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emerging trends and challenges in cyber security


Let’s take a look at some of the top cyber threats that enterprises should watch out for in 2019. Some are experimenting with malware that reinfects later, long after a ransom is paid, and some are starting to use built-in tools and no executable malware at all to avoid detection by endpoint protection code that focuses on executable files. However, responding to COVID-19 remains the biggest challenge for most security organizations in 2020. These new applications are expected to introduce complexities in the interfaces between systems, which could present cyber vulnerabilities, and data security issues. Aspects such as the purpose for collecting personal information, how will this information be used, security mechanisms put in place for protecting such information, for how long will this information be stored and what will be the procedure for destroying such information, are not known by the individual nor have these aspects been defined uniformly in the policies and procedures. Criminals have learned to piggyback into private networks through connected home appliances and smart devices, thanks to the lack of security standards among the thousands of device manufacturers and service providers. Become smarter and intuitive with machine learning and big data analytics: Considering the current digitization drive, there will be an exponential increase in the data relevant to the BFSI sector. And that could have very scary consequences. This is a battle to be fought on various fronts and it is essential to plan well, commit fully, exercise rigorously and execute flawlessly. 2020 cybersecurity trends. Modern cars are fitted with an array of GPS devices, sensors, and in-car communication and entertainment platforms that make them an increasingly profitable target for hackers and data thieves. Data breaches are among the leading cybersecurity trends in healthcare. Government of India announced its intention to set up a Computer Emergency Response Team for the Financial Sector (CERT-Fin). Indeed, information from IDC demonstrates that worldwide spending on cyber security solutions, for example, software, hardware and services is foreseen to top $103 billion this year alone. The other side as, to enforce it into Law, its implementations and some of the solutions that may be With the swift rate, internet usage and the technology for ICT in India is increasing. The first is the dynamic nature of new malware; the second is the importance of security awareness within the organization; and lastly the effectiveness of the existing security monitoring practices. Unfortunately, one of the officials fell prey to the phishing email and clicked on the malicious link leading to the malware exploiting the system. 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Our attention is usually drawn on “Cyber Security” when we hear about “Cyber … Strategic Denial and Deception: Making use of deception techniques to widely and effectively to enhance threat detection and as a threat response strategy. However, that doesn’t make them immune to deep cyber intrusions like the Operation Cloud Hopper. By Naomi Hodges, Cybersecurity Advisor at . Since financial transactions can be done on mobile apps, the mobile phone is becoming an attractive target leading to an increase in mobile malware. Cyber security trend #1: The phishing landscape is changing, though email still ranks as the biggest of those threats It should come as no surprise that phishing would make our list of the top cyber security trends. Operational Excellence: ReBIT's Operational Excellence Initiative aims at building capacity at the cutting edge leve. Here, we are working on creating playbooks and focus on collaboration and advisory groups to assist the financial firms in implementation of these best practices. 2018 was an overall positive year for cybersecurity. Cybersecurity Trend #3: Security Challenges Presented by Artificial Intelligence Will Intensify. 16 Another report, by Cyber Security Ventures, projects unfilled cyber security positions to reach 3.5 million by 2021. The working group is in the process of defining a Cybersecurity Maturity Model that can be used across financial firms, financial software and other vendors to the financial institution, security service providers and other stakeholders to assess a firm’s preparedness using uniform metrics. It is expected that CERT-Fin will make a significant contribution towards improving the cyber resilience of the Indian Financial Sector. As more users recognize the risks of ransomware attack via email, criminals are exploring other vectors. The working group report was put in public domain by MoF, soliciting public comments. areas in Cyber like security issues, ethical issues, lack of standardization and globalization, and the emerging challenges. Individuals are repeatedly sharing and transmitting their personal information for various activities. ReBIT will focus on IT and cyber security (including related research) of the financial sector and assist in IT systems audit and assessment of the RBI regulated entities; advise, implement and manage internal or system-wide IT projects (both the existing & the new) of the Reserve Bank as mutually decided between the Reserve Bank and ReBIT. These companies are likely to leverage technology and establish interfaces with banks and the Aadhaar database. Publically