Due to the recent hack on Bet9Ja by the Russian BlackCat group this past month, it is imperative that companies invest in their Cybersecurity strategy and Infrastructure. In light of this recent hack, we wonder how the cybersecurity outlook and attacks will look in a few years. As technological innovations aid other industries, there is a call for concern. Over the next decade, attackers might explore a range of different industries and organizations other than the attacks on the financial industries we have heard about in the past.
According to International Data Corporation (IDC), worldwide cyber security spending is projected to reach $174.7 billion in 2024, with security services representing the largest and fastest-growing market segment. Nigerian companies will need to adopt a robust strategy and be prepared for the worst in the coming years.
What are the top cyber security trends?
There are a growing number of trends and potential threats that businesses should keep an eye on, regardless of size or industry.
More ransomware threats
For several years, ransomware has quietly evolved into a prominent (if not the dominating) cyber threat. For years, ransomware has gotten increasingly prevalent and powerful. As a result, it’s also become quite efficient. The groups behind ransomware operations profit financially directly. The focus of cybercriminals and attackers has also shifted from large corporations to smaller companies and industries where security controls and practices are perceived as less stringent. Instead of concentrating on the big fish, try catching as many smaller ones as you can. Ransomware is now being used as part of wider assault operations, in which attackers steal vital information before encrypting a target’s files and try to hinder data recovery by preemptively targeting backup and recovery solutions. This pattern will persist.
Access to organizations through remote devices
The current move to remote working has necessitated the need to provide remote access security. As a result, organizations must reconsider their security strategies as they use a distributed infrastructure. As this goes on, attackers are refining their attack strategy, focusing on workers still linked to the corporate network handling key resources. As always, attackers will use known methods to access workstations or accounts. These include social engineering and phishing. According to a popular saying, a chain is only as strong as its weakest link. Employees need to know the measures attackers can take and be aware of current security trends. Additionally, best practices in operational technology have equipped the cybersecurity sector for keeping key jobs totally and physically isolated for decades. For example, a remote worker may only have access to applications and services as needed.
Read more about Safe Remote Working here.
Cyber crime-as-a-service (CaaS)
In the case of cyber crime-as-a-service expertise and tools of thousands, if not millions, of hackers and cybercriminals are put to use by a single attacker. These tools are mostly developed by experience cybercriminals and are often used by less experienced cybercriminals to launch complicated assaults quickly. Despite the initiative by law enforcement to crack down on this, CaaS markets continue to exist as bad actors modify their methods and approaches to stay under the radar. What is even more alarming is how inexpensive many of these tools are. Kits as inexpensive as $175 (USD) can be purchased.
Malware that is polymorphic and fileless
More malware types now have polymorphic traits, which means they modify their recognizable features often to avoid detection by security teams and popular detection approaches. Many CaaS services have a mutable code element that allows them to stay hidden. On the other hand, attackers make use of Fileless malware for malicious attacks. Fileless malware is malicious software that uses legitimate programs to infect a computer. It does not rely on files and leaves no footprint, making it challenging to detect and remove. Organizations with good security standing have prominent tools and have implemented strategies to block and detect traditional malware. However, for Fileless malware, it calls for an upgraded level of sophistication as these kinds of malware are sophisticated and are built to hide under legitimate computer processes and evade detections.
Read about Malwares here.
Third-party risks, threats, and Supply Chain Attacks
In order to stay competitive and embrace digital technology, many firms outsource their IT and security support. Third parties raise cyber security risks, especially for businesses that do not have a strategy in place to manage these risks. An attacker can leverage the services that third-party organizations provide. It is possible to exploit vulnerabilities in third-party systems to infiltrate an organization adopting their system. Attackers take time to plan these supply chain attacks. In some instances, they can even go so far as to add backdoors to third-party software or become part of the initial development process in the hopes that this software will be adopted by other organizations. To begin with, prevention and preparedness will need to be emphasized more. A security breach or security event requires a response plan. Playbooks for incident preparation and response are expected to become increasingly common. Human errors can be minimized by training employees about security best practices and awareness
Cyber security roles likely to remain unfilled
The cyber security skill shortage has long been a source of debate in the industry, and it is certain to persist. ISACA (Information Systems Audit and Control Association) surveyed over 2000 cyber security experts and discovered that 62% had understaffed information security teams and 57% had open vacancies. Even with a budget to acquire experienced employees, the demand for expertise continues to outstrip the supply.
Outside of Nigeria, there is a growing need for cybersecurity expertise. A large number of cybersecurity specialists are presently being exported from the country to other countries in America, Europe, and Africa. In the next years, companies may be required to adhere to worldwide pay and compensation standards. Organizations must also continue to explore inward to cultivate existing human capital eager to learn about cybersecurity and pursue a career in it.
- Bet9ja Hack: The Future of Cyber Security Attacks in Nigeria - August 17, 2022
- Deception a large part of Cybersecurity. - July 4, 2022
- How To Protect Yourself From USSD Fraud - April 18, 2022
