In today’s digital landscape, the ever-evolving cyber threats pose significant challenges to organisations worldwide

With the exponential growth of cybercrime and the emergence of new threat vectors, the need for robust security solutions has become more critical than ever.

“We’ve got about eight million firewalls sort of giving us a really, really deep picture of the threats going across the world in every single sort of industry vertical,” FortiGuard Labs Australia and New Zealand Glenn Maiden recently revealed to Ticker News Insight.

“The data reveals a significant surge in cybercrime, which increased tenfold over the past year.”

However, alongside this rise, FortiGuard Labs has noticed a doubling of the diversity of ransomware threats. This proliferation indicates an influx of new actors in the cyber criminal market.

“Additionally, state-sponsored attacks, particularly coinciding with the invasion of Ukraine, have witnessed a surge in wiper malware, a destructive form of malware aimed at wiping systems without a possibility of recovery,” Maiden continues.

The security of critical infrastructure has gained heightened attention, with governments enacting legislation to address vulnerabilities.

For instance, in Australia, the Security of Critical Infrastructure Act acknowledges the heightened exposure of these vital sectors.

Business leaders now recognise cybersecurity as a board-level issue, given the devastating impact of recent breaches.

“The urgency lies in translating technical threats into comprehensible risks for boards to manage effectively. This necessitates embedding resilience from the outset, as relying solely on reactive measures once under attack can prove challenging,” Maiden adds.

“By proactively implementing security controls and strategic plans, organisations can significantly enhance their ability to mitigate threats.”

FortiGuard Labs emphasises that there is no singular solution or silver bullet to combat cyber threats effectively. Organisations must conduct thorough assessments of their assets and identify the specific threats that target them.

“Armed with this knowledge, they can develop tailored threat defence programs within their unique context,” Maiden asserts. “Several best practices come to the forefront, such as regular patching, reducing access privileges, and implementing multi-factor authentication.

“Moreover, gaining visibility into systems and establishing baselines of normal activity enables organisations to segment their networks effectively. This approach limits the extent of potential breaches, preventing major damage and minimising the impact on critical assets.

“Organisations must ensure that they possess a comprehensive understanding of their environment, including all assets and potential threats. While there is no foolproof defence, raising the bar and investing in robust cybersecurity measures is paramount,” Maiden concluded.

For more information about FortiGuard Labs, head to their website.