Being Prepared for a Surge in Cyberattacks

Source: James Edgar, SVP & CISO at Corpay

As we move through 2024, we've seen a positive trend in cybersecurity: a drop in cyberattacks. For the past three quarters, Corpay has consistently faced fewer attacks, giving us a sense of relief. However, it’s crucial to stay alert, as this could be a temporary calm.

While fewer attacks are good news, we must remain cautious. Recent major breaches show that threats are still very real. For example, CDK Global, an ERP provider for car dealerships, paid a $25 million ransom to resolve an attack that crippled 15,000 dealerships. Hackers stole the data of 64,000 Neiman Marcus customers and sold it for $150,000 when the company refused to pay the ransom. The LockBit ransomware group’s attack on Evolve Bank led to leaked data and false Federal Reserve breach claims. Even AT&T's announcement about hackers accessing months of customer data, though not personal information, was alarming.

The healthcare sector, especially smaller rural hospitals, is an especially attractive target due to a low risk tolerance and limited cybersecurity budgets. This led the White House to ask tech giants like Microsoft and Google for free or low-cost protection for these hospitals. And it can’t come too soon. A North Korean military intelligence operator was recently indicted for conspiring to hack into U.S. hospitals, as well as NASA and military bases.

Fighting Back Behind the Badge

Law enforcement is making progress in combating cyberattacks. The recent arrest of the Scattered Spider hacking group leader in Spain is a positive step. However, the group's activities are likely to continue. The sale of old stolen data also highlights the ongoing need for strong cybersecurity measures.

Global Vigilance

The Paris Olympics spent four years preparing for a deluge of cyberattacks in expectation of an eight-fold increase in attacks over the Tokyo 2020 games. The biggest fears surrounded disruption of the events and politically motivated hacktivism. The Paris 2024 Organizing Committee hired a team of 15 people dedicated to cybersecurity, bolstered by a pool of tens of thousands of volunteers. Available evidence suggests the efforts paid off, with French authorities reporting more than 140 cyberattacks on the games, but no significant disruptions.

The upcoming U.S. presidential election presents an opportunity for mischief. We have already seen a surge in shockingly realistic deep fakes, many satirical, but some clearly intended to sway public opinion. Michigan and Arizona created a new AI task force to find ways to combat AI-generated misinformation.

Strategic Recommendations for Cybersecurity Leaders

All of this to say the lull in cyberattacks during the first half of 2024 is not an invitation for complacency. Cybersecurity leaders should see this period of relative calm as an opportunity to reexamine their defenses and shore up any potential weaknesses.

Here are a few suggestions:

Define Success: Success in cybersecurity means both preventing attacks and being ready to respond if they occur. Strong defenses and a solid recovery plan are essential.

Proactive Measures: Use this quieter period to strengthen defenses. This includes regular updates, employee training on phishing, and constant monitoring for unusual activities. Secure any new networks or products exposed to the internet.

Talent Acquisition: Hire and keep skilled cybersecurity professionals who can execute your strategy effectively, covering both defenses and incident response.

Advanced Technologies: Leverage AI and machine learning to boost threat detection and response. These technologies can spot patterns and anomalies that might indicate an attack.

Resilience Focus: Ensure your strategy emphasizes resilience. Have robust backup systems, disaster recovery plans, and clear communication protocols to manage and mitigate the impact of attacks.

Conclusion

The first half of 2024 has shown a decrease in cyberattacks, but we must not become complacent. High-profile breaches and the potential for increased disruptive campaigns in the latter half of the year highlight the need for ongoing vigilance and readiness. By defining success clearly, taking proactive steps, and hiring the right talent, cybersecurity leaders can face upcoming challenges and strengthen their defenses against evolving threats.