Intelligent CIO APAC Issue 01 | Page 42

FEATURE: CYBERSECURITY While cloud computing and cloud storage often offer better security than on-premises solutions, organizations can’t assume that all data stored in the cloud is safe. Hackers have infiltrated cloud computing infrastructure and stolen data on many occasions. For example, the Capital One breach resulted in 106 million records being exposed. will be connected to the web. A Fortune Business report indicates that the IoT market is likely to grow to US$1.1 trillion by 2026. Many of these devices lack sufficient cybersecurity protection, mainly because costs are too high for manufacturers to REMOTE WORKERS OFTEN WORK WITH MINIMAL SECURITY, MISSING OUT ON THE LAYERED AND SOPHISTICATED CYBERSECURITY DEFENCES THAT THE CORPORATE OFFICE PROVIDES. In 2020 and beyond, attacks on cloudbased architectures will continue to rise. Misconfiguration will be the main reason for the majority of the incidents according to the Sophos 2020 Threat Report. Another report from Trend Micro predicts that code injection attacks, either directly to the code or through a third-party library, will be used against cloud platforms. • Mobile Malware – Mobile devices such as smart phones and tablets are now essential business tools. For many users they are the primary way of both communicating and doing business, and the volume of personal and corporate data stored on mobile devices increases daily. In 2019, nearly 75% of people in the UK used their mobile devices for online banking. In March 2020, Juniper Research predicted that digital banking in the US would grow by 54% between now and 2024, as millennials and other younger consumers abandon traditional banking for digital and online banking. As more critical and sensitive tasks are performed on smartphones, it is only a matter of time before mobile malware emerges as one of the most prominent cybersecurity concerns. • IoT devices – It is estimated that by 2025 more than 75 billion IoT devices build in security measures at the device level. Cyberattacks targeting IoT devices could cost the US, an early IoT adopter, a staggering US$8.8 billion a year, according to the Irdeto Global Connected Industries cybersecurity survey. The wide proliferation of IoT devices will entice a large number of complex cybersecurity threats. These can have devastating effects with dire consequences since many of the devices targeted will be used in healthcare, industrial and critical infrastructure systems. • 5G – Operators and services providers continue 5G deployments globally with minimal or no impact from COVID-19. The 5G network faces security challenges brought by new services, architectures and technologies, as well as higher security and user privacy protection requirements. With a large number of devices, highconnection speeds, low latency, large quantities of data and information, new services and architectures, comes an increase in the network attack surface and increased risk of an attack. Attackers will have more potential entry points to exploit as they try to enter the 5G network to inflict damage: data extraction, unauthorized configurations, unauthorized data modifications and service disruptions to name just a few. The impact of 5G security will likely be greater. Lateral or vertical movement of hackers within and across networks is not a new concept, but since 5G is centered on connectivity, high speeds and massive data, the potential consequences are magnified. A successful attack could cause massive damage and deal a crippling blow for government, critical infrastructure, individual businesses and individuals. The list discussed is far from complete. Several other serious security risks and threats need to be considered, such as insider threats, applications and data security threats, misconfiguration and denial of services. All the figures and 42 INTELLIGENTCIO