| | DECEMBER 20218VANTAGE POINTCYBERSECURITY ­ A NEW ERA PERSPECTIVEBy Manu Sharma, Director - IT & Corp Security, OnMobile GlobalO ver past several months, we all, in one-way or other, embraced the digital life which is now an integral part of our lives. Covid pandemic outbreak shifted the world order from physical model to virtual mode establishing new normal, which would stay forever. Global trends fast tracked the digitalization by at least 10 years. Unsurprisingly, cyber criminals and hackers became super active, as new threats and vulnerabilities are introduced into system. People are no longer operating behind the corporate protections, and home networks are extremely weak and open for exploit.Cyber Threats are Real!Cyber threat landscape is constantly evolving, there are numerous new created every day and millions created every year. Although the threats follow basic procedures and protocols, they are becoming more potent and frequent. Online threats are varied and they do not discriminate organizations from individuals when looking for a target.Cyber-attacks can cause massive blackouts, failure of utility services, theft of valuable information, sensitive data like medical records, credit card information, data important for country national security and other problems. It is not an exaggeration to say that cyber threats may affect the functioning of life, as we know it.Most common type of Cyber-Attacks that gained prominence include targeted Phishing, Ransomware, Denial of service, Social Stigma, Trojans, Malware on Mobile devices.· Cybercrime costs the global economy about $1 trillion. It is more than one percent of the global GDP. · The average cost of a data breach in 2020 was a whopping $3.86 million.· A data breach compromising 1-10 million records cost $50 million on average, whereas one compromising 50 million records can cost as much as $392 million.The year 2021 so far has revealed a change in threat landscape and priorities. Attack on Colonial Pipeline in the US is a rude revelation of change in cyber-criminals' priorities from individual, corporate based attacks to disrupting the country's mainstream utility services. The role of state-based cyberattacks is revealed and hence the situation becomes more hostile. Many big names of industry have suffered attack of some kind resulting in some kind of loss for them. CISOs and CIOs are not only responsible for ensuring implementing security strategies, but are also entrusted to ensure compliance and governance layer is established around the same. Cybersecurity is matter of board discussion and a comprehensive integrated strategy to ensure effective safeguards in place is being tested constantly.How to Mitigate the Emerging Threats & Protect the OrganizationsPeople as Biggest Risk: Unaware employees can prove to be an organization's biggest weakness when it comes to cybersecurity. Generating awareness among your employees about the prevalent and emerging cyber threats is one of the most effective ways of protecting your business against cyber-attacks.
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