Today, cybersecurity is paramount to organizations than ever before as board members, business leaders, and security experts continue to struggle with limited cybersecurity budgets and risks of emerging threats. America has been known to take security as the ‘first’ priority, but is America ready to take on new cybersecurity challenges facing the digital world in changing times?
As COVID-19 pushes the digital boundaries and more individuals and organizations move online, malicious actors have started exploring new avenues to be exploited. The U.S. has always been on the radar of cyber adversaries because of Intellectual Property (I.P.), confidential financial data, business and trade secrets, technological inventions, and top-secret or classified military information. On the other hand, North America dominated the global cybersecurity market in 2019, and it commanded a revenue share of 36.7%1. Although the global leader in cybersecurity, is America prepared to face the novel cybersecurity challenges facing the digital world in these changing times?
Current State of Cybersecurity In The USA And The Role of Other Nation-States
The U.S. has always believed in building national capabilities to defend against cyber-attacks and safeguard its economic vitality and national security. However, at times it faced the wrath of cyber hacktivists, terrorists, and rogue nation-states. Consider the following statistics –
The US is the biggest victim of targeted cyber attacks2.
By 2023, 50% of all data breach incidents will occur in the US2.
America has the highest post-data breach response cost, with the average breach costing $1.56 million dollars2.
State-sponsored threats are expected to increase at a time when I.P. and data related to vaccines have become crucial. Percentage shares of APTs (Advanced Persistent Threats) are given below:
BEAR (Russia) – 22%
KITTEN (Iran) – 21%
CHOLLIMA (DPRK) – 18%
PANDA (China) – 15%
26.3% of all cyber warfare attacks are targeted towards the United States3. These statistics show how the “big four” must be taken into account when developing a cybersecurity strategy.
Emerging Technologies & Emerging Threats
Some emerging technologies and the challenges of cybersecurity posed by them to American cybersecurity are:
– A.I. Created Deepfakes: In the first attack of its kind, a CEO fraud based on AI-generated voice-phishing was used to steal $243,000 from a U.K. Energy Firm4.
– Quantum Computing: Several encryption standards widely in use today could be cracked by quantum computing, compromising security.
– 5G: 5G technologies will bring increased speed, but the greater speed could leave devices more open to DDoS attacks.
– IoT: Devices connected to the Internet of Things may pose a threat as the IoT is yet to have dedicated and standardized compliance norms.
– Artificial Intelligence: A.I. and Machine Learning can scan networks for vulnerabilities and use predictive text function for conducting spoofing attacks.
Individuals And Organizations In The USA: Building A Resilient Cybersecurity Posture
Individuals and organizations can take the following steps to safeguard their information assets and remain resilient in the unfortunate event of a cyber attack.
Employee Training, Awareness, And Education: Humans are the weakest link in the cybersecurity chain. Training and educating employees is necessary to prevent spoofing, phishing, human errors and negligence.
Regular Updates: Updating software, applications, and Operating Systems regularly help prevent zero-day attacks.
Technical Countermeasures: Organizations must use antivirus programs, dedicated anti-phishing tools, and firewalls on every computer in their networks.
Regular Backups & Recovery Solutions: Backing-up data regularly can be a useful tool to combat ransomware. At the same time, implementing data recovery solutions ensures that day-to-day operations are not affected in an unlikely event of a breach.
Identity and Access Management (IAM): IAM eliminates weak passwords, manages privilege access, mitigates inside threats, and provide multi-factor security.
Organizations must also have incident response plans in place to remain resilient in the event of a breach. Taking the assistance of experts can also help in such cases.
Despite the significant share of America in the cybersecurity market, the defense technologies at play are still failing to keep threats at bay. Traditional cybersecurity solutions are letting data breaches happen, and organizations must not hesitate to involve expert cybersecurity service providers. A holistic approach is needed to thwart these cyber-attacks and keep confidential and sensitive information safe.
Cyber Security Market Size, Share & Trends Analysis Report By Component, By Security Type, By Solution, By Service, By Deployment, By Organization, By Application, By Region, And Segment Forecasts, 2020 – 2027 (By Grand View Research, 2020)
2020 Cyber Security Statistics: The Ultimate List Of Stats, Data & Trends (By Purple Sec, 2020)
The largest battlefield in history ? 30 Cyber warfare statistics (By Nikola Budanovi? February 3, 2020)
A Voice Deepfake Was Used To Scam A CEO Out Of $243,000 (By Jesse Damiani, Sep 3, 2019)