It has become very clear that cybersecurity is not an option if it was in the first place but a necessity for any business organization. It is essential to acknowledge the legislation regulating cybersecurity for the MBA professionals and to aid organizations in comprehending the challenges of the contemporary technological landscape. This blog post looks at trends, data and key activities outlining future trends in cybersecurity for MBA professionals to embrace.
The importance of existing and emerging threats in the cyber environment
It is crucial to understand and analyze potential and actual threats in the cyber space at the present time and in the future, as the problem of cyber threat increases continuously day by day.
According to Cybersecurity Ventures, global cybercrime revenue by 2025 is estimated to be $10. $5 trillion annually and risen from $3 trillion in 2015 which shows the exponential growth of this problem. Despite having affected 83% of organizations in 2023, phishing is still one of the most prevalent threats out there; on the other hand, ransomware attacks increased by 150% in 2021 from the previous year.
Furthermore, emerging threats such as Advanced Persistent Threats (APTs) from state actors again are constantly targeting critical infrastructure assets and thus need to be defended against. So, it is highly essential to develop and then maintain the effective proactive and the willingness to adapt to the increasingly complex and constant cyber threats.
What are the Types of Cyber Threats?
Cyber threats are many and are dynamic, that is, for some time they could be so many then after some time other different threats may arise. Such threats are very important because in order to protect the computer systems they must be secured in an appropriate way. Here are some of the most common and impactful types of cyber threats:
1. Phishing Attacks
A very important phenomenon that is characteristic of the contemporary network space is phishing, which is a kind of Internet scam: a person is enticed into providing some personal data such as a password or a credit card number to gain access to a genuine Website.
From Mega Phishing statistics for 2023 pointed that 83% of business had suffered from this vice making it among the leading breaches.
Phishing scams can lead to very severe incidence of fraud and also high loss of data. They are also typically where the more serious attacks such as forms of ransomware are launched from.
Example: The steps in executing the 2016 DNC email leak were through a phishing attack to compromise the email account of a campaign staff who was key to the process.
2. Ransomware
Ransomware is a category of Malware that is capable of encrypting certain data of the targeted victim then, offers him or her a option to pay a certain amount of money to unencrypt the same data.
The 2021 data from the โ2022 Cyber Threat Reportโ reveals that a measured quadrupled ransomware attacks from 2020 to 2021, rising by a big of 150%.
These attacks can result in operational down / shutdowns and specific forms of very vital data can become inaccessible in the processing, thereby lead to disappointing organizations and cost them lots of money.
Example: The incident running in the earlier part of the year 2021 involved the Colonial Pipeline which caused the disruption in the supply of fuel to the East Coast of the United States, making it extremely clear the extent to which ransomware poses a threat to various organizations, especially those identified as critical structures.
3. Advanced persistent threat
APTs are long-lasting and well-orchestrance inc, which establishes and perpetuates unauthorized access to networks for the sole purpose of syphoning data en masse.
APTs are mainly linked to state-sponsored actors and present a concrete risk to any nation and its infrastructures.
APTs are reportedly complex and covert for which they pose a great threat in terms of vulnerability and risk management. They can also inflict a lot of harm within an agreed or given period of time. Source: Proofpoint, “2023 State of the Phish Report”
Example: Another bigger security breach that happened in the year 2020 was about Solarwinds company that was cyber attacked by the Russian state-sponsored attackers that led toward affecting several units of the government and other private sectors.
4. A Distributed Denial of Service or DDoS
DDoS stands for distributed denial of service that is a cyber attack on a particular network, service or a website that borders the access of a particular user by forwarding a large volume of traffic.
The greatest DDoS attack ever witnessed came to light in 2022, reaching its extremity of 3. This plan allows for a network capacity of 47 terabits per second (Tbps) .
This is so the case since DDoS attacks pose a tendency to cause serious business disturbances and can lead to time wastage with utmost consequences of massive financial losses. They can also just be used to camouflage other unpleasant activities.
Example: A famous example of DDoS attack took place in 2016 with Dyn, one of the largest DNS providers that was attacked which led to the total blackout of such famous sites like Twitter, Reddit, and Netflix.
5. Malware
Malware is a range of programs which are categorized as viruses, worms, trojans and spyware programs that have been primarily developed for the purpose of causing harm or utilizing other devices, networks, or services for the same intent.
Malware detection has been on the rise as more and more threats are being developed with over 678m new threats detected in 2022. Source: AV-Test, “Malware Statistics & Trends Report 2022โ.
They can pilfer important data, bow your working structures off their marks for a significant hold, and make assemblages and systems crumble.
Example: New era of cyber attacks was Started with WannaCry which began in late 2017 and infected more than 230,000 computers across 150 countries and cost billions of dollars.
MitM: Man-in-the-Middle Attacks
The types of MitM attacks include protocol interception, ssl attack and session hijacking, and fake server attack.
Most of these attacks take advantage of the vulnerable open wireless networks, hence are frequently observed in areas with free access like cafes, airports among others. Source: SonicWall, “2022 Cyber Threat Reportโ.
As a result of such attacks, an attacker may siphon off valuable data, conduct fraudulent transactions, or gain access to emical information.
