CAN WE WIN?

The cost of cybercrime is predicted to cost the world $8 trillion this year, according to Cyber Security Ventures. Although we have seen a dip in the volume of ransomware attacks, it continues to be the top attack vector. Last year, we saw some high-profile ransomware attacks make headlines, making the world sit up and take notice because of their sophistication. Personally, I know of some large business conglomerates in the region that have fallen prey to cybercriminals, bringing their systems down for weeks. Unfortunately, in our region, stigma puts off companies from reporting cyber-attacks, unlike developed markets where companies are mandated by regulations to divulge such information.

Why are ransomware attacks so difficult to stop? Because of one simple fact – human gullibility. Phishing is the number one delivery method for ransomware, and you can’t protect your systems unless you train your users to follow cyber hygiene. Industry experts tell me around 80 percent of breaches could have been avoided if companies followed the security basics. The ransomware ecosystem is evolving fast, and the threat landscape is now dominated by smaller ransomware-as-a-service gangs, with bigger ones such as Condi and REvil disappearing. We are seeing increased sophistication in tactics and techniques, and ransomware attacks are not crimes of opportunity anymore.

This year, don’t be surprised if these nefarious gangs go after critical infrastructure and it’s the industry’s collective responsibility to step up their game. In this issue, we have spoken to leading security pros for their take on the ransomware trends to watch out for this year and the security best practices you should follow. Besides bolstering your security posture with regular backups and improving your applications’ resiliency, it is critical to follow good security hygiene and train your users.

No person or organisation is infallible, and cybercriminals are always looking around for compromised systems and networks. Sharing threat intelligence and keeping a constant vigil on cyber threats is the only way to protect your enterprise and its people.

While the publisher has made all efforts to ensure the accuracy of information in this magazine, they will not be held responsible for any errors