The cybersecurity issue is getting out of hand.
Not only is the U.S. still unprepared for future attacks, but cities, hospitals, schools, and a good deal of companies aren’t ready. In fact, according to FireEye, as noted by Cybersecurity Insiders, about 29% of organizations haven’t even bothered to test their cyber defenses in over a year. Considering the constant threat, and the cost of cyberattacks, that shouldn’t be.
Major companies, like Colonial Pipeline were taken down by a remote account with compromised VPN, or virtual private network password.
According to Tech Radar, “Based on input from cybersecurity firm Mandiant, Bloomberg reports that the threat actors were able to compromise the VPN account because it didn’t use multi-factor authentication, which would’ve added another layer of security on top of the password.”
In addition, according to Reuters, “The head of Colonial Pipeline told U.S. senators on Tuesday that hackers who launched last month’s cyber attack against the company and disrupted fuel supplies to the U.S. Southeast were able to get into the system by stealing a single password.”
Even the world’s biggest meatpacker, JBS was hit with a ransomware attack.
More Attacks Are Likely
These aren’t the only companies to be hit. Plenty of companies have been attacked. Plenty more could be attacked. All because many still aren’t prepared.
You almost want to bang your head against the wall it’s become so ridiculous.
Even more ridiculous, “Roughly 85% of America’s critical infrastructure is privately owned, and the private sector is not required to follow the strict cybersecurity guidelines set by the government,” says CNBC.
“We’ve got electric grids in this country, we have water systems, we have pipelines. We have a lot of critical infrastructure that is really open to some of these ransomware attacks and cyberattacks,” said Rep. John Katko, R-N.Y., as also quoted by CNBC. “And we need to do a much better job than that.”
How to Invest in the Threat
As we noted on May 21, 2021:
For investors, while you can always buy stocks like FireEye (FEYE), Palo Alto (PANW), and Fortinet (FTNT), you can also pick up ETFs, which offer solid diversification at less cost, such as:
Global X Cybersecurity ETF (BUG)
“The Global X Cybersecurity ETF (BUG) seeks to invest in companies that stand to potentially benefit from the increased adoption of cybersecurity technology, such as those whose principal business is in the development and management of security protocols preventing intrusion and attacks to systems, networks, applications, computers, and mobile devices,” says Global X.
iShares Cybersecurity and Tech ETF (IHAK)
According to iShares, “The iShares Cybersecurity and Tech ETF seeks to track the investment results of an index composed of developed and emerging market companies involved in cyber security and technology, including cyber security hardware, software, products, and services.”