Cybersecurity: The need of the 21st century

The two sides of digitization: Convenience and data theft

If I say that the world is data-driven, I don’t think I am wrong. In the 1980s, the world witnessed a digital revolution that completely changed the world and continues to do so. However, we are now witnessing a cyber digital twin revolution unmasking the dark side of the digital world, i.e., cyber attacks. On one side, the governments and organizations are aggressively working to digitize the environment; the cybercriminals are waiting on the other side to take advantage of the changing landscape. I would like to give the example of the Digital India Mission, while the mission and its vision are brilliant, what guarantees that the collected data is not at risk? The same applies to companies, LLPs, and startups; no matter how big or small you are. 

The huge amount of generated data helps organizations make inferences on customer trends. Since the pandemic hit the world, everything ranging from learning and working have become digital. But with digitization comes the threat of data theft, i.e., frequent cyber attacks. According to a recent report by IBM Security, India alone has contributed to more than 1.1 million reported cases of cyber attacks during the year 2020-21. Telecommuting and virtual workplaces were some of the key factors behind major cyber attacks. And, here comes the urgent need to protect your data.

Why there is a need for Cybersecurity?

There is a famous line, Data is the new oil. Well, I don’t see any lie as data truly is the new currency. And this is the reason why cyber attacks have become the new norm in the 21st century. Let us see some data to quantify these massive statements:

• According to recent reports, IoT cyber attacks alone will double by 2025. 
• But wait, there is something worse. According to the World Economic Forum’s 2020 Global Risk Report, the detection rate for cyber attacks is merely 0.05% in the United States. These figures will worsen as digital dependency increases. 

Well, it is clear by now that your data is at risk. The smallest vulnerability in your digital infrastructure can lead to a humungous breach. And the attack can come in any form, malware, ransomware, spyware, fishing….the list is never-ending. So, if you are a company, a startup, or a government organization; make sure that you are investing enough resources to protect your data. 

Can Cybersecurity Prevent Cyber attacks? 

The answer is YES and I will explain how. Basically, cybersecurity is a technology that secures the network, devices, and data from being attacked by cybercriminals. Usually, big organizations have been the greatest victims of data breaches. Here is how cybersecurity works to prevent data breaches:

1. Extended Detection and Response (XDR) – XDR solution primarily detects and alleviates threats over a variety of security layers such as networks, email, endpoints, and the cloud.

2. Cloud Security – Cloud security services involve securing cloud-based systems, data, and infrastructure against both external and internal threats. 

This is achieved by:

• Workload migration from on-premises to cloud. 
• User and device authentication and data privacy protection 
• Data backup on the cloud enables recovery from the breach.  Both organizations and personal users can benefit from this. 

3. IoT Security – Seeing the rising threat to the IoT domain, IoT security is undoubtedly one of the most needed cybersecurity solutions. This technology protects internet-connected devices and the network they are connected to. Each device is uniquely identified and capable of transferring data automatically over a network. 

4. Application Security - This method involves promoting security and application safety. It has become more important since most businesses are developing their applications for increased engagement.

5. Data security- Data security protects your digital information from unauthorized access and theft, thus ensuring privacy. It offers both physical as well as logical security.

6. Operation technology - It focuses on using hardware and software which helps in monitoring and controlling the physical processes, devices, and infrastructure. OT is vital nowadays because of its engagement in various industries such as oil & gas manufacture, aviation electrical generation & distribution, rail, utilities, maritime, etc.

Why To Secure your Crucial Data?

Here are key solutions that help to protect your data:

Tailored Solutions for your Specific Problems

1. Data Encryption - Data is the new currency of business, and hence needs the strongest protection. A good security service protects your sensitive data from internal and external attacks by encrypting it. 

2. Intrusion Detection and Prevention - While building a defense against cyber attacks, you cannot compromise on legitimate traffic. The real challenge is differentiating between real threats and fake alarms amongst thousands of alarms. IDS/IPS devices up-to-date and monitor them continuously to secure them from unforeseen threats are important for intrusion detection & prevention.

3. Information and Event Management (SIEM) –SIEM software gives companies an overall history of the activities within their IT environment. By combining security event management (analyzes log and event data in real-time to provide threat monitoring, event correlation and incident response) with security information management (collects, analyzes and reports on log data), SIEM services are one of a kind that provides a holistic record of IT activities to detect upcoming breaches. 

4. Web Application Firewall (WAF): WAF is the perfect solution if you specifically want to secure web applications. WAF solution is a reverse proxy that places a shield between the internet and web application that you intend to secure. As a result, your server is protected from exposure as WAF becomes the first point of contact for clients before they reach the server.

Cybersecurity with future trends

Over time, cybersecurity technologies have advanced so have hackers. The 2021 Voice of the CISO Report asserts, 66% of the Chief Information Security Officers (CISO) believe that their organization is not prepared for major cyberattacks. Email fraud, compromised cloud account, phishing attacks, and ransomware are some of the most common cybersecurity challenges. That's why organizations need to monitor their digital infrastructure continuously. 

Simultaneously, there is the Zero Trust model designed to prevent data breaches. It requires the organization to continuously monitor and validate all the users before granting access to data and applications. Organizations with a zero-trust approach spend USD 1.76 million less on data breaches than those without it.

In addition, the authentication process is changing. Usually, we are dependent on passwords to access data. But it is not a safe process either. Weak passwords and phishing links can give hackers access to your system. But with biometric login such as fingerprint scan etc., it can be avoided. Thus the future of cybersecurity is more passwordless but accompanied with biometric.

There’s More!

Yes, these solutions are just the tip of the iceberg. There are an ocean of solutions ranging from data loss protection, email security, vulnerability assessment and penetration testing, log management, to data classification. Integrated risk management (IRM) solutions are the way forward. IRM solution not only identifies and analyzes the risk but also establish risk management strategies and implement them across the systems. 

Now you may wonder shall I entrust anyone with my company’s sensitive data. Or what if their services are not custom-suited for my requirements? 

Let me make this easier for you.

Choose a company that understands the need for privacy and incorporates the CIA principle that focuses on Confidentiality, Integrity, and Availability. 

The article has been written by Anshul Goyal, Business Development Manager, B M Infotrade Pvt. Ltd