The Desperate Demand for Cybersecurity
The invasion of Russia into Ukraine has caused a lot of loss. It’s been about a month since Russia invaded Ukraine and we’re seeing there isn’t much that Russia won’t do to gain an advantage. President Biden and his administration have been warning about a possible attack from Russia against the U.S., which would move Russia’s war into other countries, especially countries that stand with Ukraine.
Apparently, Russia might be holding off on launching a cyberattack until the right moment. Cybersecurity experts have noted that there hasn’t been a major cyberattack from Russia in retaliation for sanctions that have been imposed on Russia by other countries. Ukraine has experienced some level of assault, but nothing like what some experts expected Russia to inflict on Ukraine and countries that support Ukraine. That’s why some experts believe that Russia could be keeping a cyberattack in its back pocket until it really needs it.
There’s a new warning out from the White House that agrees with the assumption that President Vladimir Putin could be holding off until the right moment. On Monday, President Joe Biden said this in a statement:
Today, my administration is reiterating those warnings based on evolving intelligence that the Russian government is exploring options for potential cyberattacks.
Russia might not have been ready for an attack in the previous weeks, but there are expectations from the White House that it could be considering one and that could happen soon. This means the U.S. government needs to stay even more vigilant than it was before. It means businesses will need to be on high alert. These hackers could already be in U.S. and European networks just waiting for the green light to attack.
Cyberattacks could come in many different forms. It could mean ransomware or malware attacks on government agencies or companies. It could also mean an attack on critical infrastructure, like knocking out an electric grid in the U.S. or taking a power plant offline. There are many ways that Russian cyberattackers could compromise the U.S., and the White House is reiterating that businesses and agencies need to stay on high alert and report any suspicious activity.
In Biden’s statement on Monday, he also said:
If you have not already done so, I urge our private sector partners to harden your cyber defenses immediately by implementing the best practices we have developed together over the last year. You have the power, the capacity, and the responsibility to strengthen the cybersecurity and resilience of the critical services and technologies on which Americans rely. We need everyone to do their part to meet one of the defining threats of our time — your vigilance and urgency today can prevent or mitigate attacks tomorrow.
The White House published a fact sheet with some of the steps that companies should take immediately. Some recommendations included mandating the use of multi-factor authentication on systems, deploying modern security tools on computers and devices, checking with cybersecurity professionals to make sure that systems are patched and protected, and changing passwords across your networks.
I’ll always have a soft spot for cybersecurity because I believe that it’s crucial to our lives and will continue to be in the future. As more and more of our data is on technological devices and as we depend more on technology, we’re going to need to protect ourselves adequately. And it’s going to be an ever-evolving situation. Technology keeps advancing and so will the need to have protection against cyberattacks and threats.
According to Mordor Intelligence, the global cybersecurity market is expected to register a CAGR of 14.5% between 2022 and 2027. According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes (including damage and destruction of data, stolen money, lost property, intellectual property theft, and other areas) currently cost the world almost $600 billion each year — 0.8% of the global GDP. This type of loss needs to be mitigated before it increases even more.
No matter what type of geopolitical or political conflicts the future holds, there’s going to be a massive demand for cybersecurity solutions. The current situation reminds us that even though the threats aren’t physical ones that you can see, that doesn’t mean cyberattacks won’t cause harm to individuals, businesses, or governments. No one wants to be a victim and find out to what extent they could be hurt. Investing in cybersecurity now and into the future will be a huge win for you and your portfolio.
Until next time,