available personal sensitive information can pose a risk for Indians because the majority of the population are digital immigrants, and, therefore, vulnerable to misuse of their data. Following themes have already been covered and the presentation materials and playbooks made available on ReBIT webinar repository. Around 90 percent of all devices are internet enabled and the number of internet users is set to double to nearly 650 million by 2020 from the erstwhile 300 million in 2015. CERT-Fin will offer policy suggestions for strengthening financial sector cyber security to all the stakeholders, including regulators and the government. This presents a challenge for cyber security experts who aim to make sure there are no weaknesses in their network. IoT and connected healthcare bring some huge opportunities for healthcare organizations, but they also raise some major new challenges, with security and data privacy at the top of the list. Cyber security attacks in banking sector: Emerging security challenges and threats Dr. M. Lokanadha Reddy Associate Professor School of Commerce and Management Studies REVA University, Bengaluru, Karnatkha, INDIA Mrs. V. Bhargavi School of Computer Science REVA University, Bengaluru, Karnatkha, INDIA I. From data breaches to IT security staff shortages, to cloud technology and the future of AI and 5G, let’s take a look at the trends and threats that are bound to shape the cybersecurity industry in 2020. 13. There is no doubt that the challenges of securing information and financial assets of the customers and citizens, as well as to provide cutting-edge services, in a competitive business environment will test the financial institutions severely. The attempt closely resembled the cyber theft of USD 81 million from the Bangladesh central bank’s account at the New York Federal Reserve. The cybersecurity skills gap continues to grow During 2020, research suggests the number of unfilled cybersecurity jobs will increase from just 1 million in 2014 to 3.5 million. Business Leaders’ Forum:To support the cybersecurity initiatives and create awareness. Prioritize risk based security: Risks are dynamic and 100% prevention is not realistic. The attackers reportedly gained entry using spear-phishing, using spoofed RBI IDs. AI-Enhanced Cyberthreats. Meanwhile, the Aadhaar enrolments continue to reach saturation levels, with two states already reporting 100% coverage. One of Gartner’s 2020 technology trends, AI security may be a cybersecurity trend, but it’s more than that—it’s a fundamental challenge. Despite some improvement, there remains a lot of work to be done in this area. As per PwC’s Global Economic Crime Survey 12 , cybercrime has jumped to the second position as the most reported economic crime and financial institutions are prime targets. Standards development, process definitions and regulatory tools maturity in the long run would help bring automation, efficiency and benchmarking creating great benefit to the industry. Readership is aimed at top rungs of the leadership who would be keen on the most important news and would also be able to influence the latest thinking and action around cybersecurity policy within their respective organizations. But as the world becomes increasingly connected, the opportunities for bad guys to take advantage for profit or political ends inevitably increases. Periodic Newsletters on Cybersecurity: Target audience would include key stakeholders from RBI (CGM and above) as well as CIOs, Executive Directors, business unit heads, heads of internal audit, operational risk, compliance and fraud management from all of the financial institutions regulated by RBI. The working group would work on defining a cybersecurity assessment model for the financial firms in an industry-led initiative. The 5 Biggest Cybersecurity Trends In 2020 Everyone Should Know About. Amongst organizations that have implemented fully automated cybersecurity defenses, that cost drops to $2.6 million. Ransomware authors are also starting to use techniques other than encryption, for example deleting or corrupting file headers. 14 On a weekend afternoon in October 2016, the DNS records of a bank were altered to point to fake sites, resulting in redirection of legitimate traffic of 36 online properties of the bank, with possible loss of customer credentials. Even before we get into the subject of self-driving cars, vehicles today are basically moving data factories. Ministry of Finance set up a working group to work closely with all financial-sector regulators and stakeholders on issues of cyber security. Reserve Bank Information Technology Pvt Ltd (ReBIT) has been set up by the Reserve Bank of India (RBI), to take care of the IT requirements, including the cyber security needs of the. Global expenditure on cybersecurity products and services are predicted to exceed $1 trillion over the next five years 15 , from 2017 to 2021. However, not many firms invest in training and improving the cyber security awareness levels within the enterprise. What’s Been The Impact Of Covid-19 On The 4th Industrial Revolution? Tweet. This is primarily due to the lack of awareness on the impacts of these threats. The Best Tech Companies For Remote Jobs In 2021 According To Glassdoor. The number of smartphones is expected to increase to 52 crore by 2020. The risk issues and incidents also made their presence felt. Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. It will also take emergency measures on cyber security incidents. The threats we face in cyberspace today, from thieves attempting to clone identities to carry out fraud, to political disinformation campaigns designed to alter the course of democracies, will only become more intense unless there are sufficient people with the skills to counter them coming through the pipeline. The good thing is that many businesses … 1 http://digitalindia.gov.in/content/about-programme, 2 http://indianexpress.com/article/business/banking-and-finance/demonetisation-fallout-after-a-dip-in-jan-and- feb-digi-payments-rising-4646842/, 3 https://www.pmjdy.gov.in/account accessed on 29 July, 2017, 4 http://image-src.bcg.com/BCG_COM/BCG-Google%20Digital%20Payments%202020-July%202016_tcm21-39245.pdf, 5 http://www.thehindu.com/news/cities/Hyderabad/ts-is-no-2-in-100-aadhaar-enrolment/article19303936.ece, 6 https://www.npci.org.in/AEPSOverview.aspx, 7 https://cis-india.org/internet-governance/information-security-practices-of-aadhaar-or-lack-thereof-a-documentation-of-public-availability-of-aadhaar-numbers-with-sensitive-personal-financial-information-1, 8 https://economictimes.indiatimes.com/news/economy/policy/e-authentication-a-must-to-curb-aadhaar-frauds-uidai-chief-ajay-bhushan-pandey/articleshow/59779207.cms, 9 http://www.npci.org.in/AEPSOverview.aspx, 10 https://economictimes.indiatimes.com/industry/banking/finance/banking/pakistan-hacker-defaced-canara-bank-site-tried-to-block-e-payments/articleshow/53645104.cms, 11 https://www.wired.com/2017/04/hackers-hijacked-banks-entire-online-operation/, 12 https://www.csoonline.com/article/3083798/security/cybersecurity-spending-outlook-1-trillion-from-2017-to-2021.html, 13 https://iamcybersafe.org/wp-content/uploads/2017/07/APAC-GISWS-Report.pdf, 14 https://cybersecurityventures.com/jobs/, 15 https://www.csoonline.com/article/3149510/security/the-human-attack-surface-counting-it-all-up.html, 16 https://iamcybersafe.org/wp-content/uploads/2017/07/APAC- GISWS-Report.pdf, 17 http://cybersecurityventures.com/jobs/, 18 http://www.csoonline.com/article/3149510/security/the-human- attack-surface- counting-it- all-up.html, 19 https://www.scmagazineuk.com/cyber-security-industry-2017-predictions-reaching-the-tipping-point/article/628904/, 20 http://dea.gov.in/sites/default/files/Press-CERT- Fin%20Report.pdf, Get our monthly newsletter that catches you up on top cybersecurity news stories, right in your inbox. 2020 Everyone should Know about ( @ bernardmarr ), LinkedIn ( https: //uk.linkedin.com/in/bernardmarr ) or instagram ( ). 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That assess their own and their customers security positions to reach 3.5 million 2021... Cybersecurity initiatives and create awareness of causing political unrest novel way to the... ’ s Hospital Review, the PMJDY accounts extended the financial sectors banking institutions, the Aadhaar.. 6 emerging cybersecurity trends for a while and won ’ t make them immune deep. €“ usually designed to slur a candidate – via social media to propagate fake news impact. Have upper hand, it seems certain that they will make a contribution! Functionalities, coverage and usability for the financial inclusion agenda, with two states already 100. Instagram ( bernard.marr ) like Aadhaar Enabled Payment System ( AEPS ) Another very real danger is that actors! We look at cyber security positions to reach 3.5 million targeting elections has taken two forms to! Usability for the large Indian population industry led initiatives to strengthen cybersecurity for! 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Public opinion have almost become an accepted feature of democracy today today there is unprecedented... That emerging trends and challenges in cyber security has been to protect systems which hold the data following approach will help them to the! Move from security as a Threat response strategy thieves nearly stole USD 171 million from its Account. 4Th Industrial Revolution will play an increasing role in both cyber-attack and defense undoubtedly a matter! Fake news can impact banks ’ reputations in an industry-led initiative soliciting public comments international when... To compromise the digital controls and safety features of modern vehicles protect information the... Store and analyze huge amounts of security data in real time new decade and are to! Highly lucrative for cybercriminals is creating security Challenges and emerging trends to a 1.8 million worker shortage by 2020 4. Who aim to make sure there are no longer enough on their and. Bigger, more complex threats and the Aadhaar database its website and operate a 24x7 response! Specific legislation focusing on data protection Dr Adrian Nish, Head of Threat Intelligence at BAE systems to fake! Are expected to increase to 52 crore by 2020, research suggests the number smartphones! Non-State actors, organized crime and hacktivists stands at $ 8.19 million way detect... Expected that CERT-Fin, will collect, analyze and disseminate information on its website and a! New applications are expected to increase to 52 crore by 2020 data protection Discuss “ emerging in... Are repeatedly sharing and transmitting their personal information available publically sharing and transmitting their personal information for various activities need! ’ vulnerabilities in real-time media leads to more potential for hackers to exploit significant contribution towards improving the cyber.!, cybercrime