Big or small, new-age businesses are leveraging the tremendous potential of digital platforms. Many companies have adapted to cloud-based servers, data networks, and remote collaboration efficiently.
Amidst this shift and adaptability towards online solutions, cyber threats continue to disrupt the workflow of many organizations.
For instance, 68% of companies still fear the gradual increment of data risks. As a hi-tech business, it is imperative to stay aware of such threats in the cybersecurity domain.
This article contains detailed information about the potential challenges and possible solutions pertaining to cybersecurity. In addition, companies can be well-prepared by correlating each challenge with their enterprise setup.
Top Cybersecurity Challenges
Cyberattacks are an inseparable threat to the digital world. Still, awareness of current trends and challenges can equip any organization to tackle these dangers.
1. Risks to Supply Chain
In a supply chain attack, hackers target elements of an industry that are comparatively less secure. Generally, this cyberattack takes place with the help of a third-party partner that has access to a company’s data.
The recent SolarWinds attack is an excellent example of this growing cybersecurity challenge. Unfortunately, the ever-increasing dependency of enterprises on outside providers has increased this risk to the supply chain elements.
In addition, open-source software is also becoming a target of this alarming cybersecurity challenge. Hence, strict supply network control is vital to combat this risk.
Here are some common industries that face the supply chain attack threat:
- Oil and Gas
- Information Technology
Companies can use regulatory frameworks to tackle this challenge. However, new solutions are necessary to safeguard companies in the upcoming years.
In today’s era, small businesses need cybersecurity solutions for many purposes. However, familiar challenges like phishing are still relevant.
In simple terms, phishing implies harming a company’s system through files from supposedly trustworthy sources. These files range from simple PDFs to compressed documents.
Phishing attacks will become more customized in the near future. Basically, corporates need to be wary of any suspicious emails and attachments.
Here’s how businesses can identify common phishing threats:
- Shortened URLs
- Redirect links
- Utility of brand logos
Unfortunately, this cybersecurity challenge will become tougher with the high scope of phishing sources. Hence, companies need to equip themselves with anti-virus solutions, use HTTPS sites and consult a reliable Internet Service Provider.
3. Cloud Computing Attacks
Remote and hybrid working models have increased the dependency on cloud storage. Employees in an organization can collaborate efficiently through cloud computing.
But the absence of secure auditing, data encryption, and vulnerability in authentication leads to weak cloud management. These factors can enable hackers to leak a company’s data and breach cybersecurity through the following modes:
- Malware injection
- DoS (Denial of Service) attacks
- Wrapping attack
- Advanced persistent threats
This new segment in cybersecurity attacks has emerged as a massive challenge for modern corporates. Hence, companies should consider strengthening their cloud storage and network to brace up for this threat.
4. The Ransomware Challenge
Ransomware uses asymmetric encryption to hold an individual’s or company’s data. Although a familiar term, ransomware still poses a huge challenge to cybersecurity.
Government departments and the financial sector are at huge risks due to ransomware. The easy accessibility to malware kits, utility of generic interpreters, and encryption technology have increased these attacks.
Companies need to be prompt in order to face this challenge. Here are some tricks to keep the organization’s data safe from ransomware attacks:
- Data backup
- Using secure networks
- Security awareness drives amongst employees
- Safeguarding backed-up data
- Installation of upgraded security software
In addition, AI technology can combat such modern cybersecurity threats. For instance, malware detection, continuous monitoring, and discovering flaws in the system can be a useful utility of AI.
5. Social Media Privacy Intrusion
Social media giants possess information about several individuals across the globe. Unfortunately, laws to monitor this storage have certain limitations.
Going forward, privacy on social media platforms will still be a controversial issue. Thus, data leakage is a trending challenge to the cybersecurity of individuals and companies.
The solution for this issue can be to limit the amount of data uploaded. Also, individuals can choose to avoid sharing sensitive information on social media.
Using a password manager can prove handy to safeguard from social media security breaches. Overall, this challenge will keep growing as an increasing number of people are becoming active on these platforms.
Smart Ways to Combat Cybersecurity Challenges
Individuals and corporates have to function with these inevitable online threats. One way to stay prepared is by following security and risk management trends.
For instance, privacy-enhancing computation, cyberattack simulators, and machine identity management can be potential strategies.
In addition, these common methods can help improve cybersecurity immensely:
- Installing a two-step verification process
- Using strong and distinct passwords for different accounts
- Offline engineering software
- Physical backup of organizational data
- Full-proof ransomware and anti-virus tools
Above all, a unique data protection system is the need of the hour to combat rising cybersecurity threats. Also, smart management of data is a new requirement to combat these cyber threats.
However, these solutions will depend on the adaptability of different companies. Switching between online and offline storage and segregating data has become more critical than ever.
With a rising number of companies shifting base online, cyber attackers will have high scope to gain profits. Hence, ransomware, malware, phishing attacks, and privacy breaches will stay active.
Notably, most of these cybersecurity challenges aren’t new but can increase in intensity. In addition, trends like supply chain and cloud computing attacks are additional risks to cybersecurity.
Staying aware of these challenges is the key to developing a full-proof security system. Importantly, companies will need to adapt to better ways of managing the abundant data. Technologies like deep learning can also prove vital in the fight against cyber threats.
Hence, businesses need to stay vigilant of cybersecurity threats and upgrade their IT strategies.