A number of Hungarian banks and telecom infrastructures fell victim to a major cyberattack originating from servers in Russia, China, and Vietnam over the weekend, according to a statement by Magyar Telekom.
The hack was under the form of a distributed-denial-of-service (DDoS), where hackers attempted to overwhelm the Hungarian telecom firm’s network with a massively high volume of data traffic, rendering it paralyzed.
“Russian, Chinese and Vietnamese hackers tried to launch a DDoS attack against Hungarian financial institutions, but they tried to overwhelm the networks of Magyar Telekom as well,” the company said.
The attack targeted at Magyar Telekom, which is owned by German Deutsche Telekom, was 10 times higher than any usual DDoS attack, making it the biggest hack in Hungarian history.
“That means that this was one of the biggest hacker attacks in Hungary ever, both in its size and complexity,” the company affirmed.
According to the telco, the attack was done under numerous waves, which affected the services of a handful of financial institutions that later created gaps with Magyar Telekom’s services in a number of areas within Budapest before the company was able to hold it off.
Luckily, the breach’s effect on the company data was very “brief and minimal,” according to the Hungarian Telecom’s statement.
This cyberattack is one of many that has targeted telcos and financial institutions across the world’s western hemisphere aiming at disclosing clientele information. Earlier this year, popular meeting app Zoom experienced a data breach as news of “500,000 stolen Zoom passwords available for sale in dark web crime forums” shook application users.
It doesn’t end there; users’ personal meeting URLs and HostKeys were also stolen and put up for sale on the dark web. The leaked accounts’ details belonged to financial institutions, banks, colleges, and various organizations.
UAE Central Bank bolsters cybersecurity with attack simulation
The Central Bank of the UAE (CBUAE) conducted on Sunday a first-of-its-kind cyberattack simulation exercise designed to test the resilience of the country’s banking sector against cyber threats.
“The exercise affirms CBUAE’s preparedness to prevent or mitigate cyber threats that may cause disruptions to the UAE’s economy and financial stability,” a statement by CBUAE explained.
The exercise was conducted – in collaboration with the UAE Banks Federation (UBF) – under the Central Bank’s mandate to ensure the stability and resilience of the UAE’s financial system through the implementation of sophisticated processes and techniques that can combat the threat of advanced cyberattacks and protect the soundness of the banking system.
During the cyberattack simulation drill, participating banks were exposed to real-time scenarios to assess and apply sector level crisis management strategies.
CBUAE urged banks to bolster their defenses against such attacks and confirmed its commitment to continue the development of its Information technology infrastructure and cybersecurity capabilities in line with the international standard and best practices.
Attacks on financial institutions spiked by a massive 238 percent from the beginning of February to the end of April 2020, as cyber-criminals took advantage of peaks in the COVID-19 news cycle, according to VMware Carbon Black.
According to Accenture, the cost to address and contain cyber-attacks is higher for financial services than any other sector.
CBUAE is responsible for supporting monetary and financial stability and sustaining economic growth in the UAE. It achieves this through supervision, prudent reserve management and the development of a robust financial infrastructure and policies in line with international best practices.
Cybersecurity trends in 2021: Learning from a harsh year
This year has been unlike any other in living memory, barely any aspects of our lives have been spared by the impact of the worst public health crisis in decades.
The worldwide COVID-19 pandemic shifted the way we lead our day-to-day, laying bare to our collective fragility, while greatly heightening our sense of uncertainty. The effects of which will have a long-lasting aftertaste of how our reality has changed, as well as in the unforeseeable future.
The seismic shift caused by the pandemic, also fueled our embrace of technology by increasing our reliance on connectivity and pushing digital transformation into overdrive. Yet, with this reliance on the digital realm, comes risks and potential threats looking to take advantage of the situation.
Reports and breaking news stories throughout the year proved that cybercriminals were quick to adapt to this new norm, exploiting the pandemic and remote working circumstances to profit.
While most of the cybersecurity trends that emerged throughout the year will likely spill over into 2021, there is no definitive way to pinpoint how the cybersecurity landscape will look like a year from now.
However, by monitoring the current events that shaped this year, experts can foresee the areas that will be affected by cyberattacks, as well as the practices that will persist.
Let’s jump right in.
1- Remote workers will remain targeted
Remote workers are the golden nugget of cybercriminals far and wide, which is why they’ll continue being the prime targets for hackers. The reason behind this is due to them operating and using their own devices and Wi-Fi connection to conduct their work.
Home networks aren’t as fortified as their corporate counterparts, at the end of the day, no one has an IT team hanging about in their closet. In parallel, a large number of businesses weren’t properly prepared for the shift to remote work, making homebound workers easier to target.
According to a report published by VMware, a U.S.-based cybersecurity software company, global organizations saw a 148 percent spike in ransomware attacks in March of 2020, just when businesses began to make the shift to remote work.
“Attackers have been using COVID-19 to launch phishing attacks, fake apps/maps, trojans, backdoors, crypto miners, botnets and ransomware,” the report explained.
