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What are the top 5 emerging cyber security challenges?

Posting date: 07 May 2024
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Data breaches cost businesses an average of $4.35 million in 2022 globally and such breaches have continued to become one of the biggest cyber security threats. In the ever-evolving digital landscape, understanding the intricacies of cyber security trends is paramount.

At Legal & General, as a leading financial services and asset management company, we recognise the pivotal role cyber security plays in safeguarding digital assets. As cyber threats continue to evolve, professionals in this space are more vital than ever before. 

Let's explore the top five emerging challenges and why addressing them is crucial for the future of cyber security.

1. Ransomware resurgence

Ransomware attacks and phishing have resurged in recent years, posing significant threats to organisations globally. These attacks encrypt critical data, demand hefty ransom payments, and disrupt operations. We acknowledge the severity of these attacks and aim to hire the right data, digital and tech professionals to help mitigate risks and protect against potential threats.

2. IoT insecurity is affecting people worldwide

The proliferation of Internet of Things (IoT) devices introduces new vulnerabilities. From smart home gadgets to industrial sensors, these devices often lack robust security features, making them susceptible to exploitation. According to recent studies, cyber attacks have increased by 67% over the past five years. As such, there is a strong demand for efforts to enhance the security of the IoT ecosystem and to explore innovative solutions to address potential cyber security threats.

3. Supply chain vulnerabilities 

Cyber attacks targeting the software supply chain pose major risks as they specifically exploit third-party exposure and vulnerabilities to gain access to sensitive information. We work with supply chain integrity, implementing measures to ensure data protection. We are always hiring passionate professionals with strong values and a focus on data security and financial inclusion.

4. AI-powered threats getting smarter

Artificial intelligence (AI) technologies enable cyber criminals to launch sophisticated attacks. These AI-powered threats evade traditional security measures, making them challenging to detect and mitigate. 

We are actively engaged in cyber security measures, to help mitigate emerging threats and protect digital assets. It starts with driven individuals working globally, from IT Systems Analysts to Heads of Data Operations.

5. Identity and access management protection

Effective identity and access management (IAM) is crucial for protecting digital assets. IAM involves controlling and managing access to sensitive information and resources within an organisation. Weak IAM practices and poor cyber hygiene can lead to unauthorised access and data breaches. Understanding the importance of IAM is paramount for businesses aiming to secure their systems and maintain data integrity. We are leading by example by consistently evolving innovatively with our cyber security efforts to address emerging challenges. 

Our commitment to cyber security extends beyond mitigating risks. By joining Legal & General, professionals shaping the future of cyber security.

Join us in shaping the future of cyber security

We believe in creating a collaborative environment where everyone's contributions are valued. Our goal is to cultivate a workplace where differences breed originality.

If you're passionate about cyber security and seeking to make a difference, explore opportunities with us. Together, let's navigate the ever-evolving threat landscape, leveraging cyber security tech to create a safer digital world for all.

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