Page 196 - Cyber Defense eMagazine December 2023

information on the same device, and threat actors now see this as a potential vulnerability. Personal
devices, in particular, tend to have less stringent security measures. Utilizing public wi-fi on these devices
can increase their vulnerability, including exposure to phishing attacks via social media.

The roll out of 5G technology is also an area of potential concern. 5G will power more connected devices,
including more sophisticated applications, such as driverless or assisted vehicles and smart cities.
However, IoT devices do not have a good track record when it comes to cyber security. Many IoT devices
are not inherently secure, while the sheer number of these devices globally and the addition of AI could
result in a very serious cyber threat. Many of these devices are easily discoverable and will not have MFA
mechanisms. Even today we see devices with default passwords that are available on the internet.

3. Skill Shortage

A growing shortage of cyber security professionals will increasingly complicate cyber security efforts,
potentially increasing the chances of successful attacks in the future. The current global cyber security
workforce gap stands at 3.4 million people, according to the ISC2, a non-profit member organization for
cyber security professionals, with demand for cyber professionals growing twice as fast as supply. Some
70% of organizations say they do not have enough cyber security staff to be effective. Gartner predicts
that a lack of talent or human failure will be responsible for over half of significant cyber incidents by
2025.

There is a crisis in technical skills for cyber security. Because technology is moving so fast, there are not
enough experienced people to keep pace with the threats. It’s very hard to get good cyber security
engineers, which means companies are more exposed to cyber events. Without skilled cyber security
people, it is harder to predict and prevent incidents, which could mean more losses in the future. The
shortage of cyber security experts also impacts the cost of responding to a cyber incident. According to
the IBM Cost of a Data Breach Report 2023, organizations with a high level of security skills shortage
had a US$5.36mn average data breach cost, around 20% higher than the average cost.

Preventing a cyberattack is becoming harder, and the stakes higher. As a result, early detection and
response capabilities are becoming ever more important. An intrusion can quickly escalate, and once
data is encrypted and / or stolen, the consequences and costs snowball – costs can be as much as, or
even more than, 1,000 times higher than if an incident is not detected and contained early, Allianz
analysis shows. Ultimately, early detection and effective response capabilities will be key to mitigating
the impact of cyberattacks and ensuring a sustainable insurance market going forward.

Cyber Defense eMagazine – December 2023 Edition 196
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