The information technology landscape has significantly changed in recent years in terms of corporate value creation (and performance). Wherever data is stored, the digital revolution has created new challenges but also new solutions for innovation and efficiency. Unfortunately, data has a high value to those with nefarious purposes and enhancing data protection needs to become a priority for every business and organization.
Five cybersecurity pillars are recommended to improve data protection. They include using comprehensive risk management frameworks, using artificial intelligence tools, implementing complete ubiquitous encryption, working in safe, transparent, and optimal cloud hybrid environments, and having an effective response plan.
Internet accessibility and new automation technologies have given hackers new tools in the ever-changing digital ecosystem. Numerous data exfiltration vulnerabilities have resulted from an increasing internet attack surface, which by 2025 will encompass 50 billion connected Internet of Things devices. Data protection has become more difficult due to the heightened availability of pre-made attack kits, a monetized black market for stolen data, and increased activity by state actors and organized crime targeting enterprises.
Also, generative AI has become a significant enabler for criminal hackers. Since ChatGPT’s public launch in late 2022, phishing attacks have surged by an astounding 4,151% due to generative AI (GenAI), according to SlashNext’s “The State of Phishing 2024” study.
Third-party risk in the supply chain is frequently the tool used by attackers to take advantage of the weakest point of entry, which they will always see. Hacktivists, criminals, espionage operators, and nation-state opponents can all launch supply chain cyberattacks. Their objectives are to exploit the weakest points in the network to compromise suppliers, contractors, systems, and businesses. The human element has shown to be the most easily exploited tactically, primarily through socially engineered phishing attacks.
Data loss is becoming a bigger danger for businesses, both financially and numerically. According to the 2024 IBM Data Breach Report, the average breach now often costs $4.8M and that is a 10% increase over last year and the highest total ever in their reports. The firm Cybersecurity Ventures projects that this year the global cost of cybercrime will reach $10.5 trillion, growing at a rate of 15 percent annually.
Notwithstanding the difficulties brought on by the evolving information security environment and the rise in hacker threats, companies do have practical ways to safeguard their “Crown Jewels” of data. They include the suggestions featured in 5 cybersecurity pillars:
1) A Framework for Risk Management
Data security demands a hyper-security focus due to digital transformation. Fundamentally, being cautious involves finding weaknesses, evaluating vulnerabilities, and reducing risks. To remain ahead of the dangers, data security and cyber risk management are essential components of the enterprise risk management (ERM) architecture.
Protecting key business applications and guaranteeing data privacy should be the goals of an all-encompassing risk management strategy. Transparency is necessary for this; we must know the precise location of the data, the identity of those attempting to access it, and their actions. The user should find an agile, adaptable, multi-layered, data-centric security solution simple, if not invisible. Any data center in any location should be able to accommodate optimal solutions.
There are three risk management themes to consider and implement. Zero Trust has emerged as a paradigm for risk management. Both the public and private sectors are making efforts to better understand the people and things that inhabit their networks and systems. Given the increasing number of attacks on vital infrastructure and outdated systems that require replacement, Security by Design is another valid strategy. It is a chance to create them in advance to fend off physical and digital threats. Defense in Depth has been the most prevalent. Businesses have traditionally relied on strengthening hardware and software resilience and layering security technologies.
An adaptive framework (or combination of thereof) for risk management is particularly crucial as technology develops further. Better mitigation and resilience can be achieved by identifying gaps with the aid of new automation and analytical tools backed by artificial intelligence and machine learning. Technology tools, procedures, and individuals dealing with any data can all be continuously assessed under a functional risk management framework.
2) Enabling AI for Cybersecurity
Cybersecurity is being significantly impacted by artificial intelligence (AI). In a cybersecurity strategic game, artificial intelligence (AI) and machine learning (ML) become essential tools or innovative chess pieces for adapting to ever-more complicated digital surroundings.
