Time to Read Out Top Information Security Risks in the Year 2021

Pallavi Varanasi Cloud Security Expert - CloudCodes Software
  • February 27th, 2021

What are the largest information security risks that exist currently in the current year?” With the emergence of the year 2021, several business clients asked this question from CloudCodes support executives. Raising this kind of question is pretty common for companies these days because cloud computing threats are increasing day-by-day. Therefore, we are live with this post to empower users to learn about top information security risks that are trending in today’s date.

While organizations and users embrace new innovation, hackers create new backdoors to enhance their hacking strategies. This overall shift towards the advanced technology forms and connectivity higher levels has created a hole in cloud security. Next comes the list of top information security risks that enterprises have to learn to implement preventive security measures accordingly.

Top Information Security Risks

  1. Data Breach Via 3rd Providers – Cloud computing technology has now become a global trend. It had been estimated that around 83% of company burdens will be shifted in the cloud till the year 2022. As more organizations move their digital assets online, more information is entrusted to 3rd party CSPs. While the majority of cloud service vendors offer a sufficient amount of security controls, open-source elements remain a core threat. A report generated by the state of open source security found that there has been an 88% increase in program vulnerabilities in the last few years. The most dangerous finding during the survey was a fact discovery that 70 percent of open source maintainers lack the resources to protect their cloud storage systems. This clearly means that despite the rising adoption of open-source elements by companies and SMBs, several cloud platforms often immerse in vulnerabilities before an individual detects them. By then, it is already too late – the information was already leaked and possibly sold on the Dark Web.
    Possible Mitigation Approach – Organizations that adopt cloud computing technology will benefit themselves by using migration plans. As you on your own design strategy, you can thoroughly research possible cloud service vendors and make sure that they offer their customers comprehensive security controls. Enforcing automated monitoring approaches can help to fix one of the top information security risks.
  2. Use of Bad Security Standards – In a world where the internet has become an essential part of life among people of all categories, security standards act like a guiding boundary, which creates a protection circle around business intellectual properties. There are around 2.5 billion smartphone users in the current scenario; out of which, the US comprises 77% of smartphone users. Information security risk solutions help companies to secure their trade secrets. Enabling personnel and collaborators to use digital business resources through smartphones can increase overall productivity and business continuity. However, bad security standards like single-factor passwords might be utilized by attackers as their entry point to fetch the data. In addition to this, a stolen smartphone might compromise any confidential information that is stored in it. Often, when trade secrets get breached, the reputation of a company gets damaged.
    Possible Mitigation Approach – The problem itself speaks its solution but, the only thing is to realize and implement it; instead of ignoring the same. The best defensive idea against losing trade secrets is the prevention of useless use of company components. Enforcing security standards that have the capability of maintaining a standard use of data resources helps company officials to play an active part in securing the data and IT architecture of the business.
  3. Absence of Proper Training – There exists a ‘phishing scheme’ that uses media platforms like email, text messages on phone, or calls, to send legitimate-like messages to trick victims into exposing their confidential data like credit card information and passwords. Phishing schemes often result in financial loss and identity theft. Hackers perform business email compromise attacks with the use of phishing schemes. The absence of proper training to employees about what are the phishing schemes allow hackers to successfully attempt their threat without any hard efforts. Well, BEC scams aim to email tenants of officials and finance officials included with the wire transfer transactions via several approaches. Cyber hackers use data to begin fraudulent transactions on behalf of an existing organization.
    Possible Mitigation Approach – The most effective strategy to reduce these top information security risks is to educate humans. Several training sessions should be organized to aware employees of the phishing schemes that are trending these days. This awareness will reduce more than half of the risk present in Cybersecurity. Apart from this, companies can enforce security controls like encryption, user authentication policies, and a real-time data monitoring system.
  4. Compromised Blockchain by Fraud – Since the year 2008, blockchain technology has achieved lots of popularity in the business world. Especially used for cryptocurrency, blockchain apps can now be addressed in several companies and machines. A popular blockchain product is a software program named smart contracts that provide a secure digital exchange platform in absence of any third-party mediator. The trick behind blockchain and smart contacts are to create a safe digital payment platform via transparency. It enables clients to get rid of threats like man-in-the-middle attacks. However, still there exists bugs and errors in the smart contracts leaving systems open for threats. A leakage in blockchain technology might result in unauthorized modification of smart contracts.
    Possible Mitigation Approach – The user has to implement a strong authentication approach to protect the contract terms and store encryption keys in a hardware root of trust. In addition to this, blockchain security products and approaches can help in applying several security controls that fit the protection needs of a company.

Conclusion

Top information security risks with possible approaches to mitigate them are posted in today’s blog. First, enterprises should understand each and every point of the security challenge and then, accordingly implement the solutions. This will help in creating a boundary around the cloud platform, which doesn’t allow hackers to enter into your business channel at any cost.

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