Technology advancements and disruptive ideas have forced organizations to embrace digital transformation; COVID-19 has only accelerated the same. Many organizations were not adequately prepared and this resulted in new challenges for the Cybersecurity industry during 2020. Looking forward at the cyber threat landscape of 2021, CTM360 sheds light on the Top 9 threats expected to stand out during the year.
The most recent ‘SolarWinds’ breach, a large scale supply chain attack continues to be unchartered territory where the full impact is still unknown. As in the past, empirical evidence from global cybersecurity incidents reveal a substantial increase in hacked and breached data. As the attack surface of organizations continue to grow with increased adoption of the cloud and third party vendors, more complexity has been added with increased usage of mobile and IoT devices in the workplace and at home. A big contributing factor is also increasing work from home and greater employee independence.
Cybercrime spend include but are not limited to damage and destruction of data, stolen money, stolen intellectual property & personal data, embezzlement, post-attack disruption, restoration and deletion of hacked data and systems, and reputational harm. Despite increasing investment in cybersecurity globally, cybersecurity losses continue to rise exponentially.
Spike in ransomware Attacks
In ransomware attacks, cybercriminals steal or encrypt an organization’s information and demand a ransom. If the organization refuses to pay, attackers threaten to publicly release or permanently delete the data, which forces the organization to choose between settling a large ransom or bearing the large scale reputational and financial loss.