Source: https://mitsloan.mit.edu/ideas-made-to-matter/mit-report-details-new-cybersecurity-risks
Despite strong security measures, cybercriminals continue to find new ways to exploit both personal and business data. Data breaches increased by nearly 20% in the first nine months of 2023 compared to all of 2022, and ransomware attacks surged by almost 70% in the same period. MIT Professor Stuart Madnick reports that data breaches hit an all-time high in 2023 due to increased online interactions, putting more personal data at risk.
Organizations are well aware of these heightened cybersecurity risks, with worldwide spending on security and risk management expected to reach $215 billion in 2024. However, hackers are getting more creative in bypassing security measures, driven by the vast amounts of unencrypted personal data stored in enterprise systems. A staggering 95% of organizations surveyed by IBM between March 2022 and March 2023 reported experiencing more than one data breach.
Key Cyberattack Vectors Identified
Madnick’s report identifies three primary reasons behind the rise in personal data theft:
- Cloud Misconfiguration Many companies are moving data to the cloud, but without experienced staff, proper security configurations are often overlooked. Misconfigurations like unchanged default settings, unrestricted ports, and unsecured backups can lead to breaches. Over 80% of data breaches involve cloud-stored data. Organizations can mitigate these risks by integrating security early in the system build cycle, hiring skilled talent, and conducting thorough audits and monitoring.
- Evolving Ransomware Threats Ransomware attacks are becoming more frequent and sophisticated. Attackers not only disrupt operations and lock up data but also steal personal data and threaten to leak it, adding blackmail to their tactics. The rise of ransomware-as-a-service and the use of artificial intelligence by attackers are contributing to this increase. Effective data backup, monitoring for data exfiltration, and embracing encryption are crucial in combating these threats.
- Vendor Exploitation Attacks Many critical systems provided by vendors offer a way into corporate networks through “side doors” used for updates and patches. Hackers exploit vulnerabilities in these systems to access customer data, known as supply chain attacks. A single unpatched vulnerability in vendor software can compromise data across many organizations globally. It’s essential to evaluate the cybersecurity health of potential vendors and limit their access strictly to necessary areas.
As a Managed Service Provider (MSP) specializing in Cloud Services, Managed Services, Cybersecurity, Network Management, IT Infrastructure, and High-Performance Wireless Networks, CSG Technologies is well-equipped to address these challenges. Here’s how we can help:
- Cloud Security: We ensure your cloud environments are correctly configured and secured, reducing the risk of data breaches.
- Ransomware Protection: Our advanced monitoring and encryption practices help prevent and mitigate ransomware attacks, ensuring your data remains secure.
- Vendor Management: We conduct thorough evaluations of your vendors’ cybersecurity health and implement measures to minimize their access to your systems.
Partnering with CSG Technologies means gaining a robust security posture that protects your data and systems against the latest cyber threats. Let us handle the complexities of network security and provide peace of mind in an ever-evolving digital landscape.
