GUEST OPINION: Cybersecurity has always been a significant concern for organizations. But more so during the height of the global pandemic and onwards. 

According to a 2021 survey, 81% of organizations worldwide have noted an increase in cyber threats during COVID-19. Online attacks in the US cost entities an estimated USD$20 billion in the same period. 

Unfortunately, it has become a vicious cycle. Over half of the ransomware-affected organizations were expected to have paid hackers to recover their data. These firms continue to be vulnerable unless they adopt a more proactive approach.

For this reason, it’s advisable to seek the services of a cyber security company in Los Angeles or wherever you may be located. If you think digital threats have slowed down, think again. In this article, you’ll learn how the pandemic fueled cyber threats, the trends, and what your organization can do to minimize the risks. 

Cybersecurity And The Pandemic 

As restrictions were enforced globally, organizations shifted to work-from-home schemes to continue their operations. But the new normal has exposed organizations to cyber criminals, driving the need for firms to strengthen their cybersecurity infrastructure in a remote working environment. Borderless transactions and the increasing adoption of other technologies have brought the same impact.   

At the height of the pandemic in 2020, cyberattacks tripled in Switzerland, as reported by a Swiss broadcasting channel. Interpol noted spikes in all their member countries as well. ISACA, the global association for IT professionals, projected worldwide cybercrime damages to have reached USD$6 trillion in 2021. And this trend isn’t showing signs of slowing down in the coming years. 

Increase In Cybersecurity Spending

According to a research and advisory company, the global expenditure on information security is expected to reach USD$262 billion in 2026, with a projected annual growth rate of 11%. Of the various categories, cloud security is expected to get the most spending, whereas spending for application security is predicted to rise by about 25%. 

As hackers no longer discriminate, firms big and small can fall victim to fraudulent and damaging threats. This means  IT companies in New Jersey and similar firms worldwide will find their hands full, providing services and valuable advice to organizations regardless of size or location. 

Emerging Post-Pandemic Cyberattacks

Besides the common online risks, including ransomware, identity and data theft, and phishing attacks, organizations must upgrade their digital defences by preparing for these equally disruptive and damaging threats.

1. Cryptocurrency Attacks 

Online shopping has exploded pre- and post-pandemic, and online payments and digital wallets have been used alongside it. Add to that the increasing number of people using cryptocurrency to fill their online accounts. Unfortunately, despite robust security measures, the financial and healthcare sectors remain the most vulnerable industries to hacking.  

One of the more recent attacks involved a global cryptocurrency trading firm, which reportedly lost USD$150 million from investors’ accounts. As hackers become more sophisticated, this may not be the last blockchain breach we’ll hear of in the coming years. 

2. Social Engineering Attacks 

Social engineering involves using fraudulent means to manipulate users into violating security protocols to access information, install malware, or get money. These can occur in several forms, including: 

• Baiting: It entices victims to install malware through physical media.
• Phishing: It often involves sending fraudulent links to convince users to send their personal information.
• Vishing: This is where hackers pretend to be someone else and use voice calls to gather a target’s financial and personal data.  
• Whaling: Considered a form of phishing attack, whaling targets business executives.   

In some cases, hackers don’t even need to resort to the tactics above, as some information may be available on a person’s social media account. 

3. Cloud And IoT Breaches 

The use of cloud computing technologies also soared during the pandemic. These systems proved highly useful in providing remote workers and clients access to specific data anytime and anywhere. 

While the cloud offers high security, it’s not impenetrable. Attacks can still get through due to improper configuration, lack of encryption, and other issues. Some of the world’s biggest companies have recently fallen victim to cloud breaches. And some believe that the Internet of Things (IoT) devices provide additional opportunities for cybercriminals in the post-pandemic era.  

The Human Factor

According to a survey on post-pandemic cybersecurity for financial services, cyber hygiene is among the top challenges besetting chief information security officers. Besides fortifying the IT security infrastructure, firms must foster a cybersecurity culture among team members. 

Organizations must constantly review and update security measures, implement stricter protocols and go beyond anti-virus installations, malware scanning, and software updates. These additional steps could help. 

• Hiring IT security companies to identify weaknesses and set up security strategies
• Using software-defined wide area network (SD-WAN) 
• Developing a solid backup and resilience scheme
• Using Multi-Factor Authentication (MFA) on top of strong passwords
• Getting cyber insurance coverage   
• Training and retraining team members 

Conclusion

Cybersecurity evolves constantly, and businesses must keep up with these changes to minimize their vulnerability to online attacks. Besides taking the proactive approach, firms must address all elements involved and work with other stakeholders to curtail online attacks and mitigate their impacts.