Page 41 - Cyber Defense eMagazine forJune 2021

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Unfortunately, some in IT may miss that the networks they helped design have security flaws. Further,
there is an end-user population that has spent the past two decades with little to no concern about the
risks of the links they may click on or files they download.

Bitcoin makes hacking profitable
The proliferation of cryptocurrencies, primarily bitcoin, has made it even easier to monetize cybercrime.
Previously, hackers could easily access networks and valuable intellectual property, but most were
lone wolves seeing if they could “crack a network." Bitcoin makes it possible to transfer large amounts of
wealth anonymously, attracting well-funded criminal organizations and state-
sponsored cybercriminals. With the convergence of the dramatic growth of the internet, cyber thieves
have seen a way to monetize industrial hacking that has created an explosion in criminal
activity. According to research conducted by Cybersecurity Ventures, cybersecurity experts have
predicted that cybercrime will cost the global economy $6.1 trillion annually by 2021.

Events of 2020

The global pandemic has created more awareness of the importance of cybersecurity. While it has likely
been true for several years, many CEOs now realize that their company’s networks are far more important
than their physical office space. The breach of SolarWinds and FireEye has increased the awareness
that no single security product is going to keep a network completely secure. In fact, security products
can be weaponized against their users, exploiting a false sense of security.

The Talent Gap
Despite the wake-up call of 2020, the human capital to manage these risks can be insufficient. Since
2011, there has been a near zero-unemployment rate in cybersecurity. The 2019/2020 Official
Annual Cybersecurity Jobs Report. Current estimates show that there are over three million open
cybersecurity positions that cannot be filled. We are just beginning to train the next generation of cyber
professionals. The challenge: cyber crime is expected to grow to $10.5 trillion by 2025, which would
represent the largest transfer of wealth in history.

The Path Forward
With so much risk at stake, we need to make cybersecurity a priority. We must increase awareness of
the importance of securing the very fabric of our communications and network. It is incumbent upon
businesses and individuals to acknowledge that attacks occur daily. Good security hygiene needs to
become de rigueur.
A cyber attack in the digital world can be just as catastrophic as Pearl Harbor. This is reality, and it’s a
real concern. Some believe the SolarWinds attack was just such a disaster. Regardless, it was well
planned and orchestrated, but we may have not seen the full impact and damage yet done.

We can and must rise to the challenge of securing the network we have entrusted with our most valuable
assets. More importantly, people must be empowered with information and tools to keep themselves
safe. We must create a culture of security.

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