It is time to stop relying on antiquated technologies designed to protect against threats from 20 years ago, and time to invest in cutting-edge prevention, detection and resilience solutions Why cybersecurity is a matter of national security
Victims of phishing and ransomware attacks can experience huge financial losses, with studies showing that on average ransomware attacks cost businesses $133,000
After months of escalating cyberattacks that have affected critical infrastructure providers, the food supply chain, and even disrupted distribution of Covid-19 vaccines and hospitals struggling to treat Covid patients, it is time to draw a line in the sand. The SolarWinds breach, followed by the Hafnium attacks against vulnerable Microsoft Exchange servers, and the massive ransomware attacks against Colonial Pipeline and JBS Meat Packing make it increasingly evident that the lines have been blurred for cyberattacks and today, cybersecurity is a matter of national security for all nations.
Against this backdrop, CEOs from 24 leading tech companies, critical infrastructure providers, banks, insurers, and educational institutions recently met at The White House with US President Joe Biden and top advisors. After the meeting, the White House announced a number of bold initiatives.
For instance, The National Institute of Standards and Technology (NIST) will collaborate with private sector partners to develop a framework to improve security and integrity in the supply chain. They also formally expanded the industrial control systems cybersecurity initiative beyond electric utilities to include natural gas pipelines.
Major tech companies agreed to chip-in with a variety of initiatives. Apple will improve supply chain security, Google will expand zero trust programmes, Microsoft will accelerate efforts to integrate cybersecurity by design into systems and Amazon will make its internal security awareness training available to the public for free.
One of the most reassuring facets of the meeting, though, was the emphasis on education and training. The UAE is already making strides in this arena. The government recently launched a programme in collaboration with some of the tech giants that were part of the White House meeting to train coders, several who will no doubt end up making invaluable contributions in the fight against cybercrime.
These initiatives underscore the importance of public-private partnerships in the fight against cyber threats. It is time to stop relying on antiquated technologies designed to protect against threats from 20 years ago, and time to invest in cutting-edge prevention, detection and resilience solutions.
We should also address escalating cyber espionage and nation-state cyberattacks by introducing financial regulation of bitcoin and other cryptocurrencies to fight ransomware and limit the ability to monetise cybercrime, as well as legislation to update the penalties associated with cybercrimes, work with our allies to update treaties for extraditing cybercriminals and foster global cooperation to fight back. After the United States and the European Union condemned China for the Microsoft Exchange server attack, it was a wakeup call to other nation-state adversaries that in the future there will be a cost to cyberattacks on global targets. More condemnations are needed along with the establishment of clear rules of engagement for offensive operations.
One of the core values at Cybereason is “win as one”. That philosophy also applies here. We face a constantly evolving and expanding landscape of threats, and increasingly sophisticated attacks that blur the lines between cyberattacks and cyber espionage. It will take a collaborative effort between many nations, private and public sector vendors, and government agencies to exchange intelligence and knowledge to improve our ability to fight the rising tide of advanced cybercrime.
Cybersecurity is national security for all nations.
AFTER THE UNITED STATES AND THE EUROPEAN UNION CONDEMNED CHINA FOR THE MICROSOFT EXCHANGE SERVER ATTACK, IT WAS A WAKEUP CALL TO OTHER NATION-STATE ADVERSARIES THAT IN THE FUTURE THERE WILL BE A COST TO CYBERATTACKS ON GLOBAL TARGETS
While the world has paid great attention to physical health and wellbeing over the past 18 months amid the events of the Covid-19 pandemic, digital wellness has also shot up the agenda of governments, corporations, and individuals.
Remote working, designed to help prevent the spread of the virus, accelerated the amount of corporate activity and business conducted in the digital space. However, despite the range of benefits, the rush to take business online has made companies and individuals more susceptible to a different illness, in the form of a cyberattack.
Seizing on opportunities presented by companies lacking the right levels of cybersecurity or awareness of the importance of having the right systems in place, cybercriminals launched 726 million attacks around the world in 2020 against online resources, while a report from cybersecurity specialists Deep Instinct states that malware increased by 358 per cent last year.
Lacking budget, cybersecurity knowledge or willingness to invest in online protection, small to medium enterprises (SMEs) became an obvious target, particularly in this region where SMEs amount for approximately 90 per cent of the business base. Indeed, data from Trend Macro shows that in the first half of 2020 alone there were more than 50 million cyberattacks in the GCC.
To better understand the cybersecurity needs in the region, we surveyed Damana’s client portfolio, canvassing the views of CEOs and senior management at SMEs across the region on the impact of online attacks. The findings show that more needs to be done to raise awareness of the importance of cybersecurity protection within organisations and making staff aware of their role in protecting critical information both online and offline.
Some 60 per cent of those surveyed said they had experienced an email phishing attack within the past 12 months, while 42 per cent said they had experienced ransomware attack.
