Posted on February 21, 2023 at 9:19 AM

Technology advancement exposes businesses to cybersecurity attacks

Technology has witnessed notable growth in the recent years. However, the growth in technology comes with its own set of advantages and disadvantages. The evolution of technology makes life easier for both individuals and corporations. At the same time, this growth comes with an additional level of risk.

Technology advancement raises risks of hacking attacks

The recent years have seen a wide range of businesses being targeted by cybersecurity attacks. These attacks can even target sensitive industries such as healthcare as seen in the recent series of distributed denial-of-service (DDoS) attacks targeting several hospitals in the US.

Both small and large businesses are vulnerable to cybersecurity attacks. Hackers are using more sophisticated hacking tools to launch their attacks. These hackers also exploit the vulnerabilities existing within the system to their advantage.

The level of threat across the business sector has constantly evolved. Organizations are currently being forced to update their cybersecurity systems to ensure that their data is well protected and that hackers will not access it to target their customers or use it to extort the business through ransomware campaigns.

Businesses have become more prone to cybersecurity attacks because of using a hybrid work model. Under this model, organizations use several on-premises and cloud-based systems to support their operations. While this model has been instrumental in boosting efficiency, it has made these organizations more prone to cyberattacks by giving the hackers multiple access points that they can use to launch their campaigns.

Additionally, when organizations rely on multiple storage locations, it becomes difficult to detect any security loopholes that might exist and secure the user data. Nevertheless, the adoption of the hybrid work model has increased significantly, which increases the possibility of more attacks being launched in the future.

Safeguarding business data

The CEO of iAcuity Fintech, Gaurav Bhateja, noted that it was important that businesses secure their data. Businesses needed to protect all the sensitive data, whether it was in storage or in motion. Batheja noted that as the business continuity requirements evolved, enterprises were starting to give their employees remote access to storage systems.

Bhateja noted that the first step businesses needed to take was to ensure data was stored and transferred in encrypted forms. Moreover, businesses needed to invest in endpoint security solutions that prevent access to data that cannot be accessed beyond the corporate networks.

According to Bhateja, businesses needed to invest in data loss prevention software, monitoring and analytics tools to ensure that the data will only be accessed by the right people, and it will not be transferred outside the system.

Cybersecurity experts believe that weak data security policies are one of the main reasons behind data breaches. These weak systems led to employees leaking sensitive data because of adopting weak passwords, lack of encryption and the inability to log out of systems.

“While it is easy to blame external threats, internal threats often prove to be a greater danger. Employees often have access to classified data, and if not properly trained, they can pose serious threats. Any data that gets leaked due to internal efficiencies, raises grave concerns regarding privacy,” Bhateja said.

He also pointed to the growing threat posed by more platforms collecting user information and the rise in social medial adoption, which gives users a comprehensive digital footprint. He said that if cybercriminals obtain access to this data, they use it to have an unfair advantage over their victims. Therefore, it was imperative to install two-factor authentication and end-to-end encryption.

One of the main security recommendations is installing strong password policies that make it harder for threat actors to gain access. Moreover, company employees should also be barred from sharing sensitive information with others.

Bhateja added that it was important that businesses remain aware of the threat of cybersecurity attacks and the evolving tactics employed by these attackers. Businesses need to take the right measures to protect themselves like employing strong passwords and being cautious when clicking on links and opening emails.

Businesses also need to ensure that they keep their software updated. As systems are updated to avoid the threat of cybersecurity attacks, hackers were constantly looking for a new mode of operation. Therefore, it was imperative that technology companies, regulators and financial institutions work together to stop malicious activities.

“Law enforcement agencies should also adopt investigative tools such as CDR analytics, OSINT analytics, IPLoggers and Fund Trail Analytics tools to help identify fraud syndicates and bring them into custody,” Bhateja recommended.