12th May, 2017 will be remembered for a long time as the break out moment for the Cyber Security Market. Unfortunately, the moment was only possible because the biggest ever ransomware attack, which was instigated by the WannaCry program, in the history of the internet had just taken place. Hospitals were in disarray, lives of common people spun out of control, and plenty of important industrial operations were disrupted.
According to IndustryARC’s findings, the Cyber Security Market has its task out to close all the loopholes which allowed damage to take place on such an unprecedented scale. Let’s start with the criminals themselves. Initial findings suggest that the main culprits behind this attack are the same ones who instigated the Sony hack:
North Korean hackers. In recent times, Russian hackers compromised the Democratic National Committee’s system during the U.S. Presidential elections of 2016. In the future, there will be many more who will be keen to make the most of vulnerable software code.
But a majority of the blame is being shouldered by Microsoft and its decision not to support older versions of the Windows operating system, the Windows XP in particular. The IT industry has also had to put up with some of the blowback as it got accused of selling broken products and charging customers for rectifying their original products.
To be fair to Microsoft, it has fixed the vulnerabilities in its operating system, albeit only the newer versions. Support for outdated software like the Windows XP was discontinued in 2014, but various government organizations like the U.K’s National Health Service still use it due to a lack of funds necessary for upgrading. Another problem for the Cyber Security Market to tackle is for software development to outpace hardware upgrades. Upgrading critical infrastructure is being rightfully viewed as a very tricky process as companies have to consider the various bugs that come along as well as the time it takes for employees to a new user-interface.
Now, the onus is on the Cyber Security Market to make relevant changes to regulatory setup, help various government organizations with their infrastructural upgrades, and take decisive steps in the development of critical software. Only drastic measures, if taken today, can secure the internet of tomorrow.