We are indeed living through very unpredictable and challenging times. Everyone has had to adjust their personal and professional lives to a 'new normal' where meetings no longer take place in the physical world, where business strategies are discussed and implemented via the cloud, where we use digital and collaborative platforms.

In today's fast-paced world, where our actions are driven by powerful and ubiquitous technological innovations, we constantly struggle with the challenges of information security - call it the perils of a globalized economy. But the fact remains that cyber security is one of the most important areas of concern for businesses today.

Rajesh Dhuddu is Blockchain & Cybersecurity Practice Leader at Tech Mahindra.

© Tech Mahindra

With the increasing use of smartphones and other devices that help us connect virtually, people now spend a lot of their time in the virtual world. The Covid-19 pandemic has only accelerated the transition to the digital world, making us even more vulnerable to cyberattacks and threats. The cyber defenses required in the Covid-19 world have leapfrogged 15 years in a very short span of time, leaving businesses as well as individuals highly exposed. Yes, cyber resilience is the need of the hour!

A digital world - no longer an abstract concept!

To keep everything running smoothly, the world is going digital faster and faster - through artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), virtual collaboration and meeting platforms, among others. While all of these things have taken hold, organizations need to ensure that their systems, processes, plans and transactions are secure and protected from all types of cyber vulnerabilities.

In addition to all these adaptations, conversations are underway in global networks and forums about 5G, which can unlock huge potential in various vertical markets. These include healthcare, smart cities, autonomous vehicles, Industry 4.0 and the Internet of Things (IoT), which in turn could lead to further vulnerabilities in a hyper-connected environment.

In this new normal, cyber attackers are jeopardizing the security we so depend on. According to the World Economic Forum, cybersecurity is the biggest man-made concern for CEOs worldwide and the cybersecurity industry is expected to grow significantly in the coming years.

Risk reduction and management - how it works

To mitigate risks by eliminating vulnerabilities, organizations need to focus on strengthening end-to-end cyber security standards and implement a robust security infrastructure. Threats do not necessarily come from outside, but can also come from within. Therefore, organizations should look at a zero-trust network architecture . This means that strict access control must be maintained; trust can be a weak point within the organization.

As more and more applications are moved to the cloud, micro-segmentation is also required, i.e. logically dividing the network into different isolated security segments down to the individual workload and then defining security controls and services for each individual segment.

Containerization is another way to secure systems - both an application and the resources to run it in the same virtual package. Apart from all these measures, basic security hygiene among users such as frequently changing passwords and avoiding dubious links etc. is a must.

Priority must be given to sensitizing employees to cyber threats such as phishing attacks. In addition, it is important to promote endpoint security (i.e. use and update antivirus and antispam software), regularly evaluate threat management and make employees understand that cloud and SaaS (Software as a Service) are here to stay. Therefore, it is necessary to actively utilize security platforms that can provide end users with robust cyber protection and high performance.

Individuals and small and medium-sized enterprises (SMEs) are the least equipped and need to be educated on security issues. Organizations must also educate their employees on multi-factor authentication, warn them not to download unnecessary software, and instill the habit of routinely updating and patching devices as well as updating home routers with the latest firmware. Companies must insist that employees strictly adhere to the organization's mobile device management rules.

Rajesh Dhuddu is Blockchain & Cybersecurity Practice Leader at Tech Mahindra.

© Tech Mahindra

No crime is growing faster than cybercrime, as it is very lucrative for attackers, and cybercrime has accelerated during the pandemic due to multiplying vulnerabilities. According to a study by Cybersecurity Ventures, cybercrime will cost businesses around the world $6 trillion annually by 2021, up from $3 trillion in 2015. As the world deals with the pandemic and navigates the new normal, building cyber resilience is critical to avoid jeopardizing our efforts in this regard.