Cybersecurity today requires an integrated approach to protecting the information space. Cyberattacks are becoming a reality - damage from data destruction, lost funds, lost productivity, theft of intellectual property, theft of personal and financial data, significant disruption to the normal course of business, and reputational damage.
Every day, cyber fraudsters manage to hack thousands of private accounts in the popular instant messengers. These attacks use a variety of methods and tools, including phishing, social engineering, malware, and exploiting software vulnerabilities. Attackers are constantly improving their methods to bypass security systems and gain unauthorized access to accounts.
Despite regular security updates released by developers, it is almost impossible to completely avoid all potential threats. Accordingly, protection in the form of two-factor authentication, regularly changing passwords, caution when receiving suspicious messages and links, and the use of reliable antivirus software are now the basic protection that everyone should be aware of.
According to Cybersecurity Ventures, the global cost of cybercrime could reach $10.5 trillion annually by 2025. If cybercrime were considered as an individual country, it would be the third-largest economy in the world, after the United States and China.
Accordingly, the costs of combating cybercrime and losses from cybercrime are constantly increasing exponentially. This has forced governments around the world to take proactive steps to prevent and combat cybercrime and introduce appropriate regulation, including issues such as data protection, reporting and reporting of incidents, responsibilities and powers of law enforcement agencies.
For example, in the United States of America, the Cybersecurity Information Sharing Act (CISA) encourages private companies to share information about cyber threats with the government. It also provides certain legal protections to companies participating in information-sharing programs.
The European Union has introduced the General Data Protection Regulation (GDPR), which not only protects the privacy of individuals but also requires organizations to take strong cybersecurity measures to protect personal data. Also on 7 January 2024, a new EU Cybersecurity Regulation came into force, establishing measures for a high overall level of cybersecurity in EU institutions, bodies, offices, and agencies.
The Regulation sets out measures to establish an internal cybersecurity risk management, governance, and control system for each Union entity, and also creates a new Interdepartmental Cybersecurity Board (IICB) to monitor and support its implementation by Union entities.
In Ukraine, the Secretary of the National Security and Defense Council, Alexei Danilov, recently announced the possibility of creating the position of a cyber diplomat, which is associated with the rapid development of technology in the world and the growing number and complexity of cyberattacks in the global space.
In parallel with legal initiatives, technology solutions play a major role in cybersecurity strategies. In 2024, we must quickly adapt to the following challenges:
Consequently, cybersecurity today is becoming a fundamental element of the corporate culture of any company or organization. We're talking about cyber hygiene and cyber resilience (the ability to quickly recover from incidents), which must be integrated into the corporate culture at all levels of a company or organization. In particular, the following key recommendations can be provided to businesses on current cybersecurity best practices:
If you have cybersecurity questions, please contact us.
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Serhii Floreskul
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Violetta Loseva
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