2- Automation for all the wrong reasons
To deal with the slash in profits, companies have been scrambling to find ways to put security solutions and their remote staff on the same table, signaling the use of hyper automation.
Hyper automation consists of integrating artificial intelligence (AI), machine learning (ML), and robot process automation (RPA) to automate their processes or any other task.
According to market estimates, artificial intelligence in the cybersecurity market is projected to grow from USD 8.8 billion in 2019 to USD 38.2 billion by 2026 at a CAGR of 23.3 percent.
Hackers have taken note of this and have started to develop their very own software disguised as an AI-automation software. Tricking remote workers to install this fake software will allow cybercriminals to pinpoint areas of defense, while marking vulnerabilities.
Using the data gathered by the software, it gives hackers the know-how to slip past or attack similar defensive software.
This is dangerous in every sense of the word since it allows attackers to subtly slip through the cracks faster and at a much stealthier rate; they’ll know before they attack what they are looking for, what to avoid, and how to escape unnoticed.
3- The rise of 5G
Our online behavior changes each year, with every new emergence of technologies that heavily impact our lives. And as the fifth generation of mobile networks begins to softly rollout internationally, our reliance on cloud-based systems grows.
Both B2B and B2C sectors will soon have the opportunity, and later be mandated, to shift toward 5G data management technology. According to Leftronic, 5G is expected to cover almost 40 percent of the world by 2024 with data transfer speeds of up to 10GB/s.
While there exists a plethora of reasons as to how 5G will better our lives, the same could be said about the potential risks that may accompany it.
High-speed data transfers will equip hackers with the ability to infect data packets and conduct corporate espionage at a much faster and subtle rate. Companies will need to revamp and beef up their cybersecurity teams to maintain a high level of security and surveillance for their sensitive data.
According to Cybersecurity Ventures, the cybersecurity talent crunch is expected to create 3.5 million unfilled cybersecurity jobs by 2021, up by 350 percent from 1 million positions in 2014.
4- Cloud attacks
While businesses across the globe were slowly migrating their work to the cloud in pre-COVID times, the pandemic acted as a catalyst for the same, as it acted as a notable ally to ensure business continuity across the board.
According to IDC, the global cloud services market spending is projected to reach USD 1 trillion in 2024, at a CAGR of 15.7 percent during the forecast period 2020-24.
Cloud-based security threats, including misconfigured cloud storage, reduced visibility and control, incomplete data deletion, and vulnerable cloud-apps, will continue to disrupt businesses in the future ahead.
5- IoT security concerns
With 5G’s slow ascension to power brings with it a myriad of technological advancements within its entourage, and the hardest hitter among them is the Internet of Things (IoT).
IoT is on the rise not only for commercial use, but also on the B2B end, most notably in the industrial sector which has laid the ground for transformations in critical infrastructures such as healthcare, automotive, maritime, shipping, and much more.
While this will help shape and fuel the digital revolution, in parallel, it opens the door for many risks and breaches on the cybersecurity level.
“Not only is more data being shared through the IoT, among many more participants, but more sensitive data is being shared. As a result, the risks are exponentially greater,” a report by Deloitte highlighted.
According to American research and advisory firm Gartner, there will be 25 billion Internet-connected things by 2020, and close to $2 trillion of economic benefit globally. That’s a lot of IoT devices and the biggest question is, can tech companies secure all these objects from threats?
A single compromised node can be leveraged to break into corporate networks with severe consequences. Insecure designs and architectures will result in non-encrypted personal data, hardcoded passwords, software, and firmware updates from unverified sources.
This means every IoT design should start with security. Giant tech firms as well as startups should incorporate security into the initial design process, while adding layers of security to protect people from the cyberattacks vis-à-vis giving them more control over the devices themselves.
6- Data, the new oil
Every single click, swipe, visit, and view is the creation of data, a digital footprint that gets bigger and bigger year-in and year-out translating into a company’s most prized possession; and as they broaden this footprint, hackers will remain resolute in their attempt to breach that data.
Thus, the easiest way to access this sensitive data is through the remote workers operating on weakly-protected home networks. From there, experts foresee the increase in VPN usage as well as additional security measures to protect company data while they work from home.
According to Cisco, since the beginning of the pandemic one of the top policy changes made in organizations has been to increase VPN capacity (59 percent) for remote workers.
7- FinTech under fire
The financial industry is considered one of the most threatened sectors in terms of cybersecurity for obvious reasons. Just take a moment and think back to how many data breaches has happened this year solely on financial institutions.
The reasons behind these breaches are always different, from the rogue employee, to the vigilante hacker, only one person is enough to cause significant damage to a financial corporation’s business.
According to Fortunly, cybersecurity investments in Fintech have grown to $646.2 million in 2020, more than double of what businesses spent on IT in 2019.
Thus, companies need to be wearier regarding their assessment of risks, while putting in place air-tight security reforms that protect not only their business models, but their customers’ sensitive data as well.
Hence, a balanced innovation is needed that promotes the growth of the fintech industry and mitigates the hidden risks of its services.
