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Introduction
With the rapid digital transformation taking place across the world, cyber security has become one of the most important concerns for individuals, organizations and governments. The ever-increasing connectivity and reliance on digital technologies has also increased vulnerabilities that cyber criminals aim to exploit. In this article, we will discuss some of the major cyber security threats facing us today, the challenges in addressing them and some recommendations to improve cyber defenses.
Rise of Sophisticated Cyber Attacks
cyber security attacks have become highly sophisticated in recent years with actors having strong financial and political motivations. Nation state actors have developed advanced tools and techniques to conduct espionage and political sabotage online. Cyber criminals too have formed well organized international gangs focused on data theft and ransomware. Attacks are no longer just about defacing websites but involve tampering with critical infrastructure and stealing sensitive personal and financial data. Some of the most damaging cyber attacks in recent history have compromised millions of user records from major companies and government agencies. The risk of a potentially catastrophic attack paralyzing a country’s infrastructure or financial system is increasingly real.
Challenges in Attribution and Deterrence
Determining the source of a cyber attack and attributing responsibility continues to be a major challenge for law enforcement and intelligence agencies. Cyber attackers often go to great lengths to cover their tracks using tools like proxy servers and cryptocurrency to remain anonymous. Even when attribution is possible through digital forensics, many nation states that harbor cyber criminals are unwilling to cooperate for geopolitical reasons. The anonymity afforded in cyberspace reduces deterrence and perpetrators face little risk of consequences for their actions. Developing norms and policy frameworks for acceptable state behavior in cyberspace similar to other domains needs urgent international cooperation.
Growing Skills Shortage
Securing complex IT systems and networks from evolving threats requires highly skilled cyber security professionals. However, there is a massive shortage of qualified personnel globally to meet the growing demands of organizations and governments. According to some estimates, there could be over 3 million unfilled cyber security jobs by 2021. Training and certifying enough security experts, forensic analysts, vulnerability assessors and others with deep technical skills is a long term challenge. Institutions need to expand cyber security education programs, companies invest more in upskilling existing staff and policies promote this sector to attract new talent.
Software Vulnerabilities and Supply Chain Risks
A root cause enabling many cyber attacks is the prevalence of unpatched software vulnerabilities in widely used programs, operating systems and networking equipment. Hackers actively search for and exploit known weaknesses before vendors get a chance to issue security updates. Long patch timelines combined with human errors in deployment leave systems vulnerable for long periods. Further, compromised components in the global technology supply chain introduce risks that are difficult to detect and mitigate especially for hardware embedded with firmware code. Tougher penalties, coordinated disclosure policies and automated vulnerability remediation methods need to be developed collaboratively to address this critical issue.
Rise of Ransomware as a Service
Ransomware attacks have become an epidemic affecting companies, schools, state agencies and even critical infrastructure providers globally. In this highly profitable criminal business model, underground groups develop and market sophisticated ransomware tools while affiliates carry out infections on a large scale. Victims have paid out over $350 million in ransoms in 2020 alone according to some estimates. While law enforcement has successfully disrupted a few ransomware networks, newer ones continuously emerge to fill the void. Technical measures alone cannot curb this threat which needs a multi-pronged strategy involving international cooperation to identify bad actors and prevent bitcoin usage for illicit gains.
Individual Cyber Hygiene and Online Safety
A strong last line of defense against many cyber threats come from individual cyber security practices and awareness. It is alarming to see how easily bad actors exploit human vulnerabilities through social engineering tricks like phishing emails with malicious attachments or links to infect home networks and workstations. But organizational trainings often fail to ensure people inculcate secure behaviors in their personal lives too. Governments and advocacy groups must emphasize cyber hygiene best practices, data privacy laws and digital literacy from a young age to cultivate a security-conscious population. Users also need easier ways to adopt protections like multi-factor authentication and regularly installing updates.
Conclusion
In summary,cyber security risks are borderless and a shared global problem requiring coordinated multi-stakeholder efforts to manage. While technological solutions will continue advancing, developing international policy consensus, building cyber norms and shaping user behaviors may hold greater promise in the long run for an open, free and secure internet for all. Countries must work together to investigate cyber crimes, disrupt criminal networks and avoid escalating tensions that undermine cooperation. Most importantly, continual investments are needed towards securing critical infrastructure dependencies, curbing software flaws, countering online disinformation and empowering individuals with digital skills for self-protection. Only through cooperation and holistic strategies can the cyber domain become less hospitable for bad actors over time.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
