Teqnamo’s Cybersecurity Report Uncovers Latest Trends and Biggest Challenges

Cybersecurity has become an increasingly important aspect for modern businesses and individuals alike. Cybercriminals are taking advantage of modern technology to stay ahead of security teams across organizations. This has led to a surge in attacks. Of course, the COVID-19 pandemic contributed greatly to this accelerated rise in cyber attacks, but the stage was already set even before the pandemic arrived.

Cybersecurity has become a critical issue for businesses and individuals in today’s digital age. As technology continues to advance, cybercriminals are finding new and more sophisticated ways to exploit vulnerabilities in systems and networks. This has led to a surge in cyber attacks, which are causing significant financial and reputational damage to organizations. The COVID-19 pandemic has only accelerated this trend, as more people are working remotely and relying on digital tools to stay connected. This has created new opportunities for cybercriminals to target individuals and organizations, making it even more important for businesses and individuals to take proactive steps to protect themselves.

The pandemic has also highlighted the importance of cybersecurity for businesses of all sizes. As companies have been forced to shift to remote work, many have had to quickly set up new IT infrastructure and networks, which can be vulnerable to attacks. Additionally, the increased use of digital tools and platforms has created new attack vectors for cybercriminals to exploit. These developments have made it even more challenging for security teams to keep up with the latest threats and protect their organizations from cyber attacks. 

According to the latest cybersecurity report by Teqnamo, IoT vulnerabilities are one of the most pressing challenges currently affecting the cybersecurity industry. As more and more IoT devices are being used in homes, businesses, and organizations, their weak security controls and easily hackable nature make them a prime target for cybercriminals who can exploit them to gain access to sensitive information and disrupt critical systems.

IoT vulnerabilities can also be used to launch large-scale cyber attacks, known as IoT botnets. These attacks involve the use of a network of compromised IoT devices to launch a coordinated attack on a target. This is a significant concern as it can cause large-scale disruption, and can be difficult to defend against as many IoT devices are hard to patch or update.

The report also identifies the skills gap as another key challenge in the cybersecurity space. The fast-paced evolution of technology and the increasingly sophisticated nature of cyber threats have made it difficult for organizations to find and retain cybersecurity professionals with the necessary skills and expertise to protect their networks and systems. Many organizations seem to be struggling to fill cybersecurity positions, which are becoming more specialized, and in demand, due to the high volume of cyberattacks.

The skills gap not only affects the ability of organizations to prevent and respond to cyber threats but also their ability to innovate and stay competitive in the marketplace. 

Among the trends shaping cybersecurity is Zero Trust, a security model that assumes that all network traffic is untrusted and must be verified before access is granted. The Zero Trust model is based on the principle that organizations should not trust any user or device, inside or outside of their network until their identity is verified and their access rights are established. This approach is designed to protect against advanced cyber threats, such as targeted attacks, malware, and phishing.

Zero Trust is becoming an increasingly important trend in cybersecurity, as organizations are realizing that traditional perimeter-based security models are no longer sufficient to protect against today’s advanced cyber threats. By implementing Zero Trust, organizations can secure their networks and systems more effectively by verifying the identity of users and devices, and by limiting access to only those resources that are necessary for them to perform their tasks. Additionally, Zero Trust also helps organizations to comply with regulatory requirements and industry standards, such as the General Data Protection Regulation (GDPR) and the Federal Risk and Authorization Management Program (FedRAMP).

No business is safe

Cyber attacks can happen to any organization, regardless of size, industry, or location. In recent years, we have seen many high-profile examples of companies, both big and small, losing money or even collapsing due to cyber attacks.

For example, in 2018, Marriott announced that the personal data of nearly 500 million guests had been exposed in a data breach by parties who had had access since around 2014. The attack resulted in a loss of revenue and reputational damage for the company. Capital One, a major financial institution, announced that the personal information of more than 100 million customers had been compromised in a data breach. The company had to pay an $80 million fine and spent $150 million on customer notification and credit monitoring.

These examples demonstrate that no organization is immune to cyber attacks, and it’s crucial for companies of all sizes to take proactive measures to protect themselves. This can include implementing robust cybersecurity policies, investing in advanced security technologies, and providing regular training to employees on how to recognize and respond to cyber threats.