According to data and analytics company, GlobalData, the COVID-19 pandemic not only accelerated the pace of transition to virtual across industries but also created an unprecedented opportunity for cybercriminals to hack and break down the IT infrastructure of organisations and the recent spike in phishing and ransomware attacks has warranted organisations to adopt proactive cybersecurity measures.
Image courtesy GlobalData
Manish Dixit, Principal Disruptive Tech Analyst at GlobalData, said: “Ransomware continues to gain momentum and sophistication from both cybercriminals and state-sponsored threat actors. Dominos India's recent data breach compromised data of 180 million customers, including financial details, phone numbers, and GPS locations. To combat such threats, cyber-aware firms are implementing proactive cybersecurity measures that enable them to be resilient, alert, secure, and mitigate cyber risks.”
The Theme Exposure Map by Sectors available in GlobalData’s Disruptor Intelligence Center compares the speed at which different technologies are adopted across industries globally.
GlobalData reveals Banking and Payments, Aerospace and Defense, Insurance, Consumer and Oil & Gas as the top five sectors in terms of the adoption of cybersecurity.
Banking and Payments
Belfius Bank in Belgium teamed up with cybersecurity company OneSpan to safeguard its clients from cybercrime and mobile banking fraud by incorporating OneSpan Mobile Security Suite (MSS) into its mobile app.
Aerospace and Defence
SkyGrid, a Boeing-SparkCognition joint venture, partnered with Texas-based technology company SparkCongition to deploy AI-powered cybersecurity solutions on drones, preventing zero-day cyberattacks while in flight. The collaboration seeks to provide improved airborne security than conventional anti-malware that can identify known threat signatures.
Shift Technology has partnered with the Insurance Fraud Bureau (IFB) to build new fraud detection system for the insurance industry in the UK. The platform, which is scheduled to launch in early 2022, will leverage artificial intelligence (AI) technology to ‘learn and grow’. It will be designed to detect and prevent organized fraud in the insurance industry. It will also provide real-time fraud alert to fraud investigators about suspicious activity.
Indian food ordering and delivery app Swiggy chose Texas-based Securonix’s automated detection systems, reaction, and compliance capabilities to boost its cybersecurity. Securonix will enable the delivery platform to handle user behavior, threat detection, threat intelligence, and threat modelling from a single point of management.
Oil & Gas
Petrobras collaborated with Baker Hughes to improve digital capabilities and meet the most stringent regulatory standards. The contract covers auditing and calibration technologies, cybersecurity, remote tracking systems, as well as interconnected machinery security devices and sensors.
Mr. Dixit concluded: “Cybersecurity is crucial in various difficulties now confronting enterprises, such as the increased use of remote working and the resulting requirement to offer proper security measures. Corporations must plan ahead of time to achieve the optimum incident preparation, response, and post-event analysis.”