April 19, 2024
Companies Have Only a Few Hours to Stop Cyberattacks, Cybersecurity CEO Warns
Latest Cryptocurrency News

Companies Have Only a Few Hours to Stop Cyberattacks, Cybersecurity CEO Warns

The CEO of Palo Alto Networks, Nikesh Arora, has emphasized the necessity for businesses to strengthen their cybersecurity defenses because “bad actors are getting faster.”

Nikesh Arora, CEO of Palo Alto Networks, has advised businesses to update their cybersecurity systems and warned that criminals are now far faster than ever at bypassing enterprise defences.

On August 21, the CEO of a cybersecurity company told Jim Cramer on CNBC’s Mad Money that businesses with antiquated security systems should pay special attention because cybercriminals are only becoming faster.

“It’s important for us to make sure we’re ready to deflect the stuff in hours, not days,” Arora stated.

He emphasized the necessity to update antiquated cybersecurity technologies and even ventured that artificial intelligence might be employed.

OpenAI, the company behind ChatGPT, unveiled a $1 million cybersecurity grant program in June with the goal of advancing and assessing the effectiveness of AI-driven cybersecurity technology.

Crypto hackers have had a great year, especially when it comes to decentralized finance protocols.

In the second quarter of 2023, hacks and exploits cost the cryptocurrency market more than $300 million.

According to the De.Fi Rekt database, August has already seen its fair share of cryptocurrency exploits, with losses of seven figures for the Exactly Protocol, Zunami Protocol, Steadefi Protocol, and Cypher Protocol. But not all of them were conventional cybersecurity attacks; many of them involved flaws in smart contract programming and flash loan exploits.

The Securities and Exchange Commission decided in late July to enact new cybersecurity disclosure regulations that would apply to listed corporations, including cryptocurrency businesses.

The regulator will mandate that publicly traded companies notify investors of “material” cybersecurity breaches within four days, stating that this is important “to protect investors.”

Corporations, on the other hand, resisted, arguing that the short announcement period was excessive. Additionally, they worry that doing so would necessitate public disclosure, which might be detrimental to businesses and leave them vulnerable to additional cybercriminal exploitation.

Arora told its clients, “You really don’t want to be exposed by telling the SEC that you have been breached and you haven’t fixed it yet,” pleading with them to act quickly.

Image: Pexels

Related posts

Japanese E-commerce Giant Embraces Bitcoin Payments Starting June

Kevin Wilson

Defending Sam Bankman-Fried: Attorney Reveals Herculean Challenges in High-Stakes Trial

Chloe Taylor

eBay’s Saga: How a Meme Token Revived Solana’s ‘Failed’ Phone to $5,000 Sales

Kevin Wilson

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More