Cybersecurity was a top concern for businesses in 2015, and the new year has maintained the momentum in how cybercrime should be approached and prevented.
Prime Minister Malcolm Turnbull recently announced a collaboration agreement with the USA to create a set of new strategies to better address threats. The need for peacetime norms in cyberspace and the promotion of innovation is a great example of how the mindset of cybersecurity is rapidly shifting.
With the changing methods of dealing with cyberthreats, how can businesses adjust their strategic planning to adapt to the new wave of technology?
Forensic cybersecurity on the rise
A recent survey from Ernst and Young (EY) revealed the growing interest in forensic cybersecurity, especially when it comes to internal affairs. Out of the global executives surveyed, around 60 per cent were planning to increase investment into this technology within the next two years.
60 per cent of companies are planning to invest in forensic cybersecurity.
There are a number of key threats that are spurring the need for increased investment and measures. The most commonly named risk was internal fraud, cited by 77 per cent of companies and insider threats, named by 70 per cent.
Forensic Technology & Discovery Services (FTDS) Leader David Remnitz explained the benefits of adopting this method for many firms.
"Given the level of pressure organisations are facing on fraud prevention, it is no surprise that the majority of respondents are expending more effort on proactive initiatives," he stated.
"Surveillance monitoring programs utilising FDA can help organisations to strengthen their compliance programs, improving corporate culture and bolstering the confidence of regulators and other stakeholders."
Keeping up with the IoT
According to KPMG, 92 per cent of IoT users are concerned about maintaining cybersecurity to some degree. So far, there have been 245 reported incidents of attacks on IoT control centres in the US alone, 55 per cent of which were considered "advanced persistent threats". These employed sophisticated methods to constantly attack high-value targets.
As the use of IoT-enabled devices is only set to grow in the office, the rising threats will become more widespread as a result. However, there are actions that businesses can take to address these risks. For example, KPMG found that only 40 per cent of companies have implemented a specific strategy for IoT security, such as firewall protection, identify management processes and introducing intrusion software.
Companies must be prepared to handle multiple media types in order to protect their internal businesses management systems. Getting ahead of the curve on modern technology will both prevent incidents and build stronger security measures.