Confronting The New Wave Of Cyberattacks

No bank would ever dream of storing its cash and other valuables outside a timed vault with four-inch-thick steel walls, and no big box store would ever operate without security cameras. Yet today, even as we continue our gallop toward a digital economy, there are still companies that leave their digital assets unguarded. This reflects the old mentality that only things with tangible physical value need protection. But we live in a time when, every day, the digital intangibles count for more. Bitcoins, account numbers, customer contact info and transaction data are the real wealth of today’s society. Data, after all, is now called “the new oil,” which explains why ransomware is such a big threat. And just like we recognize that an unlocked door or window is an open invitation to a thief, we need to realize that unmonitored email, unencrypted data and untrained employees are just as big an invitation to a cybercriminal who is after assets that are much more valuable. Indications from the 2022 SOES report are that this awareness is finally taking hold, even though companies and institutions are still struggling to secure their digital wealth as diligently as their physical assets.