Trends in Cyber Security Risk in 2015

The threat of cyber security risks has escalated over the years. As companies make the transition to faster adoption of new technologies and software systems, the risk cyber attacks pose for them has increased. It is absolutely essential for corporations to anticipate and prepare for the latest trends in cyber security risks by investing in safer security protocols and systems.

Here, we present the top trends in cyber security risks for 2015.

1)  Cloud data theft

One of the most concerning of trends is the rise of cloud security risks. This rising apprehension comes as public cloud spending is estimated to rise to nearly $32bn by corporations in 2019 according to IT analyst firm, IDC. The explosion in the cloud market follows the potential benefits of leveraging data and substantial cost savings upon its implementation.

Cloud data security however, has done little to convince businesses in terms of providing sufficient protection against loss of data. Research done by CipherCloud showcases that compliance and lack of data protection are the two most concerning issues faced by corporations.

The attack on Apple’s iCloud database by Chinese hackers last year is an example of how a corporation as large as Apple could do little to avert theft of confidential information.

2)  Mobile ransomware and malware

Cyber criminals are increasingly directing their attention towards the mobile platform for hacking opportunities. Hackers have correctly anticipated mobile phones being a substantial source for credit card theft and hacking confidential information owing to the escalating number of people who now use smartphones to access the internet.

Research by GlobalWebIndex has highlighted that those who use smartphones to access the internet account for 80% of the sampled population, while around 40% surf the internet from their tablets. Viruses such as ransomware, commonly used by cybercriminals, have suffered a big hit from federal officials in their crackdown against cyber theft.

However, ransomware is spreading to other areas including cloud computing. Users are recommended to back up their data to an external source such as a hard drive to avoid loss of data.

Payment via credit cards is another lucrative area for hackers. Although corporations such as Apple have taken initiatives to set up more secure payment protocols via their Apple Pay, hackers will be keen to spot flaws in new systems to meet their ends.

3)  Cyber cold war

Cross-country cybercrimes have also been on the rise and been gaining traction following the hacking of Sony Corporation from North Korean hackers and Apple’s iCloud hack from Chinese.

This phenomenon of cyberwars between countries is being termed as a ‘cyber Cold War’.

“Nation-states, both weak and strong, see cyberattacks as a weapon to counter the global influence of the U.S.”

  • Chris Petersen, CTO, LogRhythm

Western governments in particular, will be keen to use more stringent security systems to protect data and use malicious software on individuals suspected of carrying out cyber attacks. Only time will tell how these governments intend to provide more secure software to multinationals firms as part of new legislation.

4)  Risk of Internet of Things

The term ‘internet of things’ (IoT) pertains to common devices connected through a network which we use in our daily lives. It extends beyond devices to systems, protocols, and other services. However, the security lapses in IoT give way to the most common types of viruses and have shown to be a platform for cyber attacks with relative ease.

What makes it worse is that the technologies in IoT involve a multitude of confidential and sensitive data. IoT that connect home security systems, TVs and other devices are simply an open and vulnerable source for attackers to make profit.

5)  DDoS attacks

The number of denial-of-service attacks has also been stated to grow more advanced in type and number. Businesses are commonly concerned with protecting their Windows operating systems through security patches and other programs. However, non-Windows systems are where cybercriminals will be putting most of their attention.

“In 2014, DDoS attacks became much more sophisticated. Though much of the reporting focused on the size of attacks, a more troubling trend was the advancement in attack techniques”

  • Barry Shteiman, director of security strategy, Imperva

Cybercriminals understand that security protocols only thwart malicious software that is known. In other systems and protocols where there are immense flaws, companies can face a very high risk from hackers.

Companies are exposed to an incoming onslaught of looming cyber attacks if they do not adapt their business processes and upgrade their security systems. Only through awareness and preparation can firms hope to have a secure tomorrow.

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Trends in Cyber Security Risk in 2015
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It is absolutely essential for corporations to anticipate and prepare for the latest trends in cyber security risks by investing in safer security protocols and systems. We present the top trends in cyber security risks for 2015.
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