Data Breach – one of the biggest cybersecurity threats 

 

In today’s world Data Breach is the number one cyber risk facing businesses globally. According to many studies it is predicted to remain in this position by 2026. 

 

Data breach is a part of cyberthreats environment. It results from a successful cyber-attack that exposes confidential or sensitive information to an unauthorized person. Files and other information involved in a data breach may be accessed, viewed and shared without permission. 

In the past four years Cyber threats and ransomware attacks have become more frequent, sophisticated and severe, with impacts ranging from reputational and financial damage to critical operations being compromised. 

After peaking in 2021, the number of ransomware attacks declined in 2022 amid a period of decreased funding for and activity among threat actors, together with improved risk mitigation. Unfortunately, ransomware attacks jumped more than 170% in the first half of 2023, signaling a need to remain vigilant in managing this threat through strategies such as focused risk assessments, investment in appropriate controls and insurance. However, worth noting is also the significant development of national and supranational cyber security bodies and the increase in the effectiveness of their efforts. The most recent success of such institutions was the acquisition of the service of the hacker group Lockbit, which offers RaaS – Ransome as Service, consisting of the ability to “buy” a ransmoware attack on any target of the customer’s choice. Since 2020, when ransomware from Lockbit was first targeted, experts have counted more than 1,700 attacks on organizations (including Boeing) in the US alone. The successful operation involved a number of cooperating entities, including the British National Cyber Force (NCA), the US Federal Bureau of Investigation (FBI) and Europol. 

In addition to the rise in emerging threats, the link between individual employees and organizational cyber-security risks cannot be overstated. It is estimated that half of the digital forensics and incident response matters in 2022 were related to social engineering and phishing. According to Aon’s 2023 Cyber Resilience Report, more than half of cyber events will be caused by human factors by 2025. Moreover, previous reports noted a human element in 74% of all breaches — from simple human error and social engineering to misuse of privileges and stolen credentials. These actions expose employers to a range of other potential risks, including loss of intellectual property, punitive regulatory action and reputational harm. 

Addressing and recovering from cyber events has become increasingly complex and will continue to be so. Cyber events can have an impact on all areas of an organization, and regulatory bodies are tightening cyber-security requirements. Consequently, cyber resilience is a key topic of discussion in boardrooms worldwide. Organizations must continuously block and respond to threats, patch vulnerable systems, and evaluate connection points across highly integrated technology stacks — all while maintaining updated insights into potential impacts from emerging threats and changing regulatory legal requirements (EU and USA). Additionally, the use of artificial intelligence (AI) for cyber-attacks and malware creation is the next area of particularly weighty and growing concern for business, military and civil organisations worldwide. 

Active defense against the phenomena described above is the main goal and mission of CYBERSEC CEE Expo and Forum 2024. This year’s edition is a perfect space for learning about the latest cyber threats and creating new cybersecurity strategies based on the experience of experts. Join us and create resilient cyberspace for Europe and the whole world. 

  

References: 

https://www.aon.com/en/insights/reports/global-risk-management-survey/top-global-risk-1-cyber-attack-and-data-breach 

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