By: Nik Korba

Recent statistics show that today’s cybersecurity systems face an attack once every 39 seconds, adding up to more than 2,200 attacks throughout the average day. Essentially, hackers never sleep.

Businesses that fail to repel the unceasing onslaught of cyber attacks face costly consequences. A recent study by Verizon on data breaches shows the median cost of ransomware attacks — which represent 24 percent of all cyber attacks — is $26,000, but keeping up is a huge challenge.

“Staying safe from the flood of cyberattacks aimed at businesses today requires staying up-to-date on a constantly evolving lineup of attack strategies,” says Yashin Manraj, CEO of Pvotal Technologies. “It also requires deploying a far-reaching and resilient defense strategy. Hackers that meet resistance in one area may simply move on, searching for a vulnerability elsewhere in a company’s security framework, or adjust their approach by responding to security controls with a new attack vector that assures better results. Staying secure requires a proactive approach that seeks to stay ahead of the latest threats.”

Manraj brings a unique perspective to the cybersecurity solutions he and his team are developing at Pvotal Technologies. He has worked in academia as a computational chemist, in the tech space as an engineer working on novel challenges at the nanoscale, and in cybersecurity building more secure systems at the world’s engineering firms. The deep technical knowledge he has obtained through his work in product development, design, business insights, and coding gives him a unique skill set that enables him to identify and solve gaps in the product pipeline.

Pvotal is on a mission to build sophisticated enterprises with no limits with solutions that give enterprises the tools they need for rapid change, seamless communication, top-notch security, and scalability to infinity. Partnering with Pvotal provides business leaders peace of mind regarding their technology systems and overall business performance.

Manraj warns that today’s business leaders must be prepared to address the following emerging trends in the cybersecurity space.

The Resurgence of Ransomware

Ransomware attacks cripple organizations by gaining access to critical data and encrypting it so that the organization can’t use it for its operations. If the ransom isn’t paid, the data is lost. With cases involving sensitive data such as financial or health records, hackers can threaten to leak the data.

Stats show the number of ransomware attacks is on the rise, with a 68 percent increase occurring in 2023. The ongoing exploitation of unpatched systems, known as zero-day vulnerability attacks, is one factor contributing to the rise in ransomware attacks. When an organization knows about a vulnerability but does not address it, it leaves the door wide open for zero-day attacks.

“My organization recommends a LowOps approach to security, in which patching systems is an automated rather than manual process,” Manraj explains. “LowOps takes human errors out of the equation by enhancing IT environments traditionally tethered to human intervention. As long as human agents are involved, the potential for checkboxes to be mistakenly toggled or untoggled is omnipresent. By automating security patching and other key processes, the adverse impact of human error is curtailed and operational excellence is achieved.”

An emerging cybersecurity trend involving ransomware attacks focuses on infiltrating an organization’s systems through third-party tools or services. Sometimes known as “supply chain attacks,” these attacks exploit smaller apps that large digital platforms depend on for some aspect of their operations.

The 2023 attack involving the MOVEit Transfer program — used as part of larger systems to transfer files — is an example of a supply chain ransomware attack. It is believed that over 60 million people were affected by the hack, with an unimaginable amount of sensitive information affected.

IoT Security Challenges

Attacks designed to exploit the vulnerabilities of Internet of Things (IoT) devices are also on the rise. Recent stats show a 400 percent jump since 2022, fueled in part by IoT devices being used by remote workers.

“Studies have shown the average home in the US has nearly four dozen devices connected to the internet,” Manraj says. “If any of those devices is proven to be vulnerable, the home network’s security is easily compromised. With remote workers, that means their organization’s network could also be compromised.”

Providing cybersecurity training for all employees is a common response to the challenges posed by remote work networks. However, Manraj warns that training is not an optimal strategy for addressing today’s cybersecurity challenges.

“On average, employee cybersecurity training programs have yielded a meager 20% improvement in compliance,” Manraj points out. “As the complexity of systems and the intricacy of attacks continue to increase, empowering employees to defend digital systems becomes harder and harder. Automation — not compliance — is a much better alternative.”

The cybersecurity landscape is constantly changing, with new technology and operational developments spawning new security threats. To stay safe, businesses must consistently explore innovations that improve the reliability and resilience of security measures.

“While the approach may change over time, the mentality of the cyber attacker remains the same,” shares Manraj. “They will always be looking to identify and exploit vulnerabilities. Businesses must stay one step ahead, with systems that identify trends and provide responses that can address them.”

Published by: Khy Talara