24/7 Cybersecurity: Is Your Critical Infrastructure Protected Against Evolving, Smarter, and More Persistent Threats?
Given the evolving landscape of cyber threats, we wanted to provide a follow-up to our prior blog, "Safeguarding Critical Infrastructure from Cyber Threats." In that post, we discussed the rising risks facing critical systems such as power grids and financial institutions. Since then, these threats have grown more sophisticated and frequent, making around-the-clock cybersecurity necessary. This follow-up delves deeper into the current challenges, including AI-driven attacks, ransomware, and vulnerabilities within OT systems, emphasizing the urgent need for proactive measures to mitigate these risks.
Evolving Nature of State-Sponsored Cyber Threats
Critical infrastructure sectors such as energy, transportation, and healthcare are particularly vulnerable due to their reliance on interconnected networks. A single attack on an energy system could result in widespread blackouts and significant supply chain disruptions.
State-sponsored attacks have surged, as demonstrated by the Russian hack on Ukraine's power grid, which left hundreds of thousands without power. Such incidents underscore the need for constant vigilance.
Fact: According to CISA, attacks on energy infrastructure from state-backed groups have increased by 40% in the past two years.
Diverse Cyber Threats to Infrastructure
Malicious actors are employing increasingly sophisticated methods to breach critical infrastructure:
- Ransomware Attacks: Ransomware surged 50% in 2023, with the average ransom rising to $1.54 million (Cloudwards).
- DDoS Attacks: Russian hackers targeted Swiss websites during Ukraine President Zelensky’s visit to Davos.
- Supply Chain Attacks: The SolarWinds breach in 2020 remains a significant example of supply chain vulnerability.
FORTINET - GLOBAL THREAT LANDSCAPE REPORT 2023
Securing Operational Technology (OT)
Securing OT systems is a significant challenge in critical infrastructure defense. Often built decades ago, these systems lack modern security protocols, making them attractive targets for cybercriminals. Key challenges include:
- Legacy Systems: Outdated and expensive to upgrade, these systems are vulnerable.
- Complexity: Interconnected systems from different vendors complicate security protocols.
- Operational Impact: Securing these systems without disrupting operations is complex.
IT vs OT - Mindset, Technology, Requirements
Source: Sarah Fluchs “Why OT has different needs than IT
Regulatory Responses and Cyber Policy Mandates
Governments are stepping in with stricter regulations to safeguard infrastructure. In the U.S., the NIST Cybersecurity Framework 2.0 emphasizes supply chain security and governance. Meanwhile, the European Union’s NIS2 Directive and the NERC Critical Infrastructure Protection standards enforce security protocols across the electric utilities sector.
https://www.nist.gov/cyberframework
Collaborative Efforts and Market Opportunities
Protecting critical infrastructure requires collaboration among government agencies, industry stakeholders, and cybersecurity experts. At Momenta, we see immense potential in the industrial cybersecurity market, projected to reach $20.5 billion by 2030.
Our portfolio company, Xage Security, provides solutions that protect both operational and IT systems.
Conclusion
As cyber threats grow more sophisticated, safeguarding critical infrastructure requires constant vigilance and proactive solutions. This challenge demands collaboration across industries, governments, and experts. Companies like Xage Security are leading the way, offering innovative technologies to protect both operational and IT systems.
Partner with Momenta to secure your critical systems and outpace emerging threats 24/7. Let us safeguard your operations with expert solutions designed to protect your future.
Contact Momenta to explore how we can help secure your critical systems and stay ahead of emerging threats.
Momenta is the leading Industrial Impact® venture capital firm, accelerating industrial innovators across energy, manufacturing, smart spaces, and the supply chain. For over a decade, our team of deep industry operators has helped scale industry leaders and innovators to improve critical industries, the environment, and people's quality of life. PitchBook has ranked Momenta as one of the ten best-performing venture capital firms for 2023 in its prestigious Global Manager Performance Score League Tables, and the firm is the only European-headquartered VC to secure a Top 10 spot on the list.
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