PEMEX OSS, IoT Vulnerabilities, Cyber Trust Mark

In Mexico, PEMEX, implemented an open-source cybersecurity software, allowing developers within the company to use, study and modify the software as demanded by their operational needs and threats. General Commissioner of the National Guard, David Córdova Campos, signed an agreement to establish an Investigation and Intelligence Deputy Chief to oversee the identification, prevention and prosecution of cybercrimes in the country with excessive surveillance authority. 

In industry news, unaddressed IoT device vulnerabilities present an appealing target for cybercriminals, prompting US legislators to develop a Cyber Trust Mark to incentivize manufacturers to implement enhanced security measures. Additionally, in response to proliferating cybersecurity threats, such as Phishing and APTs, global spending on cloud security and risk management is projected to grow by 14% by 2024. 

This is the week in Cybersecurity:

Mexico’s Cybersecurity Landscape

PEMEX Integrates Open-Source Software Into its Operation

After falling victim to a major ransomware attack in 2019, PEMEX is undertaking an effort to bolster its cybersecurity controls with the adoption of an open-source cybersecurity software.  This security approach allows developers within an organization to use, study, share and modify the cybersecurity as demanded by their operational needs, circumstances and threats.

National’s Guards Deputy Chief to Surveil, Prosecute Cybercrime

General Commissioner of the National Guard, David Córdova Campos, signed an agreement to establish an Investigation and Intelligence Deputy Chief, who will be charged with enhancing the identification, prevention and prosecution of cybercrimes in the country. While this Armed Forces’ appendix may ensure a more efficient way to prosecute crimes related to the digital realm, the excessive surveillance granted to this deputy chief raises concerns regarding potential power abuse from Mexican citizens. 

Global Cybersecurity 

IoT Vulnerabilities: Low Hanging Fruit for Cybercriminals

The potential attack surface for cybercriminals is expanding alongside the growing adoption of IoT devices in homes, businesses and industries. The interconnected nature of these devices presents an enticing target for malicious actors looking to launch cybersecurity attacks across multiple access points. During 1H23, Kaspersky identified over 700 advertisements for sophisticated DDoS attack services on dark web forums, underscoring the growing interest in compromising vulnerable IoT devices.

Cyber Trust Mark to Incentivize Greater IoT Security

When not properly secured, IoT devices can pose significant cybersecurity risks for digital users that can result in privacy violations, ransomware attacks and data breaches. Recognizing the critical need for improved security practices, the US government is taking proactive steps to raise public awareness with the introduction of the Cyber Trust Mark initiative. This initiative aims to incentivize manufacturers to implement enhanced security measures, ultimately safeguarding users against emerging cyberthreats.

Formidable APT Cyberattacks on the Rise 

Advanced Persistent Threats have emerged as a formidable cybersecurity menace given their capacity to infiltrate networks undetected, wreaking substantial havoc in their wake. These attacks primarily focus on gaining unauthorized access to sensitive data, intellectual property and financial information to extort for remunerative gain. Alarmingly, a recent study led by Infoblox reveals that 34% of companies worldwide have experienced severe reputational damage due to APT attacks, leading to significant financial losses.

Risk Management Investment to Grow Alongside Security Risks

Global spending on cloud security and risk management is projected to grow by 14% by 2024, according to Gartner. This trend is being primarily driven by the adoption of public cloud services, compelling businesses to fortify their security investments or risk falling victim to a cyber breach.