The new breed of cyberattack only heightens the need for risk management software

For anyone working in cybersecurity, risk management or just in business generally, it can feel like the volume and variety of cyberattack is constantly growing. Just when an organisation feels like it has got on top of one type of cyberattack, then there is a new and potentially more damaging threat to manage.

At the start of the year (2020) we wrote about the Travelex ransomware attack, which saw the foreign exchange company held to ransom by attackers and its online presence affected for almost two weeks. But a new breed of cyberattack only heightens the needs for more effective risk management software.

The rise of ransomware

Such attacks are growing more commonplace as cybercriminals become ever more sophisticated and professional. In February 2020 a local authority in the north-east of England suffered a major ransomware attack, which left its staff using pen and paper and residents unable to access online services.

Although organisations are investing in cybersecurity tools and cybersecurity modules within GRC software than previously, it remains a significant challenge for risk management professionals to mitigate the risk from cyberattack effectively. The threat and potential damage caused is also becoming greater, whether to government organisations or businesses.

Some of the most damaging attacks have been via ransomware, but other threats are emerging with the potential to be just as damaging:

Critical infrastructure attacks – both Governments and businesses can be vulnerable to this type of attack, whether a railway network, hospital or something else entirely. The data contained within critical infrastructure is highly valuable, making it an even greater target for hackers.

The impact of critical infrastructure attacks can be devasting, making it all the more important for organisations to factor such attacks into their risk mapping and overall risk management software usage.

Swarm technology – this type of cyberattack takes advantage of AI and machine learning-based decentralised systems that operate without human intervention or management. Bot swarms can be used to contaminate and infiltrate a network, and once inside, find and extract valuable data.

Although swarm technology has been used for good, its used by cybercriminals is a worrying development and one that risk managers need to be aware of and ensure it is covered in their risk management strategies.

5G-based attacks – the rise of 5G has many positives associated with it and businesses, Governments and individuals can all enjoy the improved connectivity it facilitates. But as with swarm technology, 5G could also be deployed by cybercriminals just as much it can by consumers and organisations.

There will be a time very soon when most businesses are dependent on 5G and if cybercriminals could weaponise 5G, individual devices could easily become a conduit for malicious code. Even more impactful would be a group of compromised devices working in harness and at high speed, targeting specific victims.

As these attacks will be so quick and highly targeted, the impact could be significant. Cybersecurity software will play an important role in this challenge, but at the same time the risk and threat need to be managed and mitigated by enterprise risk management software

Nation-state attacks – Microsoft research has revealed more than 8,000 of the company’s customers had been targeted by nation-state hackers and that’s a figure that is only likely to rise. Nation-state attackers are far better resourced than individual hackers or small groups, so they can be much more effective, targeted and impactful.

Furthermore, the techniques and approaches used in nation-state attacks will filter down to other users over time, meaning that hackers generally will become more professional and efficient at what they do.

Oxial’s sGRC solution – modern risk management software

The threat and risk from cyberattacks are growing all the time. Of the many risks facing organisations in 2020, cyberattack is surely one of the most threatening. This makes it even more important for organisations to mitigate this risk properly, through the use of risk management software or an integrated IT GRC tool, such as Oxial’ssGRC solution.

This is an innovative, flexible, scalable and affordable enterprise risk management software. It’s used by organisations in many different industries to manage risk and has proven to be highly effective at doing so.

If your organisation needs help managing and mitigating the risk that comes with the evolving cyber threat, then get in touch with us to discuss your specific needs.

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