Example: Again in 2015, the MitM attack targeting mobile banking applications was successful in interception and alteration of usersโ data resulting in large financial losses.
What is the Regulatory Environment?
Many countries around the world today have woken up from the realization that there is a serious danger in cyber threats, and most of them have taken measures towards fighting the threats.
For instance, that is how the General Data Protection Regulation (GDPR) that was adopted in the EEUA regarding the protection of privacy and personal data has determined some quite stringent measures that are obligatory to adhere to.
Sanctions are monetary instruments which may take the form of penalties involving a cap of 4% of the total of the global annual turnover or EUR 20,000 000. Some other examples can be stated as follows: The example of such frameworks is the California Consumer Privacy Act (CCPA) which is situated in the United States of America.
Regulations are complex areas that MBA in cyber security professionals need to be familiar with to guarantee their organizational compliance without hamstringing operations. These laws are important for understanding the risks affecting organizations and for their strategic development.
Complimentary Role of Artificial Intelligence & Machine Learning
AI and ML technologies have been integrated into cybersecurity due to the increased efficiency of the methods. These technologies help in:
1. Threat Detection:
Through the use of elaborate formulas and models, AI and ML are capable of identifying patterns and suspicious activities within the shortest time possible. A survey carried out by Capgemini indicated that 69% of firms saw the use of AI as being imperative as a response to cyber threats.
2. Automated Response:
These AI systems enable many threats to be looked at and answered; thus, threats can be answered before they undergo extensive harm. This is relevant because the mean time between a security breach identification and response is approximately 280 days as highlighted in the IBMโs Cost of a Data Breach Report 2020.
3. Predictive Analysis:
The AI can detect future tendencies of attacks and help organizations to enhance their security measures preventatively.
MBA professionals should ensure that their corporations integrate AI and ML in their cybersecurity models to combat emerging threats.
The Need for Cybersecurity Training and Education
Due to human error, they still pose a major threat as far as cybersecurity is concerned. Ponemon Institute establishes that 23% of data breaches are due to human mistakes. It is hence important to provide regular training and such awareness programs to reduce this risk.
Key Training Areas
- Password Management:ย
With proper penetration on how different and strong passwords should be and the use of password managers when creating new ones, then one can be able to reduce risk.
- Phishing Simulations:
The phishing attacks should be conducted on a periodic basis to make the employees aware of the possible kinds of attacks.
- Incident Response:ย
It also means that training employees as to how to handle themselves whenever a breach occurs will help in minimizing the ramifications and length of time to get back on track.
MBA professionals should make security awareness a continuous process so as to help companies embrace a culture of security.
Investment in Cybersecurity Infrastructure
Even today it is evident that no organization can afford to ignore cyber security, they have to develop their cyber security initiatives. This is well articulated by a research study by Gartner, which noted that the global spending on security will reach $187 billion by the end of 2024. Key investment areas include:
- Next-Generation Firewalls:ย
These include application control, multi-layered intrusion prevention, and threat intelligence which are delivered through the cloud.
- Endpoint Security:ย
As a result of the increase of teleworkers, it is crucial to secure endpoints. EDR and MDM are some of the valuable solutions that can help solve the problem.
- Zero Trust Architecture:ย
This security model has a presumption that threats could be either internal or external to the network. This involves a strict identification of every individual and device seeking to acquire or use any given resource.
MBA professionals need to promote and oversee such investments to make sure that their organizations are strongly protected against cyber threats.
How Cyber Insurance Brings Modern Assurances and Security to New Heights
It is now evident that cyber insurance is becoming an indispensable element of any risk management plan. As research from Allied Market Research indicates, the global cyber insurance market stands at $7 billion in 2020 and is projected to reach $20 billion by 2025. Cyber insurance was defined to assist organizations to limit their monetary damage resulting from cyber attacks and provide them with a response teamโs services.
MBA professionals need to make sure their respective organizations perform vulnerability scans on third-party sellers and follow strict supply chain security protocols.
Preparing for the Future
- 1. Adopting a Proactive Stance: Organizations should change the focus from being constantly in a state of response and reactiveness to security threats. This comprises active surveillance, threat intel, and scanning for weakness.
- 2. Collaboration and Information Sharing: Subscribing to information exchange and engaging with other players in the same industry can also help strengthen an organizationโs cybersecurity. ISACs and similar platforms are incredibly helpful in this regard.
- 3. Cybersecurity Governance: Having solid governance frameworks or structures is imperative. This involves role defines and delegations, periodic and systematic assessment, and integration of a cybersecurity plan with overall corporate goals.
Conclusion
Therefore, the future of cybersecurity as a field and career is challenging and constantly evolving, which presents interesting prospects and issues for MBA professionals. MBA professionals can protect their organisations from cyber threats by identifying changes in risk levels, deploying sophisticated technologies, adhering to rules and legislation, developing strong structures and frameworks, and raising awareness of security.
While cybersecurity will always remain a challenge, with the help of constant updates, one can remain alert and safeguard their organization from the emerging dangers. MBA professionals with this knowledge will be in a good standing to ensure their organisations transit into the digital age safely and securely.
Author
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