Enhanced Identity Management Can Be The Answer To Cyber Threats In 2024!

It's 2024!

How did you ring in the New Year? Did you pick a New Year's resolution?

If not, we've got a suggestion: let's start by fortifying our digital defences, beginning with the basics—strong passwords. No more '1234' or '@ABCD' as your go-to keys to the kingdom!

As we dive into the first TechDogs’ news piece of 2024, let's talk about a critical aspect of the year ahead: cybersecurity. So, what’s new in 2024?

TechDogs-"An Image Showing Users (In Millions) Using Vulnerable Passwords."

Source

You might be wondering why so much fuss around passwords and cybersecurity?

Well, reports from Outpost24 and others highlight the importance of having a solid password. The reason? A news about a significant cybersecurity breach that sent shockwaves through the digital realm.

According to reports, in 2023, Toyota Financial Services was under Medusa Ransomware which led into a massive data breach with unauthorized activities in selected locations. Apart from that, Chicago Trading Company and Alphadyne Asset Management, Yamaha Motor were some other renowned brands that faced cyber threats such as ransomware.

Sources close to such investigation reveal that the cyber-attack targeted the company's cloud services, exposing sensitive information, including user credentials and personal data. While the extent of the breach is still under scrutiny, cybersecurity experts emphasize the need for stringent measures to safeguard digital assets and user privacy in an increasingly interconnected world.

This incident serves as a stark reminder of the constant battle between cybersecurity measures and evolving cyber threats. The sophistication of these attacks highlights the importance of not only reactive but proactive measures to fortify digital infrastructure against potential breaches.
So, how can you fortify your digital realm in 2024?

In response to this breach, the affected companies swiftly initiated a comprehensive audit of its security protocols, collaborating with cybersecurity specialists to bolster defences and prevent future vulnerabilities. Moreover, they urged users to update their passwords and enable two-factor authentication as a precautionary measure.

For instance, as per the Cybersecurity and Infrastructure Security Agency (CISA), “MFA increases security because even if one credential becomes compromised, unauthorized users will be unable to meet the second authentication requirement and will not be able to access the targeted physical space, computing device, network or database.”

The next option is – zero trust security! According to Dell global CTO John Roese, “We’ve spent 2023 talking about zero trust and its importance to cybersecurity. In 2024, zero trust will evolve from a buzzword to a real technology with real standards, and even certifications emerging to clarify what is and is not zero trust.”

Talking about cybersecurity and not discussing Biometrics is of course – a no, no! Renowned cybersecurity company, Kaspersky emphasizes, “Each person’s unique biometric identity can be used to replace or at least augment password systems for computers, phones, and restricted access rooms and buildings.” Kaspersky continues, “In other words, biometric security means your body becomes the ‘key’ to unlock your access.”

In a nutshell, while advancements in technology offer unparalleled convenience and connectivity, they also bring forth challenges that demand constant vigilance and adaptability. In fact, stats highlight 40% of organizations are anticipated to deploy a dedicated cyber committee and 50% will have performance requirements for C-level leaders by 2026.

So, as we step into the new year, it's essential to acknowledge the significance of cybersecurity in safeguarding our digital identities and ensuring a secure online environment for all.

Do you think the above methods will be beneficial in fortifying enterprises against cyber threats in 2024? What other methods should be used to secure enterprise systems in the face of online threats?

Share your thoughts and also your resolutions for bolstering cybersecurity in the new year in the comments’ section below!

First published on Tue, Jan 2, 2024

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Cyber security Kaspersky Identity Management Passwords Cyber Threats

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