Cybersecurity for-the Post-Covid Economy

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Cybersecurity For The Post-COVID Economy

Between February and March 2020, hacking and phishing activity increased by 37%

 

Coronavirus Exposed: Why We’re At Risk

  • New Practices, New Weaknesses
    • Large-scale growth of
      • Work-from-home technologies
      • Customer-facing networks
      • Online cloud services
    • Have all been exploited by cyberattackers
  • Increased Susceptibility To Attacks
    • In March & April 2020,
      • 192,000+ coronavirus-related cyberattacks were reported each week
      • 30% increase compared to pre-coronavirus
    • “This rapid change means hackers will find a way….The hackers can find a way to hack a personal computer of an employee and through them get into our Crown Jewels” — Gil Shwed, Founder & CEO of Check Point
  • What COVID Teach About Cybersecurity
    • Lesson 1: A cyberattack could spread faster than a biological virus
      • Cyber attacks can spread at 9X the rate of COVID-19, and lie dormant for months while spreading
    • Lesson 2: The economic impact of a digital shutdown would be immense
      • A digital virus with the same virulence as COVID-19 could brick or wipe 20 million infected devices
    • Lesson 3: Recovering from digital destruction could be extremely challenging
      • Tech companies would struggle to meet the surge in demand, grinding the economy to a halt

 

In the near future we could see cyberpandemics that spread faster and further than a biological virus, with an equal or greater economic impact

Will The Next Pandemic Be Digital?

  • Cyberpandemic: A self-propagating, digital attack that exploits tech loopholes before patches and antivirus software become available
    • Most likely would attack devices via an operating system or application
    • Designed to lie dormant for extended periods while the infection spreads unnoticed
  • Consequences Of Cyberattacks
    • On devices
      • Poor performance: 50%
      • Dormant spreader: 30%
      • Total data loss: 15%
      • Bricked or inoperable: 5%
    • On the world
      • Global loss of internet would cost $50 billion /day
        • Data centers: $12 million /day
        • Manufacturing plants: $60 million /day
        • Retail stores: Up to $5 million /day

“Our country will, at some point, face a major cyber event that will have a serious effect on our lives, our economy and the everyday functioning of our society” — Janet Napolitano, Former U.S. Secretary of Homeland Security

 

Cybersecurity Improvements To Protect Yourself

  • Cloud Email Security

Since February 2020, phishing increased 600% — including traditional scams, business email compromise, and extortion schemes

  • Remains the #1 vector in cyberattacks — phishing is often the first step
  • Attacks the human factor, tricking users into divulging login credentials
  • Reliance on public clouds to facilitate work-from-home increases risk of outages
  • Internet Of Things (IoT)

67% of enterprises have experienced an IoT security incident

  • For enterprises, IoT devices remain the weakest link in security
  • Many come with out-of-the-box security flaws
  • Attacks will continue to make use of IoT as a point-of-entry
  • OT/IT Alignment

55% of organizations plan to increase IT/OT alignment in 2020

  • Traditional IT has little to do with operational technology
  • As industrial use of IoT increases, the distinction will continue to blur
  • A unified approach for all connected devices is essential for security
  • Cybersecurity For Work-From-Home
    • As we recover from the pandemic, businesses must re-evaluate their security policies and procedure to reflect the shift to remote work
      • Update cyber incident breach response and disaster recovery plans
      • Adjust insurance coverages to match new cyber risk profile
      • Manage access in ways that balance security and usability
      • Create new policies for mobile security and bring-your-own devices
    • Businesses should consider
      • Increasing bandwidth to move teleconferencing between sites
      • Establishing secure VPN access for employee workstations
      • Adding a cloud access security broker to monitor data security
      • Requiring network-level authentication for remote desktop protocols
      • Managing company-issued devices centrally and with remote monitoring — Rather than assigning administrative privileges to end-users

“Companies are stretched thin and this is benefitting the hacker. It is not sufficient to protect only networks from attack. Each individual system must be protected. If networks are penetrated, then all connected systems will be infected.“ — Itai Sela, CEO of Naval Dome

Cybersecurity is more needed than ever before ─ Stay ahead with Data Connectors

Sources:
https://www.who.int/news-room/detail/23-04-2020-who-reports-fivefold-increase-in-cyber-attacks-urges-vigilance
https://blog.checkpoint.com/2020/05/12/coronavirus-cyber-attacks-update-beware-of-the-phish/
https://www.jpost.com/jpost-tech/check-point-ceo-we-need-to-prepare-for-the-coming-cyber-pandemic-629933
https://www.weforum.org/agenda/2020/06/covid-19-pandemic-teaches-us-about-cybersecurity-cyberattack-cyber-pandemic-risk-virus/
https://www.worldometers.info/
https://spectrum.ieee.org/tech-talk/telecom/internet/popular-internet-of-things-forecast-of-50-billion-devices-by-2020-is-outdated
https://www.bloomenergy.com/blog/a-day-without-power-outage-costs-businesses
https://thehill.com/policy/technology/318937-napolitano-warns-large-scale-cyber-attack-on-us-is-inevitable
https://www.ntsc.org/assets/pdfs/cyber-security-report-2020.pdf
https://cdn.www.carbonblack.com/wp-content/uploads/VMWCB-Report-2020-Cybersecurity-Outlook.pdf
https://www.i-scoop.eu/internet-of-things-guide/industrial-internet-things-it-ot/
https://www.securitymagazine.com/articles/92541-maritime-industry-sees-400-increase-in-attempted-cyberattacks-since-february-2020
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7173804/
https://www.mmc.com/insights/publications/2020/june/cybersecurity-after-covid-19–10-ways-to-protect-your-business-a.html