FinTech Magazine - January 2023 | Page 43

BANKING

As we enter a new year , challenges in the cybersecurity space look set to cause continued disruption . We look at the latest trends

Cybercrime is on the rise . With digital transformations being a major concern for businesses globally , the attack surface grows exponentially . And , if recent events have taught us anything , it ’ s that people will always try to take things that don ’ t belong to them .

The fact is that cybercrime is more organised than we think . With a staggering rise in Ransomware-as-a-Service ( RaaS ), Hackers-as-a-Service ( HaaS ) and Access-asa-Service ( AaaS ) lowering the bar for entry , it ’ s never been easier . Gone are the hoodiewearing loners huddled in basements mining data for cash . Now , it ’ s men in suits who , for all intents and purposes , operate like legitimate businesses . With more systems requiring ever increasing access to data in order to function , new vulnerabilities spring up daily that must be continuously beaten down like whack-a-mole .
As The Art of War states : “ If you know the enemy and know yourself , you need not fear the result of a hundred battles . If you know yourself but not the enemy , for every victory gained , you will also suffer a defeat ”. As 2023 commences , we must study the expected cybersecurity trends in order to best prepare ourselves for what may lie ahead .
Ransomware and malware on the up There is a reason that ransomware has stood the test of time , because it exploits the best vulnerability there is – human error . All it takes is one inadvertent click on the wrong link or connecting to unsecured WiFi , and an entire

“ If you know the enemy and know yourself , you need not fear the result of a hundred battles ”

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