The impact of a cybercrime is more than an inconvenience. It can be financial and it can be devastating. According to Cybersecurity Ventures, the cost of cybercrime is predicted to reach $8 trillion in 2023 and is projected to grow to $10.5 trillion by 2025. For future fit enterprises, a hybrid security approach that combines the benefits of on-premise security and cloud could be the way forward.
This rise in sophisticated cyber threats, including ransomware, zero-day exploits, and advanced persistent threats, has exposed the limitations of traditional security measures. Cyberattacks now occur approximately every 39 seconds, and the rate of cybercrime has surged by 300% since the COVID-19 pandemic.
The world has become more digitized than ever, with technology playing a key role in our daily lives. From online banking to social media, technology has transformed the way we live and work. It holds enormous potential but also carries the responsibility of ensuring users are secure and protected against cyber-attacks. Threat actors are increasingly targeting enterprises and exploiting data, with information theft being the most expensive and fastest-growing part of cybercrime.
How can enterprises build resilience in an increasingly connected digitalized world?
Organizations need to prioritize cybersecurity as a boardroom priority, and invest in more versatile and adaptive security strategies that can keep up with the pace of digital transformation. Companies should move beyond traditional perimeter-based security systems and adopt a hybrid approach to cybersecurity.
The traditional perimeter-based security model, which relied on firewalls, intrusion detection systems, and network segmentation, has long been an effective defence. However, as the lines of a secure perimeter blur with the rise of cloud services, IoT devices, and mobile technologies, its effectiveness diminishes. The evolving landscape necessitates automation in threat management, yet only 65% of organizations have ventured into partial automation for alert processing. There’s a mounting concern among organizations regarding the growing gap in advanced cybersecurity skills, especially in areas like attack detection, anomaly detection in user behavior, incident response, threat hunting, and threat investigation.
A Hybrid Cloud Security Approach: Bridging Cybersecurity Gaps
A hybrid security approach blends the familiarity of on-premises security with the innovation of the cloud, offering a strategic blend of traditional and modern security strategies. They are designed to combat the advanced cybersecurity threats that organizations constantly face, bridging the gap between prevention and detection. These systems integrate advanced threat intelligence, behavior analytics, and AI-driven anomaly detection to identify unusual activities within the network, creating a comprehensive and adaptive defence approach in an era where the traditional perimeter-based security model is becoming less effective.
The rise of remote working and the associated proliferation of collaboration tools have added an additional layer of complexity to the security landscape. The reality of remote working necessitates giving employees access to company resources from various locations and devices, making a one-size-fits-all security approach obsolete. In such situations, the hybrid model works well in comprehending the importance of securing data and applications, regardless of their location or the devices used to access them.
Platforms such as Advanced Security Services and Threat Intelligence Platforms address present-day threats and also empower organizations to proactively stay ahead of cybercriminals. By integrating big data analytics, intelligent threat hunting, threat incident investigations, automated incident response, and user experience behavioral analysis (UEBA), businesses can effectively deal with any cybersecurity threats.
Versatility of Hybrid Cloud Security
Several industries, including finance and healthcare, have embraced the hybrid security approach to effectively address their unique security challenges. In the finance sector, institutions within BFSI have adopted the hybrid security model, combining traditional perimeter defences with AI-driven threat detection to safeguard sensitive customer data against known and emerging threats. Similarly, the healthcare sector has benefited from this approach, integrating traditional cybersecurity measures with advanced defence mechanisms like user behaviour analytics and real-time monitoring. This proactive strategy helps healthcare organizations identify and respond to potential breaches, ensuring the protection of sensitive patient data.
Hybrid cloud security offers a versatile approach, emphasizing the need for tailored solutions based on an industry’s unique security demands, data sensitivities, and compliance prerequisites. Balancing on-site management with the dynamism of cloud-based innovation is vital due to diverse functional security needs. Prioritizing data categorization based on its sensitivity and compliance becomes essential, especially when navigating varied global data governance and security regulations. Leveraging Threat Hunting & Threat Intelligence technologies in a hybrid cloud infrastructure, ensures real-time threat updates for users network-wide, pinpointing potential malicious indicators of compromise. Such a strategy integrates threat intelligence from varied sources, guaranteeing up-to-date cybersecurity insights in line with worldwide security, compliance and governance standards.
The Future of Hybrid Cloud Security Approach
Organizations adopting a hybrid security strategy must also be aware of regulatory and compliance considerations. In today’s complex regulatory landscape, businesses are subject to various industry-specific standards and regional data protection laws. Therefore, it becomes essential to conduct a comprehensive assessment of the organization’s regulatory requirements and tailor the hybrid strategy to find a balance between on-premises infrastructure and cloud services.
In conclusion, the shift towards the hybrid security approach signifies the industry’s capacity to learn from its history while embracing the challenges of the future. As technology keeps evolving, these hybrid cybersecurity strategies will become a necessity for organizations. By harmonizing conventional security measures with cutting-edge technologies, this approach will enable organizations to promptly and effectively detect and tackle cyber threats. To safeguard their digital future, organizations must maintain a perpetual state of vigilance, adaptability, and an unwavering commitment to staying one step ahead of their cyber adversaries.