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January 28, 2021

Enterprises continue to struggle with social engineered cyber-attacks

By GlobalData Technology

The last five years has seen a growing trend in social engineered cyber-attacks. However, the Covid-19 pandemic in the last year has increased social engineered attacks like phishing, ransomware, and other forms of network attacks exponentially.

A large majority of Fortune 100 and 500 companies have experienced major disruptions to their operations and markets, resulting in some economists predicting losses of more than $1.1 trillion worldwide. Sectors like government, pharma and finance have seen an exponential rise in social engineered attacks in recent months.

social engineered cyber-attacks are the new norm

In light of the Covid-19 pandemic, the majority of cybersecurity vendors and managed security service providers are emphasizing that enterprises put in place adequate security measures and policies that address malicious campaigns, including email spam, malware attacks (with remote working), ransomware, and network protection to prevent embedded malware attacks that deploy social engineering tactics that infect corporate networks.

Vendors are also prioritizing efforts around remote access VPN monitoring, endpoint threat prevention, mobile security and secure workplace, and cloud and device security. In addition, managed security providers are focusing on initiatives to help enterprises fortify their businesses in response to the new norm that has resulted from the Covid-19 pandemic. They are doing this by productizing solution offers such as virtual SLL gateways in hosted public cloud environments (e.g. Microsoft Azure and AWS) with backhaul connectivity as a way of fortifying security for increased numbers of remote workers.

Cybersecurity vendors increase product development

As we move forward into 2021, we expect cybersecurity vendors to increase their product development and marketing efforts around phishing and identity attacks as organizations and governments continue to address the Covid-19 pandemic. There will also be greater collaboration between vendors and partners in the fight against cyber-attacks because of Covid-19. The industry has already seen examples of this happening with the creation of a ‘Covid-19 Cyber Threat Intelligence League’ to fight hackers attempting to take advantage of the Covid-19 crisis in sectors like healthcare.

Email cloud migration will also require stronger email security controls and processes. In addition, more advanced capabilities will be built into solutions like Secure Email Gateways that improve email protection combined to email platforms. Integrated email solutions will also provide malicious email, URL, and browser protection, with built in Machine Learning detection capabilities to identify phishing attacks and integrated via APIs to applications like Office 365.