Cybercrime is becoming a focus for all organizations and governments globally. Kypros Politis, Cyber Security Architect – Team Lead at eSafe Solutions Ltd, with over 25 years experience in the sector, shares his views and experiences on cyber security assaults, AI-drive cyber attacks, machine learning, emerging trends in ransomware attacks for 2024 and many more with fintechview readers exclusively.
What should businesses do proactively to defend themselves from cyber security assaults?
Online business and especially fintech should proactively defend against cyberattacks and limit their impact. Businesses should conduct regular cybersecurity risk assessments to identify vulnerabilities and threats. Prioritizing risks based on potential impact and likelihood is helping to develop a risk management strategy to mitigate and monitor identified risks. Staying compliant with cybersecurity regulations and finally , businesses should define a cybersecurity strategy and roadmap which is essential for businesses to enhance their protection against cyber threats. By proactively taking these measures, organizations can significantly enhance their cybersecurity posture, reduce the risk of cyberattacks, and minimize the impact of incidents when they do occur. Remember that cybersecurity is a shared responsibility involving technology, processes, and people within any organization.
What is the significance of Zero Trust security and how does it differ from traditional security models?
Zero Trust security challenges the traditional security model of “trust but verify.” In a Zero Trust model, organizations never trust any user or device by default, even if they are inside the network perimeter. Instead, they continuously verify and authenticate users and devices, granting access on a least-privilege basis. This approach is essential because it acknowledges that threats can exist both outside and inside the network, making continuous verification and strict access controls critical for security.
How are artificial intelligence and machine learning being used to enhance cybersecurity defenses?
Artificial intelligence (AI) and machine learning (ML) are playing a significant role in cybersecurity in 2024. They are being used to analyze vast amounts of data and identify patterns indicative of cyber threats. AI and ML can automate threat detection, improve the accuracy of anomaly detection, and enhance incident response by providing real-time insights. These technologies also help in behavioral analysis to detect insider threats and advanced persistent threats that may evade traditional rule-based systems.
What are the emerging trends in ransomware attacks for 2024, and how can organizations better prepare against them?
Ransomware attacks continue to evolve with Research specialists (CPR*) reporting an 8% increase in global weekly cyberattacks in the second quarter, marking the highest volume in two years. Cybersecurity predictions for 2024 broadly fall into seven categories: Artificial Intelligence and Machine Learning; GPU farming; Supply chain and critical infrastructure attacks; cyber insurance; nation state; weaponized deepfake technology and phishing attacks. Emerging trends include double-extortion, where attackers steal sensitive data before encrypting it, and triple-extortion, where they threaten to release data, sell it, or use it for other malicious purposes. Organizations should prepare by implementing robust backup and recovery plans, regularly updating and patching software, conducting employee training to recognize phishing attempts, and investing in advanced threat detection and response capabilities.
*CPR: resource is Check Point Research
With the increasing adoption of IoT devices, what are the main cybersecurity challenges organizations face in securing their IoT ecosystems in 2024?
IoT security is a critical concern in 2024 due to the proliferation of connected devices. Challenges include device vulnerabilities, lack of standard security protocols, and difficulties in patch management for IoT devices. Organizations must implement strong device authentication, network segmentation, and monitoring to protect against IoT-related threats. Additionally, they should consider the entire lifecycle of IoT devices, including secure provisioning and decommissioning.
Can you foresee how cyber security will develop in 2024?
We expect to see advancements in AI-driven cyber attacks and corresponding defenses. As technology evolves, so do the methods of those looking to exploit it. There will likely be increased emphasis on securing IoT devices, given their proliferation in various aspects of our lives. Quantum computing might also become more prevalent, posing both opportunities and challenges for cybersecurity. Additionally , in terms of regulations, we might see more stringent data protection laws and cybersecurity standards globally. Governments and organizations will likely continue to invest in cybersecurity measures to protect sensitive information. Of course, these are just predictions, and the landscape can change rapidly. We all need to keep an eye on reputable tech and cybersecurity sources for the latest trends and advancements!
“In 2024 we expect to see advancements in AI-driven cyber attacks and corresponding defenses. As technology evolves, so do the methods of those looking to exploit it. There will likely be increased emphasis on securing IoT devices, given their proliferation in various aspects of our lives. Quantum computing might also become more prevalent, posing both opportunities and challenges for cybersecurity.”
Who is Who
Kypros, Cyber Security Architect – Team Lead at eSafe Solutions Ltd, has over 25 years of expertise in the field of IT and specializes in seamlessly combining network centric and data-centric controls. As an experienced Security Expert, he has a passion for developing powerful defense techniques. Kypros previously held the position of Associate Manager at the IT/Infrastructure Security Division at the Hellenic Bank for over 16 years.
