Digital firm outlines three top cybersecurity threats for businesses next year

Pochara Arayakarnkul, chief executive of Bluebik, said that the digital transformation of businesses over recent years has made them more vulnerable to cybersecurity threats.

“Cybersecurity has become one of the top concerns for corporate leaders around the world,” he said.

Digital transformation allows businesses to benefit from the latest technologies involving cloud computing, artificial intelligence, blockchain, and the Internet of Things. However, the new ecosystem’s complexity leaves loopholes for cybercriminals to exploit.

The finance, healthcare, hospital, retail and hotel sectors have become more vulnerable to cyber attacks, the Bluebik CEO said.
Malware known as “ransomware-as-a-service” has become the top cybersecurity threat as it spreads fast and is readily available in the online black market, according to Pochara.

In the third quarter of this year, more than 58% of organisations in the Americas reported that they became victims of such malware and had to pay an average ransom of US$250,000 (8.7 million baht), according to Bluebik, citing reports from cybersecurity agencies in North America.

Supply-chain attacks are also expected to be a top cybersecurity threat next year. Hackers target organisations with strong systems against cyber threats that may have some weaknesses in their “back office” system for customers.

Over the past year, more than 54% of organisations surveyed said they experienced third-party attacks, according to the Ponemon Institute, which studies information security and privacy issues.
Data breach has also become a top cybersecurity threat as cyber criminals steal confidential information, trade secrets and personal data online.

IBM estimated that each data breach cost Southeast Asian businesses damage estimated at $2.8 million (98 million baht) this year. More than 83% of the organisations surveyed became a victim of data breach more than once.

Meanwhile, Polnsutee Thanesniratsai, director of Bluebik Titans Co Ltd, said that businesses have to take measures to prevent cyber attacks that could damage not only their finances but also their reputation. He suggested a “cyber resilience” approach to deal with the issue. It comprises five measures:

- Managing cybersecurity as an enterprise risk,

- Executives play a key role in governance and fostering a culture of cybersecurity vigilance,

- Executives closely oversee cybersecurity efforts,
- Maintaining compliance with cybersecurity laws and regulations, and

- Implementing essential cybersecurity hygiene.