Technology Overload 

TELEWORK REMAINS COMMONPLACE

In March 2020, the COVID-19 pandemic drastically increased the remote workforce and accelerated plans (e.g., cloud migration, digitized processes, machine learning) to support the new working environment. As COVID-19 waxes and wanes in various geographies, many companies will maintain telework options throughout 2021 and beyond. An estimated 25-30% of the workforce is anticipated to work remotely at least a few days a week by the end of 2021. In certain sectors (such as finance and real estate), 84% of professionals state that their job responsibilities could be performed from home.

Many organizations have experienced the benefits of remote work and plan to support extended telework programs for the long- term. However, telework programs introduce a variety of security challenges, including:

THE RANSOMWARE/CRYPTOJACKING CYCLE CONTINUES

Cybercrime is a business, and making money is part of any business. For cybercriminals, this means performing attacks that result in a direct payoff or the theft of valuable information. In recent years, ransomware and cryptojacking have become some of the leading cyber threats. Ransomware encrypts files on a target computer and demands a ransom for the decryption key. Cryptojacking malware uses an infected computer’s computational resources to mine cryptocurrency for the attacker’s benefit.

Unfortunately, these attack vectors have proven successful and lucrative for attackers. Attackers often switch to and from ransomware to cryptojacking as the value of cryptocurrency rises and falls. In late 2019, ransomware began stealing data as well as encrypting it, a trend that became widespread in 2020. In 2021, we expect more innovation in the space as cybercriminals work to improve the probability and size of their payoffs.

MACHINE LEARNING DRIVES MORE SOPHISTICATED ATTACKS

Machine learning (ML) is a powerful technology. It allows programs to learn from their environments. ML offers numerous legitimate applications but can also be used in cybercrime.

The use of automation in cyberattacks is widespread. Malicious bots account for roughly a quarter of all Internet traffic. ML can and will make these malicious bots more capable and dangerous, allowing bots to independently perform reconnaissance for a later attack or even perform the attack themselves.

Furthermore, ML has contributed to the development of deepfake technology which enables the creation of highly realistic, but fake, video and audio files. Deepfake technology has been used to increase the effectiveness of phishing and vishing attacks, and this is expected to become more common in 2021.

THE RISE OF THE IOT

Internet of Things (IoT) devices provide several benefits in both personal and professional life. Business use of IoT devices is rapidly growing as companies employ specialized systems to centrally monitor and control remote sites, machinery, and employee/consumer IoT devices (e.g., voice assistants, Internet-connected security cameras) in the workplace. During the past year, 5G adoption and deployment have accelerated to enable higher Internet speed and greater device density than previous mobile networks. As a result, IoT adoption is expected to accelerate as 5G networks make it possible to deploy devices in locations where broadband network connectivity is unavailable and unreliable.

While IoT delivers benefits, it also presents challenges. IoT devices are notorious for poor security, including the use of weak, default, and hardcoded passwords, vulnerable software, and insecure protocols. As companies continue to deploy IoT devices in 2021, designing and implementing an IoT security strategy should be prioritized.

INCREASED INVESTMENT IN RESILIENCY

SolarWinds, a major US information technology firm, was the subject of a cyberattack that spread to its clients and went undetected for months. In early 2020, hackers broke into the firm’s systems and added malicious code that created a backdoor to its customers’ information technology systems, which hackers used to install more malware that helped them spy on companies and organizations. This supply chain attack impacted tens of thousands of organizations, making it the most successful attack of its kind. Securing the supply chain is essential for securing the enterprise, and SolarWinds has made this a focus for many organizations.

The creation of the Cybersecurity Maturity Model Certification (CMMC) increased the importance of supply chain security for government contractors. To be eligible for a contract, a company and all of its subcontractors must pass third-party audits to ensure compliance with a certain level of cybersecurity standards. While CMMC compliance will not be required for all contracts until 2025, some solicitations will require it as soon as 2021, making CMMC compliance a priority for many organizations

The United Kingdom’s financial regulators are focused on improving operational resiliency. The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Bank of England (BoE) published a series of related consultation papers in March 2021, with the new operational resilience requirements effective March 31, 2022. 

OPERATIONAL TECHNOLOGY (OT) SECURITY BECOMES A PRIORITY

In 2020, attacks against critical infrastructure focused on the healthcare sector. This included record-breaking numbers of ransomware attacks on hospitals and cyber espionage focused on the COVID-19 vaccines.

In 2021, cybercriminals demonstrated concerted efforts to attack critical infrastructure. An attack against a water treatment plant serving Oldsmar, Florida could have resulted in a poisoned water supply if an employee hadn’t noticed the issue and taken action This is consistent with a wider shift from “proof of concept” intrusions into critical infrastructure to actual attacks.

As the cyber threats to critical infrastructure become more visible, additional security investment and regulation is likely to occur. The Oldsmar hack underscored the vulnerability and limited oversight of the public water system that made the attack possible. 

DATA PRIVACY AND COMPLIANCE BECOMES A PRIORITY

In recent years, the data protection regulatory landscape has rapidly evolved. The enactment of the EU’s General Data Protection Regulation (GDPR) spurred the creation of numerous similar regulations, such as the California Consumer Privacy Act (CCPA) and other state and country-level laws.

In 2020, the passage of the California Privacy Rights Act (CPRA) and the Schrems II court decision dramatically changed the data protection landscape. Virginia has already passed the first state-level data protection law of 2021, and more are likely to follow.

Prudent organizations will develop regulatory compliance strategies that enable them to scale and maintain compliance with changing regulations. Enforcement agencies may further fine violators since organizations have had multiple years to adhere to regulations like GDPR.

ADOPTION OF MANAGED SECURITY SERVICES WILL RISE

Managed security services are in greater demand. Companies struggle to attract and retain the cybersecurity talent needed, and security operations center (SOC) analysts are commonly overwhelmed. As a result, organizations are left vulnerable and experience damaging and expensive cyberattacks. Managed security services enable organizations to outsource some security responsibilities to a third-party provider. This provides them with the cybersecurity expertise that they require, often at a lower price than maintaining the same talent in-house.

The use of managed security services will continue to grow as the growth of the remote workforce has caused corporate cybersecurity challenges to expand and evolve. Also, as companies become more comfortable with employees working offsite, engaging external security staff becomes more commonplace.