Investing in emerging technologies key to cyber resilience

Technologies open up a world of possibilities for creating and optimising business models, and beyond that, they transform our everyday lives. As businesses are constantly finding new ways to optimise their operations and workflows, there is an increased interest in emerging technologies such as AI, IoT, 5G, edge computing and blockchain.

However, the recent federal Budget highlights that while businesses around the world are increasingly adopting emerging technologies, as a nation, Australia is still lagging behind countries like the US in areas such as cloud computing, machine learning and AI adoption.

In order for businesses to maximise the potential of emerging technologies and create a competitive advantage, Australia needs to actively invest in, understand and incorporate emerging technologies into their operations to reap the benefits.

The challenges of new and emerging technologies

Cutting-edge technologies do, however, bring fresh challenges for organisations. With cyber attacks on the rise and threat actors evolving the sophistication of their attack methods, from tailored ransomware and malware attacks to phishing scams, cybersecurity can no longer be an afterthought. It is crucial for organisations to address cyber threats and have a strategy in place to protect their businesses.

For example, ChatGPT, possibly the hottest tool of the year, has changed the way many people approach and leverage AI. One of the most significant ways that ChatGPT is changing the world is by improving natural language processing (NLP). Many businesses across the world are now looking for ways to integrate AI and ML into their processes to streamline processes and improve productivity.

While AI and ML have been successful in helping businesses, there is a rising concern that threat actors are now using AI as a way to target organisations, such as by generating malicious code to hack into them.

With the Internet of Things, for example, we often see that devices are not parameterised correctly. Users often leave their devices with factory default passwords, giving cybercriminals the opportunity to gain access. With 5G technology, and the growing use of SaaS and cloud, the challenge is even tougher. This is why resilience to new attacks is essential to promoting the digital agenda and driving mass adoption.

Why investing in emerging technologies is key to cyber resilience

Emerging technologies do not negatively impact cybersecurity, but it is necessary to remain alert. Organisations and governments should work together to ensure the correct implementation of new technologies to add value and improve people’s lives and to secure these technologies to guarantee their safe use. The tools themselves can be used as an effective defence to prevent possible attacks.

For example, artificial intelligence can predict patterns and detect threats in advance. It can be applied to standards such as ISO 27001, NIST and ISO 27701 or industry-specific standards (such as those available in the banking industry) to help define controls, processes and roles that assign new responsibilities to the existing operations.

In order to mitigate cyber attacks that can disrupt the operations of many businesses, cybersecurity experts need to ensure that they are implementing new approaches to security measures and developing strategic plans to ensure the secure utilisation of these technologies while effectively managing associated risks.

Empowering the future of Australia’s cybersecurity industry

Aussie organisations have made significant progress over the past few years to make Australia a more secure nation. However, more can be done for organisations to punch above their weight and remain globally competitive in the cybersecurity sector.

It’s important for organisations to continue to invest in emerging technologies, especially in areas experiencing rapid development, such as cybersecurity, to understand the potential benefits and challenges behind the technologies, come up with better strategies and stay ahead of the curve to protect Australia’s critical information and infrastructure.

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