Dec 19 – On account of a confluence of factors, cyber attacks are becoming increasingly complex and sophisticated. Cyber attacks are among the fastest-growing types of crime worldwide, costing the global economy over $2M per minute, according to The Telegraph. Organizations and corporate entities need to identify and implement strategic means of cyber protection, otherwise risk devastating business consequences.
In a ‘prevention-first’ cyber security framework, experts advocate that businesses begin with sound threat intelligence collection and analysis. Threat intelligence confers numerous advantages. Here’s why your organization needs a threat intelligence strategy and threat intelligence tools:
1. Cyber attacks are increasing, as are costs. Nearly two-thirds of companies state that they have experienced a cyber attack in the past year, according to some estimates. The economic impact is believed to hover around $445 billion annually, and the nature of the threat landscape means that this number is sure to balloon.
If considered through this perspective, the ability to leverage intelligence in order to identify, assess and respond to threats efficiently is essential. Why contend with preventable economic damage, much less the more technical and business-ops oriented dimensions of a cyber attack?
2. Collaborative groups, more sophistication. Contrary to popular assumption, the cyber criminals of today tend to operate collectively. Each person within a cyber criminal group plays a specific role in executing a cyber attack. Some groups have dozens of members. Other groups may have hundreds working with them. Many have unique ‘signatures’ or modus operandi.
A cyber threat intelligence strategy and cyber threat intelligence tools can assist organizations in determining who the hackers are, helping organizations predict and intercept subsequent activities.
3. Automated malware, botnets and more. Cyber criminals are energized by the opportunities newly available to them through Internet of Things (IoT) devices. In the past few years, experts have observed an increase in the use of automated malware and bots directed towards IoT technologies. As these types of attacks grow in sophistication, cyber security professionals have found them increasingly challenging to defend against.
This issue highlights the need for broad-spectrum threat intelligence. In sum, as attack sophistication increases, organizations need to be able to count on efficient, accurate and relevant cyber security threat intelligence data.
4. State-sponsored threat actors. The proliferation of nation-state backed threat actors has increased cyber security dangers and potential attack damage. Nation-states tend to have access to high-quality talent and extensive resources, which means that the future might bring more aggressive, multi-stage threats.
Organizations need to remain vigilant when it comes to preventing financial fraud and/or data theft led by nation-state actors. Threat intelligence can assist threat analysts in gathering intelligence about the tactics, techniques and procedures (TTPs) favored by nation-state operators. Threat intelligence offers analysts real-time information pertaining to a nation-state group’s capabilities, technical details and more.
5. Cyber criminal activities can impact any organization, but especially small-to-medium sized businesses (SMBs). The latter are perceived as easier targets. SMBs commonly lack robust threat prevention and detection tools, rendering them vulnerable to attack. However, investing in adequate cyber security tools can help protect a business, customers, and everyone’s data.