A Successful Cybersecurity Company Isn’t About Fancy Technology

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We’re living in an information age where data is the new currency. As the world explores new digital frontiers, the importance of data security is growing exponentially. Digital transformation is helping to make the world a better place, but cyberattacks are an unfortunate part of this reality. These days, the success of any modern business, large or small, depends on the effectiveness of the data security systems it has in place.

The need for robust data security has created gigantic and ever-expanding opportunities for those who can offer much-needed protection against possible cyberattacks.        

Why is it a good time to start a cybersecurity business?

Cyber-risk is on the rise, and every possible data point suggests the trend is likely to continue in the future, given the increasing need for multilayered data-sharing across all business types and verticals.

According to Cybersecurity Ventures estimates, the cost of global cybercrime is expected to grow 15% annually over the next five years and reach $10.5 trillion annually by 2025, up from $3 trillion in 2015.

Governments around the world are passing legislation to ensure maximum protection and, in most cases, the liability to protect data remains with the owner. Failure to comply with data-protection rules can result in fines for negligence or theft. European Union administrations have tightened legislation regarding data processing and imposed fines of up to 4% of annual turnover, with a ceiling of 20 million euros.

However you look at it – whether it’s for a network, internet, cloud, web gateway, or end-point security – cybersecurity compliance is an absolute must for every enterprise. It’s not just to avoid penalties. You need to make your system cyber-attack proof to earn and retain the trust of clients and customers. The arrival of disruptive technologies like artificial intelligence (AI), machine learning (ML), the internet of things (IoT), blockchain, and others have opened vast opportunities for…


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Russian Hackers Targeted Ukraine Authorities With Supply-Chain Malware Attack

Ukraine is formally pointing fingers at Russian hackers for hacking into one of its government systems and attempting to plant and distribute malicious documents that would install malware on target systems of public authorities.

“The purpose of the attack was the mass contamination of information resources of public authorities, as this system is used for the circulation of documents in most public authorities,” the National Security and Defense Council of Ukraine (NSDC) said in a statement published on Wednesday.

The NSDC’s National Coordination Center for Cybersecurity (NCCC) termed it a supply chain attack aimed at the System of Electronic Interaction of Executive Bodies (SEI EB), which is used to distribute documents to officials.

Calling it a work of threat actors with ties to Russia, the NSDC said the malicious documents came embedded with a macro that, when opened, stealthily downloaded malicious code to control the compromised system remotely.

“The methods and means of carrying out this cyberattack allow to connect it with one of the hacker spy groups from the Russian Federation,” the agency said.

While the NSDC did not take any names, it’s not immediately clear when the attack took place, how long the breach lasted, and if any of the infections were successful.

The development comes two days after the NSDC and NCCC warned of massive distributed denial-of-service (DDoS) attacks singling out websites belonging to the security and defense sector, including that of the NSDC.

“It was revealed that addresses belonging to certain Russian traffic networks were the source of these coordinated attacks,” the NSDC said, while stopping short of directly accusing the country.

The NCCC also stated the “attackers used a new mechanism of cyberattacks” that involved using a previously undocumented strain of malware that was planted on vulnerable Ukrainian government servers, and in the process, coopted the devices into an attacker-controlled botnet.

The infected systems were then used to carry out further DDoS attacks on other Ukrainian sites, the agency said.


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