Digitalization comes with great risk, as cyber crime rises at an unprecedented rate and the cost of it is expected to reach USD 1.5 trn worldwide in 2020, highlighting the importance of cyber security.
Accordingly, Mark Milford, Vice President for Cyber Security at Wärtsilä, asseses the cyber security environment and discusses the biggest risks to their digital infrastructure.
A major issue following digitalization is ransomware; It is widely expected to continue to evolve in complexity, becoming increasingly targeted and persistent in nature. While the evolution of the Security Operations Centre (SOC) and the Network Security Programme will go a long way in mitigating many automated attacks, the nature of the evolving threat ensures it remains a significant risk.
In the meantime, vulnerabilities within corporations include corporate network systems, APIs, industrial IoT and critical infrastructure. Protection comes with enhanced patching programmes. Yet, protection is not always effective as some systems are based on software no longer supported by developers.
Cyber insurance, therefore, needs to be reviewed in relation to risks associated with lack of patching known vulnerabilities
… adds Mr. Milford.
In addition, another challenge often discussed is skill shortages. Mr. Milford adds that “It is estimated that we are half a million cybersecurity experts short when it comes to coping with the current problems, meaning we have to act. At Wärtsilä, we are combatting this by running programmes for interns and university students to show them what a career in the industry might look like and retraining people who either work in the IT sector or show an interest in the field.”
Consequently, the change of the digital world is based on quantum computing, which has the potential to completely strip away each and every type of encryption known to man, changing the way data is sent, and on 5G.