State-sponsored cyberattacks major concern for private organizations

State-sponsored cyberattacks are a major concern for private organizations, which could dent their reputation and hit them financially, reveals a study conducted by the Economic Intelligence Unit (EIU) and the Cybersecurity Tech Accord. Annalaura Gallo, Head of Secretariat, Cybersecurity Tech Accord, told Indian Express that the rise in state-sponsored cyberattacks targeting other governments, businesses and even private citizens is extremely concerning and requires a global response.

“At its core, it illustrates why it is important that governments focus their attention on improving cyber defences, but also agree on what actions should be prohibited online, and hold perpetrators accountable,” Gallo said. “It is true that the importance of cybersecurity is still not something that is well understood by all organizations. We need to acknowledge that as in the offline world, there is no such thing as 100% security online. Organizations need to prioritise their investments and apply risk management principles to their overall security approaches.”

In late March 2020, the Federal Bureau of Investigation warned of teleconference hijacking after two schools in Massachusetts, in the United States were zoombombed by individuals who accessed the virtual classrooms, shouted profanities, and displayed hate symbols. A videoconferencing meeting of the Milwaukee Election Commission had to be shut down due to zoombooming after pornographic images and racial slurs began appearing on the computer screens of meeting participants.

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Businesses had to quickly adapt to operate with a remote workforce. Without proper precautions, remote working can increase a company’s exposure to the types of threats and cyberattacks. Cyber criminals will rely on these adjustments, which have been made on short notice, to exploit the vulnerabilities businesses are trying to address while remaining operational.

The Interpol recorded an alarming rate of cyberattacks aimed at major corporations, governments and critical infrastructure. Microsoft highlighted that COVID-19 themed attacks, where cybercriminals get access to a system through the use of phishing or social engineering attacks, have jumped to 20,000 to 30,000 a day.