The persistent challenge of cybercrime continues to plague modern businesses, with seventy-one incidents and 3,808,687,191 compromised records reported in September 2023 alone. Globally, the year’s breached records have surpassed 4.5 billion, showcasing the severity of the issue. The Orange Cyberdefense Security Navigator 2023 identifies prevalent attack types as malware, social engineering, policy violations, system anomalies, and network and application anomalies.
Ransomware remains a prominent threat, with the Sophos State of Ransomware 2023 report revealing that 27% of ransomware payments ranged between one and five million dollars. The average cost for companies to recover their data stands at $US1.82 million. Notably, ransomware attacks are evolving from encryption-focused tactics to an extortion-led approach, where cybercriminals exfiltrate data, holding it ransom with the threat of sale or leakage.
Ransomware-as-a-Service contributes to the threat landscape, providing a commoditized and optimized service for cybercriminals. Emerging threats in 2023 include mobile malware, destructive malware, disk wipers, and zero-day vulnerabilities. Cloud third-party attacks are also on the rise, exploiting vulnerabilities introduced by the widespread adoption of cloud computing.
The exploitation of vulnerabilities is a growing concern, with malicious actors being 327 times more likely to exploit them. Unique exploit detections have increased by up to 68%, highlighting the urgency for timely platform patching. The study emphasizes the need for organizations to shift from being the hunted to the hunter, investing in tools and methodologies that empower the business with control over its security.
PwC’s 2024 Global Digital Trust Insights study reveals that companies prioritizing streamlined security experience fewer breaches and less costly attacks. This approach enables increased productivity, growth, and confidence in leveraging emerging technologies. Placing security at the organization’s core allows innovation and growth to emanate from protected technologies.
The four pillars of a robust security posture are outlined as monitor, respond, hunt, and protect. These pillars encompass network, email, and identity security, along with managed detection and response (MDR), monitoring and analysis, intelligence, and threat hunting. BCX’s Threat Detection Centre utilizes best practices and cutting-edge technologies to swiftly respond to risks while maintaining sophistication and agility.
The essence of cybersecurity is presented as more than technology; it is a mindset and methodology embraced by growth-oriented organizations partnering with experts possessing the right tools and expertise.