BENGALURU: Most organisations are two generations behind in preventing the cyber attacks even as cybercriminals are using Gen V, also known as a 5th generation attacks, to breach security installed by companies and institutions.
Expressing cyber security concerns in the new normal, Founder and CEO of cysecurity firm Check Point Gil Shwed, said at the Bengaluru Tech Summit- BTS 2021 that companies should heighten their security mechanism to fight the menace of Gen V attacks.
Gen V attack is a multi-vector attack that will infect multiple components of an IT infrastructure. “Technologies that we are dealing with need to evolve,” he said, adding attackers use sophisticated technologies like artificial intelligence and there are cloud security threats too as attacks are now expanded.
Infosys in its 2021 Cybersecurity Trends Report says AI is also attractive to criminals as they can use it to improve their attacks — making them less costly, more automated, and easier to execute at scale.
“Threat actors use AI and ML to create new variants of older malware, find vulnerabilities, guess passwords, break CAPTCHA, and clone voices,” it said.
Allied Market Research published a report that projects the global cyber security industry to reach $304.91 billion by 2027, registering a CAGR of 9.4% from 2020 to 2027.
Infosys and Interbrand jointly released a report that talks about the link between cyber security and its impact on brand value of companies.
Interbrand India MD Ashish Mishra said the world’s top 100 brands stand to lose $223 billion in the event of a data breach.
Since comapnies’ reputation is based on its focus on preventing attacks, cyber security is now becoming a priority.