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In today’s interconnected world, it has become increasingly important to have cybersecurity that extends to everyday items. With the abundance of electronic devices we regularly use, like laptops, smartphones, IoT gadgets, and more, these endpoints have become prime targets for cybercriminals seeking to exploit vulnerabilities and access sensitive data.
According to Forbes, cybercrime is on the rise owing to the heightened digital atmosphere. The publication reported stats acquired by Cybersecurity Ventures predicting the cost of cybersecurity in 2023 to reach $8 trillion. By 2025, this number is expected to increase to $10.5 trillion.
Therefore, device security is essential to protect against various threats, including malware, data breaches, unauthorized access, and network attacks. Robust security measures, including encryption, secure authentication, regular software updates, and network safeguards, help ensure the confidentiality, integrity, and availability of information stored on or transmitted through devices.
User education and awareness also play a pivotal role in empowering individuals and organizations to adopt secure practices and recognize potential risks. Businesses prioritizing device security can safeguard their digital assets, maintain customer trust, and contribute to a safer and more resilient digital ecosystem.
Looking at the Numbers
Cybercrime is growing, and its effects are staggering. Industry leaders are taking steps to protect their assets as damages reach the trillions. Cybersecurity Ventures predicts a spike in cybercrime costs, growing by 15% in just two years. According to the company’s research, the projected setback is as high as $10.5 trillion annually by 2025.
The criminal ecosystem is at an expected $8 trillion in damages for 2023. As a result of those numbers, Cybersecurity Venture’s most recent Security Awareness Training Report alleges that “cybercrime [is] the world’s third-largest economy behind the U.S. and China.”
According to a 2023 Data Breach Investigations Report, attackers access data in three primary ways: stolen credentials, phishing, and exploitation of vulnerabilities. Most of these attacks (83%) involve external actors, largely for financial gain (95% of breaches). Additionally, 74% of data breaches are likely preventable as they predominantly involve human error, privilege misuse, stolen credentials, or social engineering (manipulating people into divulging confidential information).
The Evolution of Cybersecurity to Cover Devices
Cybersecurity continuously evolves to cover devices as the digital landscape expands and becomes more interconnected. Traditionally, cybersecurity has focused on protecting networks and endpoints like computers, but with the rise of smart devices and the Internet of Things (IoT), the attack surface has significantly increased. As a result, cybersecurity strategies now encompass a broader range of devices, including smartphones, tablets, smart home devices, automobiles, industrial IoT sensors, medical devices, and even wearable tech.
Adopting a more holistic approach is one way cybersecurity is progressing to cover devices. Cybersecurity professionals now consider the entire ecosystem rather than just focusing on securing individual devices or networks. This all-encompassing method involves analyzing how devices interact with each other and with other components of the digital infrastructure. Implementing more effective defense mechanisms results from understanding this interconnected web’s dependencies and potential weak points.
Additionally, cybersecurity is shifting towards device-centric security solutions. More advanced endpoint protection systems that leverage machine learning and artificial intelligence (AI) are supplementing or replacing traditional antivirus software. These sophisticated tools can uncover and respond to emerging threats in real-time. These advanced systems can also identify anomalous behavior on devices, thereby detecting zero-day exploits and previously unknown malware.
Another significant aspect of the transformation of cybersecurity for devices is the growing emphasis on safeguarding IoT devices. These devices often have limited computing power and may lack standard security features. Cybersecurity experts are working to develop lightweight security protocols and standards specifically tailored to IoT devices, enabling safe communications and firmware updates.
In addition, the rapid growth of mobile devices, including smartphones and tablets, has spurred the adoption of mobile-focused cybersecurity measures. Mobile device management (MDM) solutions, secure containerization, and application sandboxing are now standard practices to safeguard devices and their data.
Finally, the convergence of operational technology (OT) and information technology (IT) in industrial settings has necessitated the integration of cybersecurity with device-level protection. Cyber-physical systems and critical infrastructure components require a more robust defense against cyber threats to ensure public safety and the continued operation of essential services.
Threats to Device Data
In today’s digital landscape, cybercriminals use various techniques to compromise device data and exploit it for malicious purposes. Threats to device data are incredibly significant in business due to their potentially devastating consequences on an organization’s operations, reputation, and financial health.
