Top 5 Cyber Security Challenges that companies face in 2022

With the ever-increasing sophistication of technology, businesses are now more vulnerable to cyber-attacks than ever before. Since such attacks can be lethal, businesses must take important defensive measures to ensure the security of their sensitive data.

As simple as that sounds, though, it is not easy to form a robust defensive cybersecurity system due to certain challenges that almost all businesses face. If these weak points are effectively dealt with, companies' chances of defending themselves against cyber-theft increase greatly.

This article discusses the top 5 challenges that companies face concerning cyber-security.

Increasingly Complex Challenges

Digitalization has impacted businesses in numerous ways. A growing reliance on computer technology and cloud infrastructure lead us to ever-increasing computer technology advancements.

Because of the progressively increasing complexity of digitalization, Businesses have to wage several new cyber-fights throughout their lives. With the ever-increasing advancements in technology, it doesn't seem like we will live in a cybersafe business climate anytime soon.

Since hackers keep devising new methods of conducting these cyber-attacks, businesses must constantly adapt the latest cybersecurity measures, concepts, and frameworks, particularly for their most sensitive or valuable assets.

Unfortunately, businesses aren't always able to take the appropriate measures in time. Due to their obsolete or un-revised protection measures, they become prone to cyber-attacks and suffer great losses.

Complicated and fragmented regulations

Cyber attackers do not respect national boundaries or adhere to multiple jurisdictions. Meanwhile, organizations must traverse an ever-growing and increasingly complicated system of standards and regulations. The cybersecurity laws of one country or state may be entirely different from another's, which ultimately makes it impossible for regulatory bodies to stop these hackers from attacking the company and government databases. Therefore, this complexity in regulations poses a great obstacle in a company or government's path to cybersecurity.

While privacy protection regulations are vital, they may also generate fragmented and even competing goals and expenses for businesses, often eroding their defence mechanisms. Within their financial constraints, businesses must fight and protect against threats while simultaneously complying with complicated requirements.

Policymakers must consider this influence while making choices. While individual legislations are working for the right cause, many policies create complexity for firms that must comply across all policies, and this added complication adds new difficulties for cybersecurity instead of solving them.

Dependence on other parties

Companies operate in an environment that is almost certainly larger and more uncertain than many realize. Additionally, many predict the rise of working remotely that started with the epidemic to continue even as the pandemic goes away. Due to the worldwide dominance of a handful of technology suppliers, cyber thieves have several access points across the digital economy.

Past assaults on FireEye and SolarWinds demonstrate the vulnerability of supply chain concerns and reliance on IT functions and service providers. This dependence on external parties makes businesses only as strong as their weakest link.

Lack of cyber security expertise

Lack of expertise is one of the biggest hindrances in a company’s efforts to secure itself from cyber-attacks. In recent years, due to the pandemic, businesses have relied on technology more than ever before, and while this has brought about its fair share of benefits, it has also allowed hackers to have an even greater number of businesses to prey upon.

Since the shift to technology-oriented work was relatively drastic during the pandemic, many businesses that did not have expertise in this matter shifted their operations online without being aware of the cautionary measures necessary to ensure the protection of their data. As a result, they became easy prey to hackers who could effortlessly breach past these businesses’ negligible security.

To be able to protect themselves against such hackers, businesses must realize the importance of investing in a robust IT department that stays up to date with the latest advancements in technology and can anticipate attacks and is able to take prompt action against it.

Difficulty Tracking Cyber Criminals

A major reason why cyber-crimes remain so prevalent today is because of how easy it is for these criminals to remain anonymous. Advancements in technology have allowed people to be productive members of society from any part of the world, but in doing so, it has also allowed criminals to be counterproductive members of society from any part of the world. This means that it becomes next to impossible for investigators to catch these criminals and put them behind bars.

Technological sophistication only makes this worse. Cyber-criminals are able to cover up their traces and make it impossible for regulatory bodies to find any evidence of their crimes. As a result, policymakers have to draw new criteria for what can be considered evidence for a cybercrime, hence reflecting the immense difficulty of tracing down cyberthieves.