Cybersecurity Private Equity

Cyber TRUST™ Index

129

-0

52 Week

223

120

Index at 100 on January 1, 2020

Areas Still Needing Cybersecurity Improvement [Weekly Cybersecurity Brief]

While cybersecurity has earned its place as a major topic on the global agenda, there are still areas in need of improvement. With the introduction of new events, the transition to a more digitalized economy and the evolution of vulnerabilities, we are continually expanding our understanding of where enhanced cybersecurity practices are required. In this roundup, we cover how cloud technology, OT security and developing countries are leading some of the latest cybersecurity conversations.

As pointed out by Help Net Security, cloud adoption is constantly growing. The use of tech such as IaaS providers has increased more than 50% in just a year. Although this offers great innovation, the complexity of cloud services also has some worrying. According to a recent survey, 51% of IT professionals that responded agreed it is more complicated to manage privacy and data protection in the cloud. On top of struggles with properly handling these systems, participants in the study noted that they are concerned by the rise in attacks targeting cloud applications. Despite being a space still in the process of sorting out the best cybersecurity approaches, there are some protective measures available to organizations. For one, they can use tools that encrypt data. Trends show that increasingly more are incorporating zero trust strategies as well.

While we figure out the best methods to securing cloud services, another field we need to further address is OT. We have often focused on IT cybersecurity. But with the escalation of Industry 4.0, OT cybersecurity is just as important. This has become more apparent with the release of notices like the U.S. government’s advisory regarding threats to industrial control systems. However, a 2022 report based on insight from 500 global OT security professionals shows that many entities have yet to tackle that vulnerability. As Dennis Scimeca at Industry Week summarizes, “Only 13% of respondents have centralized visibility of all OT activities.” Not putting measures into place can severely impact operations of essential networks like critical infrastructure.

Critical infrastructure cybersecurity is an area demanding improvement well beyond the United States. With the unfolding of events like the war in Ukraine, it has become clear to officials that it is crucial we take collective efforts to support other countries in protecting their own infrastructure. The Wall Street Journal reports that such an initiative has been introduced by the U.S. and the European Union. Through a joint funding program, the U.S. and EU would aid other countries in advancing cybersecurity capabilities shielding systems like telecommunications. Officials also share that providing support would help to avoid reliance on potentially compromising technology. They pointed out uncertainties over China’s Huawei Technologies Co as an example. In taking on this need, they are looking to launch projects in places like Africa or Latin America by the end of the year.

Key Takeaways:

“Increased cloud complexity needs stronger cybersecurity” – Help Net Security

https://www.helpnetsecurity.com/2022/06/13/multicloud-environments-complexity/

  • The use of tech such as IaaS providers has increased more than 50% in just a year.
  • According to a recent survey, 51% of IT professionals that responded agreed that it is more complicated to manage privacy and data protection in the cloud.
  • Participants in the study also noted that they are concerned by the rise in attacks targeting cloud applications.

“OT Cybersecurity Readiness is Dangerously Behind” – Dennis Scimeca, Industry Week

https://www.industryweek.com/technology-and-iiot/cybersecurity/article/21244387/ot-cybersecurity-readiness-is-dangerously-behind

  • Tith the escalation of Industry 4.0, OT cybersecurity is important.
  • However, a 2022 report based on insight from 500 global OT security professionals shows that many entities have yet to tackle that vulnerability.
  • As Dennis Scimeca summarizes, “Only 13% of respondents have centralized visibility of all OT activities.”

“U.S., EU Plan Joint Foreign Aid for Cybersecurity to Counter China” – Catherine Stupp, The Wall Street Journal

https://www.wsj.com/articles/u-s-eu-plan-joint-foreign-aid-for-cybersecurity-to-counter-china-11655285401

  • A joint effort on behalf of the U.S. and the European Union has been introduced to address cybersecurity in developing countries.
  • They would provide funding to enhance cybersecurity around critical infrastructure like telecommunications.
  • They are looking to launch projects in places like Africa or Latin America by the end of the year.
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