In our digital-driven world, businesses rely heavily on devices to store, process, and transmit sensitive data, including customer information, financial records, proprietary data, and intellectual property. A successful data breach or cyber attack can lead to the loss or theft of this critical information, resulting in financial losses, legal liabilities, and damage to the company’s reputation.
In addition, the fallout from a data breach can lead to a loss of customer trust, diminished brand value, and a decline in customer loyalty. Cyberattacks can disrupt business continuity, causing downtime, service interruptions, and delays in operations. In highly competitive markets, stealing proprietary data or trade secrets can give competitors an unfair advantage.
In other words, threats to device data have no positive outcomes for businesses, meaning mitigating potential risks is best. To protect against these threats, companies must prioritize cybersecurity measures, implement comprehensive data protection strategies, and maintain a strong security posture to safeguard device data from possible cyber threats and ensure business resilience and continuity.
Common threats to device data include:
- Malware (e.g., viruses, ransomware, and spyware)
- Phishing Attacks
- Web Application Attacks
- Unsecured Wi-Fi Networks
- Denial of Service
- Social Engineering
- Interconnectivity and IoT
- Physical Theft or Loss
- Privilege Misuse
- Default Credentials
- Target of Opportunity
- Software and Operating System Vulnerabilities (e.g., legacy systems, lack of firmware updates, complex software ecosystem, etc.)
- Lack of Security Awareness (i.e., human error)
- Rapid Technology Advancements
What About Medical Devices?
Any device connected to the internet, including many medical devices, is at risk. The evolution of internet-connected medical devices transformed the healthcare industry. It started with the advent of basic remote monitoring tools that allowed healthcare professionals to gather vital signs and data from patients at a distance. These devices became more sophisticated and interconnected as technology progressed, enabling real-time data transmission and analysis.
The development of wearable health trackers and smartwatches further revolutionized the field, empowering individuals to monitor their health and fitness. These devices can track everything from heart rate and sleep patterns to activity levels, promoting a more proactive approach to personal well-being.
In addition, more accurate diagnoses and personalized treatment plans were made possible by introducing AI and machine learning algorithms in medical devices. The ability to analyze vast amounts of patient data in real-time has significantly enhanced the decision-making process for healthcare providers.
Finally, the rise of telemedicine and telehealth platforms has allowed remote consultations and monitoring, making healthcare accessible to individuals in remote areas and improving overall patient health outcomes. In short, the evolution of internet-connected medical devices has tremendously impacted healthcare by enriching patient care, increasing accessibility, and fostering a more data-driven approach to medicine.
However, despite all the excitement surrounding the possibilities of internet-connected device-driven health initiatives, there are genuine concerns regarding data privacy and cybersecurity. In 2022, a report issued by the FBI noted increasing vulnerabilities in medical devices lacking the necessary security features to thwart cyberattacks. The report found that 53% of digital medical devices and other internet-connected hospital products “had known critical vulnerabilities.”
These findings follow previous investigations in 2021 by researchers and in 2018 by the U.S. Department of Health and Human Services Office of the Inspector General that determined the U.S. Food and Drug Administration (FDA) was lax in its approach to protecting medical devices from hacking. According to the subsequent FBI report, compromised devices’ dangers include inaccurate readings, drug overdoses, and other risks that could endanger patient health.
As a result, in March 2023, it was reported by CNN Business that the FDA would now require specific cybersecurity guidelines to be met to protect medical devices from hacks and ransomware attacks. Additionally, the FDA’s guidance must be updated at least every two years to align with further advancements, meaning companies must regularly adjust their processes to ensure their devices’ continued security.
Oxford Can Help Protect Devices
To protect company assets, businesses must strategically safeguard user data and build a more resilient and secure device environment. Oxford has the knowledge and expertise to strengthen organizations’ security measures, including implementing state-of-the-art encryption, authentication protocols, and intrusion detection systems. We can provide valuable insights and innovative approaches to fortify systems, detect vulnerabilities, and stay ahead of emerging threats.
Oxford promises to deliver The Right Talent. Right Now. We take a proactive approach to getting you the help you need when you need it so you can carry on with business as usual. We can provide fast and efficient cybersecurity solutions for business leaders looking to evolve alongside our digital world with increased cyber risks. We will be with you every step of the way as you step up your security—that’s our guarantee.