As the COVID-19 battle seems to be at its end with the creation of several vaccines, the experience of the pandemic should serve as a harsh lesson for decision-makers to make the necessary changes going forward.
Addressing the fear of AI in cybersecurity roles
Fear of automation has been present since the first industrial revolution, and as we slowly edge closer toward entering its fourth iteration, that very same fear has lingered and begun to creep up once more.
Only now it has cozied up to another worthy ally that could unearth age old fears of job loss: artificial intelligence (AI).
With technological advancements making headway every day, it seems there’s an accompanying alarm that keeps ringing; a warning of a future in which robots will be able to do everything humans can, only better, cheaper, and for longer.
A study conducted by Trend Micro, a Japan-based cybersecurity firm, that interviewed 500 UK IT decision-makers found that many IT leaders are concerned that their jobs will be replaced by AI in the next ten years.
The study suggests that there is a strongly held belief that jobs within the cybersecurity space will become obsolete due to automation, with no need for human automation.
“More than two-fifths (41 percent) believe that AI will replace their role by 2030, while merely 9 percent of the survey respondents said they were confident that AI would ‘definitely’ not replace their jobs within the next ten years,” the study noted.
While the study highlighted people’s lingering fear of being replaced by a simple algorithm, this doesn’t seem to be the case on the ground.
Let’s jump right in and bust this myth from the get-go.
While IT leaders seem to be worry about the possibility of losing their profession in the next decade, many have jumped in to turn out the panic alarm.
Even, Trend Micro’s Technical Director, Bharat Mistry, wrote within the study that “we need to be realistic about the future. While AI is a useful tool in helping us to defend against threats, its value can only be harnessed in combination with human expertise.”
He added the people should not be worried about their jobs becoming obsolete, since “AI and automation can help us to alleviate the problems caused by critical skills shortages.”
While proponents of AI and automation view them as the harbingers of a golden age free of paper-pushing, mundane and repetitive tasks, AI will not come after your job.
One of the main reasons why cybersecurity experts need not fret about their job security is simply due to cyber criminals beginning to adopt AI within their arsenal of attacks, transforming the battle ground into an online arms race where businesses and individuals attempt to stay one step ahead of each other.
With that, there needs to be cooperation between humans and their algorithms to fend off bad actors, regardless of how sophisticated their approaches might be.
According to the “2020 SANS Automation and Integration Survey,” cybersecurity teams aren’t going away anytime soon.
“Automation doesn’t appear to negatively affect staffing,” the authors concluded, after surveying more than 200 cybersecurity professionals from companies of all sizes over a wide cross-section of industries.
What they found, in fact, suggested the opposite: Companies with medium or greater levels of automation actually have higher staffing levels than companies with little automation.
While automation could theoretically eliminate almost three million cybersecurity jobs before a single one of them contemplates a career change, one needs to question of AI and automation living up to all its potential.
“As we’ve seen with a number of ‘revolutionary’ cybersecurity technologies, many fall short of the hype, at least in the early days,” says a report by U.S. cybersecurity software company, McAfee.
The task of automation and AI currently enjoy their very own shortcomings; the first being that they cannot deploy themselves, thus, a human touch is required to tailor the solution to the business’ needs and ensure that’s functioning correctly.
Even when they’re put in place correctly, AI and automation cannot be solely reliable on covering an organization’s online security just like that, since without lack of human judgment that filters and investigates every claim, these systems can unearth many false positives.
In terms of false negatives, AI is great at spotting what it’s programmed to spot, thus, making it increasingly unreliable at detecting threats and illicit activities it hasn’t been specifically instructed to look for.
“Machine learning is beginning to overcome this hurdle, but the operative word here is still ‘machine’—when significant threats are surfaced, the AI has no way of knowing what this means for the business it’s working for, as it lacks both the context to fully realize what a threat means to its parent company, and the ability to take into consideration everything a person would,” the McAfee report explained.
Humans will still be needed at the helm to analyze risks and potential breaches, and make intuitive, business-critical decisions.
Also, these automated and AI-driven systems instantly become obsolete once new types of attacks are created and deployed against them, since they cannot evolve without the guiding hands of humans.
In parallel, these automated systems cannot hire and train personnel, select vendors, conduct compliance or perform any creative task set before them.
“No automated system, no matter how sophisticated, is going to know when new laws, company regulations, and rules are passed, and no system will be able to adjust to such changes without human intervention,” the report explained.
It is important to note that hackers and cyber criminals have already demonstrated their ability to hack into automated systems; thus, leaving the algorithm to fend for itself, without a human quickly responding to the threat, sensitive data could be at risk of being breached or stolen.
McAfee’s report highlighted that AI and automation will not obliterate cybersecurity roles but would rather redefine and reshape the uses of those roles in other means.
According to SANS, implementation of effective automation often requires an initial surge in staff to get the kinks worked out—but it is almost invariably accompanied by a redirection, not reduction, of the existing workforce.
With that in mind, we need to stop ringing the panic bell of joblessness whenever emerging technologies start hitting the mainstream. We need to remember that without the guidance and instruction of humans, these technologies will not be able to perform as optimally as they were designed to be.
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