Safe Security comments on cyber attacks on critical infrastructures

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The wave of cyber attacks has now also reached Germany. Directly affected: The oil industry. At 233 petrol stations, nothing was running at all. The attacked dispatching system distributes about 1.6 million tons of fuel oil and 2.1 million tons of fuel annually.
Saket Modi, Co-founder &CEO of Safe Security in a comment on the current cyber attacks:

Saket Modi, Co-founder &CEO of Safe Security

“Cyber attacks on the critical infrastructure of companies, institutions and organizations are constantly increasing. The current example is just one of several serious attacks. Take, for example, the hacker attack on the Colonial pipeline in May 2021, or the ransomware attack on the Brazilian company JBS, the world’s largest meat company, in July last year.

Today, the hacker attacks have a direct impact on companies and even entire states. Why is that? Quite simply: the operating technology of the power grid, the health system, the transport system and other critical industries and areas are all connected to the Internet today and thus offer strong external attack surfaces for cyber attacks.

It is true that companies and institutions are constantly investing in cybersecurity and are also putting more money into their hands for the security initiatives. Nevertheless, their efforts are usually insufficient and, unfortunately, bring only perceived security. Too often there is a lack of awareness of the real dangers and risks. The true “pain points” are not known or are given too little attention. It is not the right protection against cybercrime that is expensive, but the consequences of an attack and the costs of cyber insurance protection.

However, since cybercriminals are constantly growing APT groups (Advanced Persistent Threat) and attacking critical infrastructures, companies should increasingly rely on a forward-looking risk management approach. In view of the current threats, cyber protection should generate an objective, uniform, real-time overview of all the risks posed by people, processes, technologies and, above all, by third parties. Only this can minimize or even prevent the effects of such attacks on the infrastructure in the long term.

About the author:

Saket Modi is co-founder and CEO of Safe Security, a platform for cybersecurity and the quantification of digital business risks. The computer science engineer founded Safe Security in 2012, when he was in his last year of engineering studies. Safe Security was founded at IIT Bombay and is supported by former Chairman and CEO of Cisco, John Chambers. The company protects the digital infrastructure of several Fortune 500 companies around the world with its platform for measuring and mitigating cyber risks called SAFE. Saket is included in Fortune Magazine’s 40-under-40, Entrepreneur Magazine’s 35-under-35 and Forbes Magazine’s 30-under-30 lists, among others.

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