Cyber attacks are a growing threat

The data is clear; digital attacks are on the rise:

• Last year ransomware attacks increased by 2,502%.
• IoT attacks were up 600%.
• 1 in 13 web requests lead to malware.
• 95% of all attacks on enterprise networks are due to spear phishing.
• Nearly a third (31%) of organizations have experienced cyber-attacks on their operational technology infrastructure.

So why are cyber attacks increasing at such an exponential rate?

The Threat Triangle

In the physical world, you need all three elements to be present. For example, the bank robber might need a gun to scare the cashier (capability) into giving him money (motivation) out of the vault (locality). With security risk, we talk about the Threat Triangle.

With the Internet now a part of our daily lives, everything is better connected in the digital world. This benefit of convenience for your legitimate users also has made it convenient for all those who seek to threaten your organization. You’ve eliminated the need for ‘locality,’ which makes cyber-attacks less risky for those threats to breach your organization.

70% of organizations believe their security risk has increased significantly over the last year. Source: Ponemon Institute

Everyone is a target

There are certain sectors that require stringent physical security measures. Banks, schools, airports, and museums, for example, all need greater security measures because they’re protecting something of high value – money, our children, national security or priceless artifacts.

But in the digital world, everyone is a target, however small you are. In a previous white paper, we discussed the monstrous problem of third-party risk. The challenge with third-party risk is that you can have the tightest security measures in place to protect your organization, but a small supplier can leave you dangerously exposed.

The US retailer Target lost the details of 40 million credit and debit cards through its heating, ventilation, and air conditioning (HVAC) system, which connected to the Internet for remote monitoring. Hackers exploited the vulnerability of the small third-party HVAC contractor, stealing Target’s login credentials and gaining a foothold in its payment systems.