Staying Ahead of the Game: Emerging Technologies and the Evolving Cybersecurity Landscape

In this ten-part blog series, we will unroll how businesses can navigate through the cybersecurity challenges. The ninth segment in this series explains emerging technologies and the evolving cybersecurity landscape. This blog also explores how new technologies like AI and IoT introduce new vulnerabilities.

For the leaders of Digital businesses today, navigating the ever-changing landscape of cyber security is a top priority. As businesses are pacing to establish their reliance on digital technologies, the attack surface keeps broadening for the cyber criminals. This necessitates a proactive approach on cybersecurity, which can anticipate the risks of rising threats and upgrade the security shield to the latest cybersecurity solutions.

The Rise of New Technologies and Evolving Threats

Digital revolution has catalyzed transformation needs for businesses with a series of ground-breaking technologies- Artificial Intelligence (AI), Internet of Things (IoT) and Cloud Computing are a few examples. While these technologies offer endless possibilities for growth and innovation, they also add up new vulnerabilities- acting ground for cybercriminals.

• AI and Machine Learning (ML): AI and ML algorithms are highly susceptible to manipulation by means of adversarial attacks. These attacks influence AI engines to make incorrect decisions or leak sensitive information, by feeding poisoned data. For example, an AI powered face recognition system can be fooled into misidentifying a person if training data is mixed with adversarial data samples.
• Internet of Things (IoT): Proliferation of interconnected devices within the IoT ecosystem adds up several potential entry points for cyberattackers. These devices, often with limited security capabilities, can be easily exploited by Hackers to gain access to central corporate servers or to launch distributed denial-of-service (DDoS) attacks. The extensive volume of data generated through IoT devices adds new complexities to identify and mitigate the security threats.
• Cloud Computing: The rising popularity of Cloud based solutions, due to the flexibilities it offers, introduces the challenge of safeguarding a firm’s data beyond its physical control. Though cloud service providers offer a series of cybersecurity features, eventually the ownership of ensuring appropriate feature configuration and robust access control enforcement lies with the firm.

These are just three illustrations of ever-evolving cyber threats. As technological advancements are progressing, Cyber attackers are picking up various innovative attacking tactics.

Strategies for Staying Ahead of the Game

In this dynamic security landscape, here are a few strategies, that businesses can adopt to stay ahead:

• Embrace a Proactive security posture: Shift from a reactive approach to a proactive approach to cybersecurity. This involves routine security system evaluations, enforcing zero-trust security models, and continuously monitoring systems for vulnerabilities checks.
• Invest in AI powered security solutions: AI and ML can prove to be strong weapons in the fight against cybercrime. Security solutions equipped with AI capabilities can automate detection and response to cyberattacks, enabling businesses to identify and neutralise threats more quickly.
• Prioritise Employee Training and Awareness: Employees are the first line of defence against cyberattacks. Regular training programmes for knowledge and skill development can equip employees to recognise cybersecurity violations like Phishing attempts, Social engineering tactics and other cyber threats.
• Stay Up-to-Date on Security Patches: Cybercriminals leverage the digital infrastructure vulnerabilities to exploit organisations. To minimise the attack surface, organisations must ensure to promptly apply security patches.
• Implement Strong Password Policies and Encryption: Enforce strong password policies, which require that employees create complex passwords and change the passwords regularly. In addition, encrypt the critical data (data at rest and data in transit) to protect from unauthorised access.
• Build cyber security culture: Cyber security is not just a technical issue, it is a culture that needs to be propagated to and fostered by each individual employee across organizations.

Important Factors to Consider:

• Compliance: Businesses operating in regulated industries must comply with Industry specific regulations and latest cybersecurity practices. Get familiarised with relevant policies, ensure your cybersecurity readiness by routinely practising as a discipline.
• Third Party Risk Management: In today’s interconnected business environment, organisations are highly reliant on third party vendors for various services. To ensure your cyber security resilience, it is critical to assess and mitigate cybersecurity risks of associated third party vendors.
• Cyber Insurance: Consider investing in Cybersecurity insurance to protect your business from financial and operational losses caused due to a potential cybersecurity violation. Cyber insurance can help cover the costs of data recovery, legal fees and operational impacts.

Organisations can effectively safeguard from cyber threats by incorporating these strategies in digital infrastructure across organisations.

Additional considerations for Specific Industries

Though the general cybersecurity principles covered above are applicable to all Industries, it is important to look for additional Industry specific or operational model specific requirements. Here are a few examples-

• SaaS: SaaS companies must prioritise data protection and ensure that consumer data is safe from unauthorised access. Routine security audits and strict compliance are the only way to build trust with consumers.
• Ecommerce: Ecommerce businesses are extremely vulnerable to data breaches involving consumer transactions databases. Strengthening data security standards through robust encryption techniques and Payment Card Industry (PCE) standards is mandatory.
• Manufacturing:  Manufacturing firms are highly dependent on Industrial Control System (ICS), which can be a soft entry point for cyberattacks. Cyberthreat may lead to ICS collapse, in turn production downtime and even Intellectual property theft.
• Fintech: Fintech firms handle sensitive financial data, which makes Fintech firms an attractive target to cybercrimes. Robust cybersecurity measures along with a Multi-layer fraud detection system and secure data storage are a basic necessity.
• Healthtech: Healthtech firms must prioritise the Patient Health Information (PHI) to comply with regulations such as HIPAA. Access controls and Strong encryption are important for PHI protection.
• Blockchain and Crypto: Although Blockchain offers technologically inbuilt security advantages, Cryptocurrency exchange and wallet are prone to hacking. Implementing secure key management practices and vetting smart contracts are important safeguards.

The Path Ahead

Cybersecurity landscape is developing constantly to outpace cyberthreats. Conditioning the cybersecurity strategies is crucial for business leaders to stay resilient and mitigate evolving cyberthreat risks. Businesses can develop flexibility to quickly adapt and ensure long term growth in the digital era by investing regularly in cyber security, collaborating with cybersecurity experts and fostering a cybersecurity-conscious culture.