health and cyber world. This is why Cyber Security plays a very essential role, especially in times when we are more vulnerable. So, it is better to learn the best ways to protect you and your company's critical or confidential data. According to the current reports, there will be sure increase in need of cyber security professional to be fearless in this digital world , security is now the new basic need for all .
References:
https://www.bizjournals.com/cincinnati/news/2020/06/01/cyberattacks-on-the-rise-during-covid-19.html