Mike Lefebvre, the director of cybersecurity at SEI Sphere, highlighted the importance of tracking emerging trends in the fast-paced world of cyberspace to protect businesses from cyber risks. He pointed out that a perfect storm of attacker evolution, federal regulation, and AI is brewing, and businesses need to focus on these disruptors to prepare themselves for the future.
Ransomware attacks have evolved significantly over the past decade, with attackers now employing tactics such as extortionware. This involves exfiltrating sensitive data before encrypting it and posting a ransom note. If the victim refuses to pay the ransom, the attacker threatens to publicly release the stolen data, providing them with additional leverage to extort payment. This shift has made ransomware attacks more personal, targeting both organizations and individuals.
Federal regulators have introduced regulations aimed at enhancing organizations’ maturity in managing cyber risks. The SEC rule, Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, requires all public companies to report material cybersecurity incidents to the SEC within four business days. However, the ambiguous definition of “material” may lead to a gamification of the rule by both corporations and attackers, creating new challenges for compliance and regulation.
The intersection of artificial intelligence and information warfare presents a new set of challenges in the cybersecurity landscape. AI can be used by both defenders and attackers to improve their capabilities in the cyber realm, with phishing attacks becoming more sophisticated and convincing. AI’s ability to facilitate and manage long-term, complex campaigns against individuals or corporations has raised concerns about the manipulation of information for competitive advantage.
Traditional cyber indicators that once served as reliable guideposts for cybersecurity are no longer effective in the face of evolving cyber threats. Keeping track of these emerging trends and understanding their implications is essential for businesses to develop effective cybersecurity strategies. As ransomware attacks become more personal, regulation is exploited by attackers, and AI levels up the playing field, businesses must evolve their approach to cybersecurity to stay ahead of potential threats.
