Key Challenges that lie ahead for the Cyber security industry

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The global pandemic triggered a need for digitization. While this has many advantages, it has a few associated limitations, the most pertinent being the increased susceptibility to cyber risks.

Data indicate that in the year 2021, the number of cyber incidents increased by 50% in comparison to the previous year. These breaches can cost a fortune to the companies and damage their reputation and credibility. Strengthening cyber security is thus a necessity.

The field of cyber security is gradually evolving, especially as new technology and potential risks emerge. To ensure that these breaches are countered and innovations in cyberspace are utilized to their maximum potential, the IT departments of companies need to be aware of and trained in the latest cyber architectural developments. Therefore, people occupying key positions in these companies must invest in strengthening cyber resilience systems.

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This article highlights some of the challenges that lie in the cyber security industry, and why leaders must keep these in mind to deal with the obstacles in the field.

Dealing with the challenges associated with a remote workforce
During the pandemic and the resulting lockdowns, most employees were working from remote areas. Keeping in mind the ebb and flow of cases, companies are now considering making the hybrid model of working permanently. With this move, the need to manage the threats related to remote working.

People working on home networks are more vulnerable to cyber risks, as these networks tend to be less secure than a centralized enterprise or office network. Cybersecurity networks thus need to cover larger areas or cyberspaces and cyber resilience needs to be augmented.

The increased use of 5G networks

5G allows faster connectivity and is becoming increasingly popular among tech users. Data indicates that over 9.7 percent of smartphones in India are 5G capable and their users experience a 40 percent increase in the speed of download.

Mobile carriers and those in the manufacturing industry are rapidly switching to 5G models, due to their promise of enhanced efficiency. The widening of bandwidth that makes 5G possible creates additional attack vectors.

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The deployment of low-cost, short-range, small-cell antennas throughout urban areas becomes a new threat in terms of physical security. The 5G cell sites will utilize a Dynamic Spectrum Sharing capability, which enables multiple streams of information to share bandwidth in slices—with each slice posing different cyber risks.

The predominance of IoT networks

Over the past few years, IoT has gained prominence. IoT refers to objects connected with sensors, enabling them to share information with other devices. This technology is utilized in all spaces including corporate offices as well as agricultural processes.

As these networks widen and the volume of information shared amongst these devices increases, they become more susceptible to risks and data leakages. As a result, leaders must take this threat into account while designing networks and workspaces.

The rise in Phishing incidents

Phishing refers to a form of a cyber incident, where fraudulent messages are sent to a receiver, encouraging them to reveal sensitive information about their finances, company policies, or client data. Reports suggest that in the last three years over 70 percent of organizations have faced ransomware attacks. This can wreak havoc on the company’s cyberspace.

Hence, it is critical to conduct cybersecurity programs and sessions to train and make employees aware of such risks and their preventive measures. The importance of building a resilient cyber infrastructure cannot be overstated.

The need for cyber resilience

Companies need to understand that despite elaborate cyber security systems, they remain vulnerable to cyber risks. There is thus a need for mechanisms that can help companies bounce back after such incidents and resume operations.

Companies need to factor in cyber risks as a potential roadblock, which needs planning and resources. The focus needs to be on impact minimization and effective recovery of data so that the company can continue providing its services and does not lose credibility.

Bottom line

It is safe to say that the cybersecurity industry is bound to face many challenges given the complexity and criticality associated with the ever-evolving threat landscape. Awareness and preparedness are of key importance to deal with these hurdles.

Companies must be aware of all points in the network so that security loopholes can be identified and sealed. Leading cybersecurity players can provide valuable services in this regard. These companies help in devising cyber security strategies, mitigating risks, and resuming functioning if such an incident takes place.

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Raj Sivaraju
Raj Sivaraju
Raj Sivaraju, President, APAC, Arete

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