According to reports released by Reed Smith, the outbreak of the COVID-19 Pandemic has increased the occurrences of business data breaches and other cyber attacks like ransomware, scams, and phishing to more than 400 percent. This is indeed shocking! The coronavirus Pandemic led people to use smart devices like never before for work and online transactions. This data explosion in 2020 created an abundance of opportunities for malicious hackers to infiltrate IT systems and breach data.
Emphasis is needed on cybersecurity now
Cyber-security refers to the practice of safeguarding computers, network servers, smartphone devices, electronic systems, and confidential data from potential cyber-attacks. It involves implementing the relevant methodologies, technologies, and processes that aim at achieving this objective. Cyber-security is also commonly known as “information technology security’’ and is categorizing into:
- Network security which involving preventing malicious intruders from gaining access to computer network servers,
- Application security which focuses on ensuring nefarious hackers do not corrupt or access the vital software applications,
- Information security involves safeguarding the integrity, accessibility, and confidentiality of the data within the computer systems,
- Occupational security is the implementation of procedures for granting access privileges to individuals responsible for handling the digital assets, and
- Disaster recovery and business continuity are policies specifying how organizations are to respond to a cyber-attack and minimize the damage.
Importance of cyber-security
Various kinds of organizations accumulate, process, and keep considerable volumes of data in their computer systems. These can be companies, government agencies, the military, or non-corporate entities like hospitals. The vast segment of this data comes under the category of ”confidential or sensitive information”. It can be intellectual property rights, the credit details of customers, financial records, classified and personal information. The consequences of cyber-criminals like hackers exposing or securing access to confidential data can be disastrous. It can lead to:
- A complete or partial shutdown of the commercial operations which companies conduct in the market,
- A disruption of the utility services the governments provide to the public resulting in widespread hysteria,
- Massive cash withdrawals by cybercriminals using confidential credit data of companies and their customers,
- Companies facing civil lawsuits from their stakeholders and other legal liabilities for not taking adequate measures to prevent data breaches, and
- Exposure of sensitive information which the government or companies’ customers do not want to disclose on their social media platforms
Key cyber-security threats of 2021
Experts from the esteemed company in database management and administration, RemoteDBA.com, say cyber-security is becoming a contentious issue for companies, governments, and non-corporate entities. The primary concern of these organizations is to keep the confidential data available on their computer systems safe. The key challenges they face in accomplishing this important objective are as follows:
- Ransomware attacks
Ransomware attacks occur when cybercriminals hack into the confidential database of companies, regulatory agencies, and other organizations. The nefarious individuals intend to prevent these end-users from accessing the sensitive data on the computer systems. Then, they demand a hefty ransom from the end-users to restore accessibility to their confidential data. The cyber-attack on Apex Laboratory in New York in December 2020 is an example of this type of extortion.
- Cloud attacks
Companies, governmental organizations, and non-corporate entities often use third-party cloud services to conduct their activities. Even many individuals keep their confidential and personal data on cloud-based servers if they can afford the costs. However, ingenious cyber-criminals have come up with ways to hack into cloud-based servers to use the data for immoral intentions. The AppleiCloud hack is such a cyber-crime that it led to the exposure of sensitive photographs of many celebrities on social media.
- Phishing attacks
Phishing attacks are social engineering cyber-crimes where online offenders steal confidential data of Internet users without their authorization. This information is generally in the form of login passwords and credit card details. They then use the data to do online shopping or conduct unlawful money transfers. In many cases, these criminals even go to the extent of blocking the end-users accessibility to the confidential data.
- Blockchain attacks
Blockchain refers to a computer technology that records confidential corporate transactions in a decentralized ledger within a specific peer-to-peer network. The top company officials implementing this technology can confirm the financial dealings without the approval of a centralized clearing authority. However, this latest technology is still vulnerable to cyber-threats in the form of peer-to-peer network-based, wallet-based, or smart contract-based attacks. These cyber-crimes can compromise the companies’ complex business operations and vital customer data using blockchain technology.
- Software vulnerabilities
The most advanced business software applications and programs companies use for their commercial operations are susceptible to cyber-security threats. These enterprises must update their business software solutions to the latest versions regularly. This helps to cover up any security patches the applications and programs might have, which cyber-criminals can exploit. Governmental agencies and individuals should be doing the same thing with their software solutions even if they consider unnecessary tasks. The Window zero-days cyber-attacks are good examples of cyber-crimes falling under this category.
- Artificial intelligence and machine-learning attacks
The rapid development of artificial intelligence and machine-learning technology is beneficial for companies operating in diverse industrial sectors. However, these enterprises need to understand these technologies are not invulnerable to potential cyber-attacks. Creative cyber-criminals can exploit the potential shortcomings of machine-learning and artificial intelligence technologies for their own malicious needs. In the process, they can disrupt business operations, steal sensitive trade secrets and compromise the confidential data of high-value customers.
- Insider attacks
Companies are normally under the assumption that most cyber-attacks on their computer systems come from external sources. However, in certain cases, discontent employees with the staff of these enterprises often carry out such crimes. They leak confidential customer data, information on trade secrets, or details of lucrative contracts to the highest bidder. In the process, they earn a considerable sum of money illegally. Unfortunately, the actions of these nefarious individuals cause substantial financial losses for the companies.
Suppose you examine the present-day scenario across the globe today. In that case, the coronavirus is not only a threat to mankind, but it is also one of the largest ever threat to database security like never before. Companies, both big and small, must take the necessary measures to prevent these threats at all costs!
