Latest Cyber Threat Landscape & Cloud-based Attacks
TAPA APAC held an engaging Cyber Security event in Singapore with the theme of “Cyber Threat Landscape & Supply Chain Risks for SMEs”.
As Industry 4.0 supply chains expand with complex technology and Internet of Things (IOT) systems, cyberattacks on supply chains are posing serious threats to daily operations, especially for SMEs. Without a holistic framework and security system in place, threats often go undetected, resulting in millions of dollars lost to cybercriminals.
The additional challenges that SMEs face, such as lack of cyber skills and the inadequate security budget, are adversely affecting their competitiveness and jeopardizing the value chain to which they are linked. The event aimed to help business owners can take steps to mitigate those risks including latest threat detection and response systems, and globally recognized cyber security protocols.
The event was attended by TAPA APAC members, associate partners and guests for a knowledge exchange of Cyber Security information with knowledge experts – Mr. Tony Lugg, Chairman of TAPA APAC; Mr. Richard Wen, CEO of Three North Stars; and Mr. Chok Chiat Ho, Head of Solution Engineering (SEA) at CrowdStrike.
Cyberattacks on the Cloud are Increasingly Common, primarily due to Misconfiguration
Richard commented, “The cyber threat landscape is constantly evolving, and in recent years, the number and severity of cyber-attacks have increased.
The rise of Cloud attacks and Malware-less attacks pose a significant threat to businesses across the globe. Misconfiguration is one of the primary reasons for attacks on the Cloud. Shadow IT and Denial of service (DoS) are also some of the common cloud attacks. Supply chain attacks target a weak point within a larger network, such as third-party vendors and suppliers. In addition, insider risks continue to pose major challenges for organizations. To combat these Cyber Security threats, organizations need to step up their prevention, detection, and response.”
Biggest Cyber Security Threat Today is the Rise of Access Brokers
“One of the biggest Cyber Security threats today is the rise of access brokers. These individuals or organizations buy and sell access to networks that cybercriminals have compromised. Access brokers specialize in acquiring credentials through stealers or other methods and selling them individually or in bulk”, Chok highlighted on the risks for businesses in today’s digitalized world.
Chok continued to explain, “Another major Cyber Security threat is cloud exploitation. We have seen an increase in cloud exploitation as more organizations store their critical data and run operations out of cloud workloads.
“Using innovative platforms that leverage on Artificial Intelligence (AI) and machine learning is one of the key methods to detect and prevent threat providing real-time early warning and prevention. By responding within the breakout time window, defenders can minimize the costs and other damages caused by attackers.”
TAPA APAC to Support Members in their Cyber Security Strategy with CSS
In the second half of the event, Tony shared the objective of TAPA Cyber Security Standards (CSS) in assisting members to get started on their Cyber Security strategy.
Tony continued to share the association’s plan to set up a Cyber working group to bring the industry experts and professionals together for explorations of new ideas and development of better solutions to address Cyber Security challenges faced by businesses, especially in Asia Pacific.
“The TAPA APAC Cyber Security event was a success with great engagement and information sharing. Members and participants from various industries came together to share information, concerns and best practices related to Cyber Security. This event helped in building awareness, knowledge, and collaboration among the participants, which will go a long way in protecting our members against current and evolving cyber threats. We look forward to engaging member companies that are keen to take action in elevating their Cyber Security”, Tony expressed his thoughts about the event’s success.