Real-time analysis and threat identification will be made possible by it.By simulating human traits and cognitive capacities in a computer, artificial intelligence (AI) systems seek to surpass human speed and limitations. AI algorithms can help make better decisions by prioritizing and acting upon data, especially in larger networks with many users and variables. Finding, categorizing, and merging data are highly beneficial abilities for lowering cybersecurity threats.
On the other side of the coin, AI has been adopted by criminal hackers more quickly than by the majority of professional cybersecurity teams, and they may use it for criminal objectives. They are already automating phishing attacks, using AI to discover vulnerabilities for attack vectors, creating deep fakes and spoofs, and exploiting networks with polymorphic malware.
Businesses will need to be able to keep an eye on what’s in their system and how anyone might be acting out of character. Tasks like establishing security policies, keeping an eye on compliance, and recognizing and addressing risks and vulnerabilities can be automated with the help of AI and machine learning. This is crucial since there is a serious lack of qualified cybersecurity personnel and the attack surface is expanding.
3) Encryption of Data
One essential algorithmic element of security risk management is encryption. The technique of applying a mathematical function to a file that makes its contents unreadable and inaccessible—unless you have the decryption key—is a general definition of encryption. Users are shielded from compromised file records by encryption, which also provides extra security for the data point of use.
Various encryption standards and methods are available based on the user’s needs and specifications. The keys needed for encrypted communication are created and stored by customized Hardware Security Modules (HSMs). Encrypting every data file with complete pervasive encryption is a more recent capability. With no modifications to programs, full ubiquitous encryption allows you to completely encrypt data at the disk, database, and data-set levels. From disk and tape to apps, this incorporates a zero-trust approach with numerous levels of encryption.
Because encryption creates a considerable time and effort barrier for hackers and cybercriminals to overcome, it protects the majority of these threats. Data protection is becoming increasingly important, regardless of whether it is stored on-site or off-site, or whether it is in transit or at rest.
Moreover, encryption should be quantum-resistant. The speed and power of quantum computing will enable us to tackle some of the most difficult problems that humans have ever faced. It will also enable nearly immediate encryption and decryption of data from a cybersecurity standpoint.
4) Migration to the Cloud:
Business data is increasingly being moved to cloud and hybrid cloud environments. According to forecasters, it is estimated that cloud data will house 92% of data processing workloads. Security administrators now prioritize how and where data is safeguarded, which is why using cloud and hybrid cloud computing has grown in popularity among businesses.
To meet their demands for storage and analytics, businesses are expanding their data repositories and pooling their data centers. Think about how the world’s data creation doubles every two years, and how 2.5 quintillion bytes of data are created every day. Operations and business depend on the capacity to safely store, prioritize, analyze, distribute, and grow that data. It is more than wise to store data in the cloud or hybrid clouds due to those functional needs.
More dynamic policies, faster encryption, lower prices, and transparency for access control (few insider threats) are all made possible by the use of the cloud and hybrid clouds. However, shared data can be at risk in clouds and can be targets of breaches.
5) Incident Response
Since so many businesses and organizations are getting compromised these days, it is crucial to make sure that they are ready to react in the event of infiltration. To do this, an incident response team must be assigned, along with the primary contacts for any suspected cybersecurity event and the roles and duties of the organization’s technology, communications, legal, and business continuity departments.
Executive management, the CTO, the CIO, and the CISO must coordinate their objectives, work together, and evaluate their information security programs, controls, and network safety on a regular basis. Through the exchange of threat intelligence and innovative security advances, communication facilitates preparedness.
To increase the organization’s ability to withstand a destructive cyber incident, test backup procedures should be carried out to make sure that backups are isolated from network connections and that critical data can be quickly restored if the organization is affected by ransomware or a destructive cyberattack. Failure to have an incident response plan in place may result in both loss of operational revenues and reputation.
In conclusion, any security strategy and user data protection must be dynamic rather than static. As disruptive technology tools continue to evolve, so too will the threat of data breaches. However, those difficulties can be overcome with a plan that builds on the current data security pillars and continuously enhances digital transformation skills. The five cybersecurity pillars discussed are only a starting point in the quest for awareness and innovation in the changing digital landscape.
