Connectivity is skyrocketing at a rapid clip, thanks to new innovations and the rapid rise of AI (artificial intelligence). Couple the rewards technology enables, with the mighty risks that many companies certainly aren’t prepared for at this moment in time. The best time to become aligned with this new AI revolution was yesterday. Sadly, that’s no joke.
The Broadband Assn.’s new 2024 Broadband Capex Report suggests broadband providers invested $89.6 billion in U.S. communications infrastructure in 2024, which brings the industry’s total to more than $2.2 trillion since 1996. Last year, we saw the AI era swell, driven by expanded fiber networks, extended service into rural areas, and greater capacity to meet new demands.
While growth surges have been essential, it is time to pick up the mantle and prepare for the next era of technology because risks are at an all-time high. New research from global cybersecurity firm NCC Group suggests businesses are overestimating their ability to respond to supply-chain cyberattacks and their visibility of suppliers.
Here at Connected World, we have been talking about the risk that exists in the supply chain for years. This report echoes the sentiment and points to a few key trends to watch in the days ahead. But, first, let’s unpack the highlights from this report.
The Rising Risk
The organization surveyed 1,010 cybersecurity decisionmakers globally on their view of the current state of supply-chain security. Here’s the irony of what it found: 92% of organizations trust their suppliers follow cybersecurity best practices. However, these very facts could potentially lead to increased threats and vulnerabilities.
As we all remember, Target became the very subject of a major cybersecurity breach because of stolen credentials from one of its HVAC (heating, ventilation, and air conditioning) contractors. The hard reality is we are only as strong as our weakest partner. Corporations must become vigilant about supply-chain security. Sadly, our very own partners are our weakness link in this scenario.
Hold on to your hats: the study from NCC Group also reveals 68% of respondents expect attacks to become more severe in the next 12 months. That means in the next year your company could be dealing with the pressure of a cyberattack. Are you prepared to address these challenges?
Much is changing too. We have new regulations determining our cyber future—particularly in the European Union. Here we see the CRA (Cyber Resilience Act) aims to enhance cybersecurity standards of products that contain a digital component, requiring manufacturers and retailers to ensure cybersecurity throughout the lifecycle of their products. Naturally, putting all of this into practice is far more complicated than executing it. This is truly very vexing, for sure.
What Can Be Done?
Companies must take very careful steps forward. As nefarious characters get smarter, businesses must also get rise to the challenge and become even smarter and more resilient. There is no easy answer. But it all begins by having a plan and executing on that plan should the bad guys set their eyes on your company. Think, if not now, but when.
Create a plan: The first step is corporate governance. Companies must have a plan for how they will leverage technology in an organization—and how they will respond to a breach once it does happen. This corporate governance could be different for each company, but it must be clear.
Inform employees: After creating governance, then that governance needs to be clearly communicated to all key stakeholders. Good cyber education is key in today’s always-on world.
Put tech in place: Technology can often be the solution here. Companies must have hosting security, patching, phishing defenses, and more. A good cybersecurity team will put the right tools in place across an organization and supply chain.
Change the plan as needed: Companies must conduct regular audits and continue to finetune the response plans as needed.
As technology continues to rapidly evolve and proliferate nearly every area of our work and personal lives, we must put the right tools in place across the business and across the supply chain. If not, then we will be sitting ducks waiting for the next breach to happen.
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