Palo Alto To Firms: Spend ‘Smartly’ on Cybersecurity

Palo Alto Networks Inc. advised companies to spend “smartly” on cybersecurity in 2023 since the rise of tech innovations such as 5G and Metaverse could deepen the scope of threats next year.

In 2023, the accelerated adoption of 5G could “deepen vulnerabilities,” according to Palo Alto Networks’ 2023 APAC cybersecurity predictions.

It added that 5G delivery is built on cloud architecture and although the cloud provides scalability and performance, it also exposes 5G to cloud vulnerability.

Palo Alto also predicted that Metaverse is likely to widen the playground for cybercriminals since bad actors are attracted to the money, adding that an estimated $54 billion were spent on virtual goods every year.

The potential of Metaverse to open new opportunities for businesses and consumers would also expose new vulnerabilities.

Firms are reminded to be vigilant in using the correct tools for their platforms to defend themselves from threats and ensure continued business operations.

“The fluidity of today’s cyberattacks will require business leaders to reimagine their cybersecurity approach constantly. Leaders must consider innovative solutions, technologies, and approaches that outperform traditional mechanisms,” Palo Alto Networks Regional Vice President for ASEAN Steven Scheurmann said.

Moreover, Palo Alto Networks emphasizes that 2023 will be crucial for the security of medical services as the COVID-19 pandemic accelerated digital adoption in the healthcare industry.

Aside from smart medical services, huge amounts of patient data must also be secured, Palo Alto Director for Industry 4.0 Strategy Alex Nehmy said in a virtual briefing.

Healthcare is “attractive” to cybercriminals due to the sensitive data linked to its systems, the firm said. Other possible risks include identity theft and intellectual property infringements, it added.

“It’s not just medical devices that are going digital but most of the medical records so that the whole healthcare industry is becoming digital both from the physical devices and the digital records. This does allow a lot of positives for health care…. But attackers are looking at weaponizing this digitalization,” Nehmy said. 

Palo Alto also predicted more cloud adoption disruptions in the supply chain and intensified debates on “data sovereignty” as the world becomes “more reliant on data and digital information.”

Companies are urged to partner with services that offer tools not just to protect them from cyber attacks but also to predict threats to strengthen their cyber defense systems.

Scheurmann also expressed the “critical shortage” of cybersecurity talents and expertise globally.

At least 3 in 4 Philippine firms have suffered from a form of cyber attack, according to an earlier report by another cybersecurity firm.

Source: ABS-CBN