Strategic Safeguards: 7 Steps To Secure Your Business Amidst the Rise of Emerging Technologies

By Amit Luthra, MD – India, Lenovo ISG

The cybersecurity landscape is expanding notably with the emergence of modern technologies and a surge in the use of IoT devices. As a nation with an increasing internet user base and a rapidly advancing digital economy, India has emerged as an enticing target for malicious actors seeking to compromise sensitive data, including financial information and intellectual property. For instance, as per a CERT-In report, India witnessed a 62% increase in the number of API (Application Program Interface) attacks on the financial sector compared to 2022.

Additionally, growing proliferation of IoT and thus edge computing has created vulnerabilities, making the protection of endpoints essential for maintaining data integrity, confidentiality, and availability while mitigating potential risks. This makes it crucial for businesses to prepare and stay vigilant of cybersecurity trends that may be exploited by attackers in the years ahead.

1. The Surge in IoT attacks

The rapid growth of the Internet of Things (IoT) is a pivotal trend in cybersecurity, connecting a diverse array of devices to the digital landscape. While there have been considerable improvements, many devices often lack traditional security measures such as firewalls, rendering them susceptible to cyberattacks. Furthermore, 2023 witnessed a record Distributed Denial of Service (DDoS) attack, exceeding predictions and hinting at the potential for even more severe attacks in 2024.

2. Emergence of Ransomware-as-a-Service (RaaS)

Recent reports indicate that 73% of organizations based in India have fallen victim to ransomware attacks in recent years. These attacks involve cyber offenders encrypting a target’s information and demanding payment for decryption, turning it into a ‘service’. Projections suggest that RaaS is already picking up pace and will emerge as a prominent cybersecurity threat.

3. Cloud Jacking

With the rapid shift of data and infrastructure to the cloud, enterprises have become an attractive target for cybercriminals. This has given rise to Cloud (typically public cloud) jacking, a highly sophisticated threat wherein unauthorized access to a business’s cloud infrastructure is exploited for financial gain and other malicious actions.

4. AI-powered Attacks and Deepfake

Artificial Intelligence (AI) is now a dominant force in the realm of cybersecurity. Malicious actors are leveraging AI algorithms to plan highly sophisticated and targeted attacks, exemplified by the proliferation of deepfakes – AI-generated synthetic media. This technology is poised to be increasingly misused, enabling the manipulation of stock prices, influencing public opinion, and aiding in targeted phishing attempts.

5. Supply Chain Vulnerabilities

The sensibility of numerous corporate supply chains makes them a deliberate focus for cyber-attacks, including phishing, ransomware, Denial of Service (DoS) attacks. In an era where businesses are increasingly reliant on a network of suppliers and collaborators, the growing sophistication of attacks leads to loss of data, finances and trust.

Amidst these rising threats, enterprises can improve their security strategy by implementing the following:

1. Prioritize edge security, employing AI to enable real-time data analysis at the edge while minimizing bandwidth usage and reducing the risk of interception.

2. Conduct a comprehensive risk assessment to identify and prioritize potential internal and external risks and vulnerabilities that could impact the organization’s security.

3. Embrace Multi-Factor Authentication (MFA) to enhance access security.

4. Adopt the Zero Trust approach, which mandates a verification of every device and user authenticity and privileges.

5. Conduct regular security awareness training to educate employees about the latest cyber threats and best practices.

6. Develop a well-defined incident response plan outlining the steps to be taken in case of a security incident.

7. Establish a robust backup and disaster recovery strategy to safeguard critical data against cyber incidents like ransomware attacks or data breaches.

Security is an ongoing, evolving process that demands vigilance and adaptation to changing market dynamics. Prioritizing user and consumer safety is paramount and staying informed about cybersecurity trends in 2024 is a proactive strategy to maintain an edge. Businesses must grasp these upcoming trends and implement the requisite security measures, such as the Zero Trust Model, MFA, and AI-powered security tools, to stay ahead of the curve. The future of cybersecurity depends on our ability to anticipate and prepare for the ever-evolving threat landscape, and by doing so, we can secure our digital future.