Cyber Security is a demanding area and needs to be addressed by professionals in the field. We have reached out to eSafe Solutions Ltd, a company which specializes only in Cyber Security since 2007. Panicos Georgiou – company founder and CEO, Constantinos Papadamou – company’s COO, and Kypros Politis – Cyber Security Architect gave us their views on what you can do to protect yourself and your business from becoming targets.
What are the latest types of cyber threats that businesses need to be aware of in 2023?
In 2023, businesses need to be vigilant about a variety of cyber threats, including ransomware attacks, supply chain attacks, cloud security breaches, and artificial intelligence-based attacks.
Most of the attacks are based on information the hackers receive mostly from Phishing Attacks. Organizations are becoming more aware as they are investing in employee awareness and as a result Phishing gets a lot more sophisticated and targeted. Hackers are upping their stake by leveraging advanced technologies like AI and machine learning to craft and quickly distribute convincing fake messages to persuade victims. Currently, phishing remains part of 36 percent of all data breaches, according to a Data Breach Investigation report by Verizon.
How can businesses better protect their sensitive data from cyber threats?
Businesses can protect their sensitive data by implementing robust cybersecurity measures, such as using strong passwords, two-factor authentication, and encryption. Additionally, regularly updating software and educating employees on cybersecurity best practices can also help prevent data breaches.
On the other hand, there is no magical cyber security blueprint that you can apply for all businesses because all businesses even on the same business vertical operate differently. Before suggesting solutions as eSafe Solutions we perform a risk assessment which takes into consideration the business strategy of the organization and its more critical assets. For some organizations online presence and commerce is the most valuable asset whereas for others customer data is more precious. Apart from solutions, internal procedures and controls play an important role in one’s organization cyber resilience.
What is the role of AI and machine learning in cyber attacks and defense in 2023?
In 2023, AI and machine learning are expected to play a larger role in both cyber attacks and defense. Cybercriminals are likely to use AI and machine learning to carry out more sophisticated attacks, while businesses can use these technologies to detect and prevent cyber threats more effectively. It is not expected from businesses to have the capability to understand AI or how to use AI. AI is already incorporated into more advanced solutions which have the capability to identify AI originated attacks and prevent them using the same technology. AI and unattended ML require constant “education” and evolvement but are well more time efficient than the human manual investigation and for this reason Cyber Security solutions providers are investing a lot of money into this technology.
How can businesses ensure that their third-party vendors and partners are also implementing strong cybersecurity measures?
To ensure that third-party vendors and partners are implementing strong cybersecurity measures, businesses can conduct regular security audits and require that vendors meet certain security standards. Additionally, including cybersecurity requirements in vendor contracts and monitoring vendor activity can also help prevent security breaches.
What are the potential consequences of a cyber attack on a business in 2023?
The consequences of a cyber attack on a business in 2023 can be severe, including financial losses, damage to reputation, legal liabilities, and even business failure. Additionally, businesses may also face regulatory fines and legal action if they fail to adequately protect customer data. Cyber Attacks come in many flavors and normally affect the business continuity of an organization. For this reason, and other than the prevention technologies that needs to be in place, companies need to ensure that all the procedures are in place in case such an unfortunate event happens. At the same time such procedures should be regularly rehearsed.