1 – Cyberattacks Affect All People
Cyberattacks are now so common, recent reports show that hackers attack a computer in the US every 39 seconds! Once an attack happens millions of people could be harmed. State-run organizations can be shut down, services can’t be provided to citizens. Case in point, the city of Atlanta was attacked using the infamous SamSam ransomware. The attackers asked for a ransom of $51,000. The SamSam ransomware was so harmful that the city of Atlanta was offline for five days. This caused several significant citywide operations being halted. It ended up having a recovery cost of $17 million. Businesses face over 4000 hacks every single day using ransomware alone.
Cyberattacks can happen on a global scale as well with hackers breaching government organizations. The National Cyber Security Centre (NCSC) warns businesses and citizens that Russia is exploiting network infrastructure devices such as routers around the world. The aim is to lay the groundwork for future attacks on critical infrastructure such as power stations and energy grids.
It is such a threat that nuclear plants can be attacked causing a nuclear disaster with millions of lives lost. In Iran, one of the nuclear facilities were attacked by a malicious computer worm, Stuxnet, that ruined one-fifth of Iran’s nuclear centrifuges. These cyber worms caused centrifuges to heat up and may have caused an explosion costing human lives.
2 – The Fast Changes in Technology Will Cause A Boom In Cyberattacks
Faster speed of broadband service.
With the advent of 5G network. According to The Brookings Institute, “5G networks thus create a greatly expanded, multidimensional cyberattack vulnerability. It is this redefined nature of networks—a new network “ecosystem of ecosystems”—that requires a similarly redefined cyber strategy.” Further stating that the increase in cyber vulnerabilities of software, it would be difficult to retool how organizations would secure the most important network of the 21st century.
Better technology that can automate the cyberattack.
The advent of modern technologies such as IoT is exponentially increasing the number of connected devices to the extent that there will be around 200 billion connected devices by the end of 2020. Cyberwarriors are increasing their knowledge while hackers can now utilize artificial intelligence and machine learning to trigger automated cyberattacks that can easily compromise secure systems without any human intervention. These automated cyberattacks pose a global scare and can be done on a mass volume.
More use of cloud computing.
According to the latest worldwide market study by Canalys, cybersecurity solutions for public cloud and ‘as a service’ accelerated in the first quarter of 2019. Those deployment models collectively grew 46 percent year-on-year. The GAO Finds Cybersecurity Risks as Agencies Increase Cloud Use. Federal agencies are increasingly using cloud computing services and the Office of Management and Budget (OMB) requires them to use the Federal Risk and Authorization Management Program (FedRAMP) to authorize use.
3 – Damage to Businesses and Loss of Jobs
There has been an influx of hacks and breaches of name brand companies in recent years. It is causing millions of dollars in damages to recover the data and penalities paid through fines. All these expenses will cause not only C level executives to lose their jobs but associates can lose their position due to the company cutting cost.
Just a few examples are:
Facebook, the social media giant had over $540 million user records exposed to Amazon’s cloud computing service.
Equifax, the global credit rating agency that experienced a data breach that affected a staggering $147 million customers. The costs of recovering from the hack were recently estimated at $439 Million.
First American Corporation, had $885 million records exposed in a data breach that included bank account info, social security numbers, wire transactions, and mortgage paperwork.
The UK National Health Service (NHS), which was temporarily brought to its knees with a relatively rudimentary ransomware attack, resulting in canceled operations and considerable clean-up costs.
Yahoo, the web giant that suffered a breach affecting every one of its 3 billion customer accounts. Direct costs of the hack ran to around $350 Million.
4 – Cybersecurity Threats Faced by Individuals
Not only do nations and businesses face threats from the actions and intentions of hackers, but individuals face many risks as well. Identity theft is a huge issue, where hackers steal an individual’s personal information and sell it for profit.
This also puts the personal safety of an individual and his or her family at risk. This happened numerous occasions and millions of dollars lost at the expense of the victim. In other cases, the hackers use blackmail and extortion after stealing their identity and demand ransom money to take no further action. This is especially true for high profile identity theft cases of celebrities or people with high net worth. Hackers have attacked household camera devices like the Ring and invade other people’s privacy. This causes major privacy concerns and hackers can speak to individuals that live inside the home, and make ransom demands.
5 – Cyber Concerns May Result in Increased Regulations and Legislation
With cybersecurity threats increasing new laws can be placed to protect the consumer from potential attacks. This would mean that increased regulations and legislation may soon become a reality. Harsher penalties need to be placed on perpetrators of the attack. Citizens need to be made aware of laws passed and make sure that their businesses comply with the laws.
Career Opportunity and Salary Potential in Cyber Security
As companies large and small scramble to respond to the growing threats, jobs in the cybersecurity field are growing fast. The U.S. Bureau of Labor Statistics (BLS) predicts that jobs for information security analysts will grow by 28% between 2016 and 2026. That’s more than twice as fast as the average computer-related occupation, and four times as fast as American jobs in general.
Companies are willing to pay up to six figures for an experienced Cyber Warrior. The typical information security analyst made $98,350 per year, or $47.28 per hour, in 2018, according to the BLS. These salaries are increasing as demand for these positions increased. States like Virginia provide scholarships where there is a need to hire more IT professionals.
You can start a career in cybersecurity as well. Intellectual Point had many student success stories explaining their journey. Please read the following blogs to learn how you can protect organizations from cyberattacks.