Financial news

By Trevor Dearing 

Critical National Infrastructure (CNI) is a top target for cyber threats in Europe today. Not only does hyperconnectivity and the move to Industry 4.0 add new layers of complexity to ongoing digital transformation efforts, but the constant changes in the region’s economic, political, and regulatory landscape have made it a breeding ground for bad actors. 

Whether its ransomware gangs looking to cash in on mass-scale disruption or state-sponsored actors keen to achieve geopolitical agendas, these threats are incessant – and they’re at an all-time high. Recent attacks on national banks and country-wide healthcare systems highlight the vulnerability of Europe’s most essential institutions. And the question is: While bad actors are seeing victories, will EU businesses be able to turn the tides?  

2024 will be the year we find out. In a year categorised by elections, Olympics, the Euros, global collaboration, ongoing geopolitical conflict and much more, the potential for disruption is evident, making the need for cyber resilience even more apparent. Those that can implement and move past traditional, static approaches to cybersecurity – especially in agile, fast-paced territories like the cloud – will be the ones who ultimately survive in this new digital landscape. In 2024, to combat escalating threats, European CNI organisations require a more proactive approach to resilience and response. One that treats cybersecurity with the prioritisation and urgency it so requires.  

The need for security in a turbulent cyber landscape  

The current cybersecurity landscape is in a state of constant change. Not only are organisations squaring off against increasingly advanced adversaries, but economic instability is making cybersecurity investment and buy-in that much more challenging. 

Take for example, the risks and threats posed by AI. For business leaders and consumers alike, there are many fears around the newly elevated threats posed by AI. The latest report from the NCSC shows that recent advancements in AI technology have enhanced reconnaissance and social engineering capabilities for threat actors, making them more effective and increasingly difficult to detect.  

With AI in the mix, we can expect that threats will be even more persistent and targeted in their tactics, indefinitely increasing the volume and impact of cyberattacks in the next few years and adding even more pressure to an already expansive attack surface. What’s more, traditional security tools, such as firewalls and intrusion detection systems, alone continue to prove insufficient in keeping bad actors outside of safeguarded systems and infrastructure – particularly as CNI organisations move even more of their essential operations to the cloud, to capitalise on productivity, cost efficiency and output.  

But as we’re learning, the cloud can also pose unintended security consequences. Our recent research demonstrates that an average organisation lost nearly $4.1 million from cloud-related breaches last year. Beyond the financial consequences, such breaches can erode decades’ worth of trust and credibility in organisations. In fact, 45 per cent of IT decision-makers in the UK highlight reputational damage from cyberattacks as their primary business concern. 

The importance of a risk-based approach to maximise resilience 

With the digital landscape widening, economic uncertainty prevailing, and new threats being introduced, organisations must prioritise security and resilience – by first identifying and shoring up the most critical at-risk assets within any IT environment. Security investments should be directed towards first protecting assets, workloads and networks that can cause the most operational and reputational damage if compromised. By shoring up the most sensitive information and infrastructure at the onset, this risk-based approach allows CNI to remain operational even if threat actors successfully breach perimeter defences.  

Additionally, the importance of cross-functional planning and cross-team communication cannot be downplayed. Adopting a risk-based and proactive approach allows organisations to better prepare for the outcomes of inevitable security breaches. As we saw most recently in Romania, unplugging OT and HIoT devices from the network in the event of an attack is a short-term fix. It’s understandable, but it’s certainly a much less viable solution in industries like healthcare when patient care relies so heavily on uninterrupted access to data and operations.    

To put a risk-based approach to cybersecurity into practice, organisations must implement solutions that emphasise breach containment and prevent lateral movement across environments. In this sense, the adoption of Zero Trust technologies – like Zero Trust Segmentation (ZTS) – become a vital component.  

By adopting a Zero Trust-based “never trust, always verify” philosophy, organisations are empowered to take a more dynamic and proactive approach to securing networks. And by further leveraging Zero Trust tools like ZTS, organisations can segment networks into secure zones, each rigorously controlled and accessible only through strict verification processes. Such segmentation ensures that even if a breach occurs, its impact is contained, significantly reducing the risk to critical assets. 

Building resilience from the inside out 

Our research supports this narrative, with 93 per cent of IT and security decision-makers acknowledging the necessity of segmenting critical assets to secure cloud-based projects. Especially for CNI operators, ZTS plays a critical role in ensuring operational continuity even while under an active attack. Considering the high costs associated with data breaches today, the adoption of ZTS not only serves as a measure to safeguard against potential attacks but also as a strategic investment in the organisation’s long-term resilience and reputation. 

In essence, ZTS is not just a cybersecurity measure but a foundational strategy for ensuring operational continuity, trust, and resilience in an era of unparalleled digital threats. Its adoption is a clear step forward for organisations and CNI operators alike aiming to fortify their defences and protect their future in the context of an increasingly uncertain, volatile and unprecedented threat landscape. In a landscape fraught with risk, a risk-based approach to security, with an emphasis on Zero Trust, is a proven way to make strides towards resilience.  

About the Author 

Trevor Dearing Director of Critical Infrastructure at Illumio. Trevor has been at the forefront of new technologies for nearly 40 years. From the first PCs through the development of multiprotocol to SNA gateways, initiating the deployment of resilient token ring in DC networks and some of the earliest use of firewalls. Working for companies like Bay Networks, Juniper and Palo Alto Networks he has led the evangelization of new technology. Now at Illumio, he is working on the simplification of segmentation in zero trust and highly regulated environments.