Victims of phishing and ransomware attacks can experience huge financial losses, with studies showing that on average ransomware attacks cost businesses $133,000. More damaging for companies is the impact of data breaches.
With SMEs such a crucial cog in the region’s economic wheel, it is clear that cybersecurity can no longer be low on the priority list. There are positive signs, with 64 per cent of respondents to the Damana survey recognising the importance of cybersecurity and cyber awareness training for their staff. Equipping teams with the right tools and knowledge to understand cyber risks, how to detect them and how to handle a situation are key to ensuring better protection. Training will ensure a strong layer of defence.
Although awareness training is vital in protecting companies, it is also critical that SMEs take further steps to ensure protection. Insurance against cyberattacks may well seem an unnecessary cost, however it significantly mitigates financial and reputational damage.
With the digital world continuously evolving, now is the time for business leaders to take appropriate action to protect their company and teams. We believe that all businesses, no matter the size, should take the time to research and identify the right approach to ensure protection. Don’t wait until it happens, stay ahead of the issue so that you aren’t part of the statistics.
EQUIPPING TEAMS WITH THE RIGHT TOOLS AND KNOWLEDGE TO UNDERSTAND CYBER RISKS, HOW TO DETECT THEM AND HOW TO HANDLE A SITUATION ARE KEY TO ENSURE BETTER PROTECTION
Ashortage of semiconductors has sent jitters throughout the global economy, squeezing supplies of everything from cars to headphones. There are chips in nearly everything electric you own, from phone to computers to washing machine, refrigerators and even an electric toothbrush. The scarcity of chips has exposed the world’s reliance on these tiny components, the basic building blocks of computers that enable electronic devices to process data.
FACTORS RESPONSIBLE FOR THE CHIP SHORTAGE
As the pandemic caused the world to shut down, many factories closed with it, making the supplies needed for chip manufacturing unavailable for months. Meanwhile, the global transition to a remote lifestyle caused an explosive surge in demand for electronic devices. People stuck at home were using more phones and other streaming devices than ever before, skyrocketing the need for chips beyond what companies could manufacture. Manufacturing problems were also worsened by the lack of geographical diversification among semiconductor fabs. Despite the global need for chips, over 80 per cent of semiconductors were created in Taiwan, South Korea and China, and over 50 per cent of the world’s chips were fabricated by a single entity. An unbalanced market share made a supply chain disruption inevitable. Meanwhile, at the onset of the pandemic, car companies decided to cancel their orders for chips because they assumed the economy was about to take a lengthy hit. On the other hand, consumerelectronics companies didn’t react as severely. As a result, chip companies switched to making chips for consumer products, attempting to meet the explosive demand caused by the pandemic-driven stay at home economy.
WHAT IT MEANS FOR THE ECONOMY
Semiconductors might be the new oil – which could make the 2020s the new 1970s. If oil was the necessary component for the 1970s economy, chips have an equally important role in the 2020s.
Of the industries impacted, the automotive industry has taken the hardest hit with estimates suggesting US manufacturers will make at least 1.5-5 million less cars this year. Meanwhile, the consumer electronics industry is also feeling the pinch now, with Apple announcing that the chip shortage is expected to delay iPhone production and is already hurting sales of iPads and Macs.
IS THE CHIP SHORTAGE OVER?
While there were expectations that the semiconductor shortage in the automotive industry would ease following indications of the slated chip output increase by major foundry players such as Taiwan’s TSMC, recent reports from automakers don’t sound as optimistic. Toyota Motors is expected to cut global production in September by 40 per cent, while Ford is projected to halt production for one week at a US plant. In fact, there are claims that the shortage could last for years.
Chip shortages have started to hit the consumer electronics industry as well. Prices of popular models of some laptop computers have crept up. PlayStation and Xboxes are also in short supply.
HOW CAN THE UAE CAPITALISE ON THIS OPPORTUNITY?
By now, we might all agree that semiconductor chips have gone further than any other technology in connecting the world. But do you know what this tiny component is made of? In your wildest of dreams could you imagine that this technology that has spread across the world is made from – sand?
And unquestionably, if the UAE has something to offer in abundance, it is sand. However, semiconductor chips are not fabricated from just any sand, it requires silica sand, specially quarried for this purpose and having high concentrations of quartz content (silicon dioxide) – as high as 95 per cent. Desert sand grains, eroded by the wind rather than water, are too smooth and contain a little under 50 per cent silicon rendering it unfit for the manufacturing of semiconductor chips.
But what if desert sand can be augmented to meet the silicon requirements? This would be a windfall opportunity for the Emirates. As impossible as it might seem, the world is running out of sand — not desert sand, but the stuff found on riverbeds and under the sea. As the single most important vital component in every road and building, not to forget its starring role in glass and now the tiny silicon chips that virtually power everything electronic, the world is using more than 50 billion tonnes of sand every year – and rising.
If technological advantages can eventually make desert sand viable for semiconductor chips and construction material, the UAE deserts may hold the key to the next economic miracle poised to transform the region.