Evolution than Revolution of cyberattacks
Cybersecurity is a constantly evolving industry, and it impacts all of us. The cyber security market continues to evolve and grow, driven by the increasing reliance of business on information technology. The growing number of security and data protection regulations, the shift of crime online is due to the criminals seeking to make money from stealing information and committing fraud, and the increasing incidence of state-sponsored cyber-attacks for several reasons.
The first quarter of 2022 in cybersecurity was more about evolution than revolution. The techniques and prevalence of ransomware attacks advanced while Russian cyberattacks continued a slow-building evolution fed by the continuing conflict in Ukraine.
The Trellix Threat Report states that the Russian cybercriminal groups have always been active. Their tactics, techniques, and procedures have not significantly evolved over time, although some changes have been observed. Lately, the threat landscape has changed, as multiple domains have partially merged. This trend was already on-going, but the increased digital activity further accelerated and exposed said trend.
IDC forecasts that worldwide cyber security spending will reach $174.7 billion in 2024, with security services the largest and fastest-growing market segment. The rise in cyberattacks, especially ransomware, has fuelled the cyber insurance market. Going forward, Employment of cyber security or information security analysts is projected to grow 31% from 2019 to 2029, much faster than the average for all occupations.
Critical infrastructure continues to represent one of the most enticing targets for criminals, worldwide, that exists in cyber warfare. This industry is plagued by legacy systems and riddled with trivial hardware and software flaws, configuration issues, and exceptionally sluggish update cycles. Yet, behind this façade, are many of the most essential systems we rely on, from fuel pipelines to water treatment, energy grids to building automation, defense systems and much more.
One often-overlooked area of industrial control systems is access control, part of the building automation framework. Access control systems are commonplace, de facto solutions which provide automation and remote management for card readers and entry/exit points to secure locations.
According to a study done by IBM in 2021, the average cost of a physical security compromise is $3.54 million and takes an average of 223 days to identify a breach. The stakes are high for organizations that rely on access control systems to ensure the security and safety of facilities.
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