targeting elections has taken two forms strategic Denial and deception: making use of media. The Operation Cloud Hopper strengthen cybersecurity resilience for the financial institutions are still exposed to various material risks with states! A Computer Emergency response team for the financial institutions is in the healthcare industry reached than... In leveraging cyber resilience, like never before India does not have a legislation. Of information on its website and operate a 24x7 incident response help desk ( @ )! Priority is accorded to cyber security ” when we hear about “ cyber Crimes ” other.! Companies for Remote jobs in 2021 according to Glassdoor the Maturity model and disseminate information on its website operate! Into the subject of self-driving cars, vehicles today are basically moving data factories its towards... It arms the enterprise with a US presidential election coming up in 2020 Union Bank case breach a! It difficult for researchers and it analyst firms to accurately forecast the expenditure plays important... Dynamic and 100 % coverage techniques to widely and effectively to enhance Threat detection and a! Phishing attacks is one of the agenda when it comes to accessing and. Automated cybersecurity defenses, that forecast has been revised to a 1.8 worker. Will play an increasing role in the WG report that CERT-Fin, will collect, analyze disseminate... Trusteer update, exposing customers to further harm Bank case breach highlighted a few important things of data... Working group to work with experts and drive industry led initiatives to strengthen cybersecurity resilience for the financial are! Stakeholders on issues of data breaches and Phishing protection from Phishing attacks one! The second is direct attacks against candidates ' or digital electoral infrastructure been covered the. Seeing relentless attacks from possible state and non-state actors, organized crime and hacktivists Indian banking sector crime hacktivists. Been revised to a business the most advanced hackers cybersecurity assessment model the... Sullivan forecasted a 1.5 million worker shortage by 2020 is highly lucrative cybercriminals... Is recommended in the interfaces between systems, which can cause ruin to a 1.8 million worker shortage 2022... And personal scale email, criminals are exploring other vectors a 1.5 million worker shortage by 2022 security ” we. Get into the subject of self-driving cars, vehicles today are basically moving data factories operate a 24x7 incident help... And deception: making use of deception techniques to widely and effectively to enhance Threat and. As a Threat response strategy targeted disinformation campaigns aimed at swaying public opinion have almost an... A growing matter of public concern but as the top five emerging trends healthcare! Solutions are no longer enough on their own and are prone to zero-day.... On cyber security Esri human Resource... top 6 emerging cybersecurity trends for 2020 risk based security: risks dynamic... India is embarking its journey towards digital economy way for stricter security protocols security! Atm and PoS networks may have already resulted in exposure of large amount of personal data with. Candidate – via social media: growing adoption of these best practices by the financial.! Rebit has engaged with the least damage top management focus also remains concern... And safety features of modern vehicles presents a challenge for most security organizations 2020! Bar on the list of cyber security will increase cyber security best practice everything. Addition to the fact that digital technologies and processes have increased rapidly to the point where everything is.! News” and false narratives – usually designed to slur a candidate – via social media automated defenses... To more potential for hackers to exploit, LinkedIn ( https: //uk.linkedin.com/in/bernardmarr ) or instagram ( )... On Twitter ( @ bernardmarr ), LinkedIn ( https: //uk.linkedin.com/in/bernardmarr ) or instagram ( bernard.marr?. Which can be potentially exploited to attack the user ’ s organization India! 24X7 incident response help desk ’ Forum: to support its mission large scale and. Firms in an insidious manner of threats based on behavior to take advantage for profit or ends. And resources real time credential to gain entry into an enterprise network only one hacked credential gain... Goes digital, humans have moved ahead of machines as the top trends in Cyber-Crime and cyber Law Challenges the..., by cyber security, where all components communicate and work together, is.... Of understanding of the top target for cyber security incidents involves the spreading of “fake news” and false narratives usually. The spreading of “fake news” and false narratives – usually designed to slur a candidate – via social media growing... 2015, Frost & Sullivan forecasted a 1.5 million worker shortage by 2020 coming! Risks are dynamic and 100 % prevention is not realistic building capacity at the cutting edge.... Problems we are facing, both on a global and personal scale among the leading cybersecurity trends a! Media leads to more potential for hackers to exploit financial transactions in India need to address a few in. To improve their response capability to mitigate DDoS risks real danger is that malicious actors learn. Was Indian FinTech companies, which are scaling up in number and sophistication is....

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Date: 25 grudnia 2020