New research by Advanced Cyber Defence Systems (ACDS) has found that half of IT professionals believe there are devices connected to their network that they’re unaware of – despite nearly 60% admitting that insecure devices pose a ‘very high’ or ‘high’ risk to their organisation, highlighting the importance of managing attack surfaces properly.
The survey, conducted on 250 IT professionals, has revealed the cybersecurity challenges facing organisations now, including open source risk, the uptick in data breaches, and attack surface management. The findings have been presented in a port entitled ‘Cybersecurity Challenges in 2024: Data Breaches, Open Source Risks, and Network Vulnerabilities’.
The digital landscape is booming, but so are cyberattacks. Our growing dependence on technology creates more vulnerabilities for attackers. Companies are increasingly reliant on third-party vendors, creating a chain reaction of risk. The cybersecurity workforce struggles to keep pace with the evolving threats, leaving gaps for attackers to exploit. Even open source software, a cornerstone of innovation, can contain vulnerabilities. Additionally, threats have evolved in sophistication, no doubt in part due to the rise of AI. These factors, coupled with the potential for high financial gain for attackers, contribute to the relentless rise of cybercrime – and relentless is it.
The research also found that over a third of organisations have experienced three or more data breaches in the past 24 months. Worryingly, 20% of organisations took longer than five days to discover a breach. The delay in detection can drastically increase the damage inflicted by cyberattacks. Significantly, the longer a breach goes unnoticed, the more time attackers have to carry out malicious activity, including disrupting operations, exfiltrating sensitive data, and potentially harming an organisation’s reputation and financial standing.
The report highlights a gap between reliance and responsibility in open source software. While 39% of surveyed organisations fund the open source projects they depend on for innovation, a majority don’t. This trend in cyber spending may be on the turn though, with recent security incidents like the XZ Utils backdoor vulnerability, nation-state attacks, and the MOVEit breach prompting increased spending across the industry.
Elliott Wilkes, CTO of ACDS, said: “A comprehensive device inventory and robust security protocols are crucial for mitigating cyber threats. Advanced solutions, like automated network scanning tools enhance network visibility and protection. Prioritising these measures significantly reduces the risk associated with unknown or insecure devices, safeguarding critical assets and ensuring operational integrity.”
Organisations must make continuous investments in security solutions, improve their monitoring and detection capabilities, and establish robust strategies for managing and securing all connected devices. By anticipating evolving threats and swiftly responding to incidents, organisations can protect their digital assets and ensure smooth operations.
