While completely defending against cyber threats may seem like an impossible task, the stakes are even higher for technology companies.
Every day, the world relies on technology and services to power more businesses than ever before. This demand has created a competitive technology market, fueled constant innovation, and created a reliance on a globally distributed workforce that leaves vulnerabilities and ripe for exploitation. Technology companies are prime targets for cybercriminals.
This vulnerability goes beyond compromising systems and customer data. This creates a springboard for attackers to launch further attacks, leveraging the unique intelligence they collect to target the entire customer base that relies on exploited technologies and services. In a digitally connected world, one successful attack can launch another malicious campaign in the future.
This article identifies the unique challenges that primarily target technology companies, explores the evolving threats they face, and identifies key strategies needed to strengthen digital walls.
Chief Information Security Officer at Trustwave.
Unique factors that make technology companies particularly vulnerable to cyberattacks
The technology landscape is constantly evolving, and there are several factors that make technology companies particularly vulnerable to cyber threats and attacks. These include:
• The technology industry is a treasure trove of valuable and confidential data. From intellectual property and trade secrets to customer information and financial data. This makes tech companies highly valuable targets for malicious activities aimed at stealing this valuable information. Additionally, as more technology products and services become interconnected through the Internet of Things (IoT) and cloud computing, the potential attack surface continues to expand exponentially.
• The relentless pace of innovation in the technology sector means new vulnerabilities continually emerge. Additionally, the industry's “move fast and break things” mentality too often prioritizes security over speed to market. Rushing to introduce cutting-edge products such as AI can lead to dangerous shortcuts by integrating untested components that bypass vulnerability checks and leaving backdoors open to attackers. This built-in vulnerability puts not only your company at risk, but all customers who use your product or service.
• The technology sector is adopting an open, distributed model to foster the creativity needed to drive innovation. However, this structure relies heavily on remote, global employees using personal devices and home networks, which poses significant risks. Mobile technical employees are attractive targets for customized phishing and social engineering attacks aimed at exploiting privileged access. This basic openness, intended to bring brilliance, can lead to devastating breaches.
New cybersecurity threats facing technology companies today
• Supply chain attacks: The technology sector's unique position as both supplier and consumer makes supply chain attacks particularly risky. Products and services from high-tech companies are integrated into large-scale systems and can be subject to vulnerabilities. In addition to this, tech companies often rely on a number of third-party technologies themselves. This dense interconnection is particularly problematic for software publishers and infrastructure providers with complex supply chains. High-profile attacks against companies like Kaseya, MOVEit, SolarWinds, and 3CX demonstrate how a single compromised vendor can disrupt an entire industry.
• Ransomware: 2023 saw a spike in ransomware attacks in the technology sector, with average ransom demands. Technology companies are prime targets for particularly harmful forms of ransomware. This malware not only encrypts or locks your data and demands a ransom, but also actively destroys your backups and copies of Shadow His to prevent recovery. Modern ransomware groups have escalated their extortion tactics. They steal sensitive data before deploying ransomware and pressure victims to pay by threatening to release the information. Even if the ransom is not paid, the attackers may keep the stolen data and sell it on the dark web. This “double extortion” approach will put even more pressure on tech companies.
• Social engineering and fraud: Each successful attack provides valuable information about an organization's technology, security architecture, staff, and procedures. This intelligence allows attackers to launch repeated attacks or sell it to other groups, increasing the likelihood of further breaches. Like falling dominoes, compromised organizations become even more vulnerable to subsequent attacks as weaknesses are exposed.
• Exploitation of vulnerability: Software vulnerabilities pose security risks that attackers can exploit to bypass key controls and deploy malware. They often target flaws across interconnected technology ecosystems, including web apps, network tools, and cloud platforms. For example, many technology companies use open source solutions to host their own cloud services. Although this provides flexibility, it can contain vulnerabilities due to unmaintained codebases and poor security practices. This exposes companies to an entire complex technology stack.
Strategies for managing cybersecurity risks in the technology sector
First and foremost, it is imperative for technology companies to prioritize security throughout the product development lifecycle and embed it from the ground up, rather than treating it as an afterthought. Strong governance can prevent friction, confusion, and exposure of uninformed vulnerabilities through increased communication around the cyber state with senior executives. This includes conducting thorough risk assessments, maintaining asset management hygiene, classifying and securing data, and conducting regular scans and tabletop exercises. Continuous security monitoring and incident response planning are also important to quickly detect and mitigate breaches and attacks.
Technology companies should also take their own advice and start developing effective third-party risk management plans. Carefully vetting third-party vendors and service providers, implementing stringent security requirements, and maintaining close monitoring of the entire ecosystem are all important steps in a comprehensive third-party risk management plan. Zero Trust architecture and other advanced security frameworks play a key role in this effort.
It is important to update your patch system regularly. This includes patching systems with critical vulnerabilities as soon as possible. Databases that store sensitive data should be at the top of your priority list for regular system and software patching. Businesses can use auditing tools that flag misconfigurations and user privileges, helping eliminate risk. Frequent vulnerability assessments and penetration tests to identify vulnerable servers are essential for technology companies to maintain control over their servers and ensure they can address risks as they arise.
conclusion
While no industry is immune from the escalating cyber threat landscape, the technology sector faces particularly difficult challenges and impacts. Technology companies are expected to be at the forefront of innovation and cybersecurity best practices while navigating an expanding attack surface. Additionally, because they are often tasked with protecting sensitive data and systems on behalf of their clients, the reputational damage from a major cyber breach can be devastating.
Technology companies must accept the fact that they are not indestructible just because they are more sensitive to the technical aspects of the risks facing their industry than other companies. Strengthening any company's security defenses requires a pragmatic approach that many technology companies often forget, especially when they're innovating and building the next big thing. However, working with the right cybersecurity partner can alleviate some of the work required to keep your company secure. They can also assure technology industry leaders that they are not alone in the fight against malicious attackers.
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