IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Cybersecurity spending to increase following SolarWinds hacking

By Shannon Williams
Tue 5 Jan 2021
FYI, this story is more than a year old

Cybersecurity spending is set to increase by 20% in 2021, following last year's hacking of SolarWinds, according to reports.

A few weeks before the end of 2020, hackers breached software provider SolarWinds, directly infecting the company’s Orion software as well as several local, state and federal agencies in the United States. Private companies such as Microsoft also got exposed to malware.

Based on the SEC documents submitted by SolarWinds, it verified that around 18,000 of its customers installed the trojanised updates from its software. This led to a massive search inside enterprise networks and continuous checks to ensure that second-stage malware payloads will be prevented.

According to the research data analysed and published by the Finnish website Sijoitusrahastot, hacking attempts like this will push companies to increase their cybersecurity spending by 20% in 2021. From $40.8 billion in 2019, the total cybersecurity spending in 2020 is $43.1 billion. It is expected to reach $51.7 billion in 2021.

Global Cybersecurity Market to Grow to $248.26 Billion by 2023

According to a study by Markets and Markets, from $152.71 billion in 2018, the global cybersecurity market is estimated to grow to $248.26 billion by 2023. This represents a compound annual growth rate (CAGR) of 10.6%.

North America is forecast to hold the biggest market size because of the presence of many key players and tech companies in the region. At the second spot is Europe, followed by APAC.

Additionally, a Gartner report states that informational security spending alone reached $128.8 billion in 2020. 

Aside from the recent hacks, the coronavirus pandemic is also causing short-term demand in areas such as remote worker technology and cloud adoption. Security services got the highest spending, followed by infrastructure protection and network security equipment.

The SolarWinds Hack

On 31 December 2020, SolarWinds said, "We continue to strive for transparency and keeping our customers informed to the extent possible as we cooperate with law enforcement and intelligence communities, and to the extent it is in the best interest of our customers. 

"Like other software companies, we seek to responsibly disclose vulnerabilities in our products to our customers while also mitigating the risk that bad actors seek to exploit those vulnerabilities by releasing updates to our products that remediate these vulnerabilities before we disclose them," it said. 

"Over the last few days, third parties and the media publicly reported on a malware, now referred to as SUPERNOVA."

Based on SolarWinds investigation to date:

"SUPERNOVA is not malicious code embedded within the builds of our Orion Platform as a supply chain attack. It is malware that is separately placed on a server that requires unauthorised access to a customer’s network and is designed to appear to be part of a SolarWinds product."

The SUPERNOVA malware consisted of two components. The first was a malicious, unsigned webshell .dll “app_web_logoimagehandler.ashx.b6031896.dll” specifically written to be used on the SolarWinds Orion Platform. 

The second is the utilisation of a vulnerability in the Orion Platform to enable deployment of the malicious code. This vulnerability in the Orion Platform has been resolved in the latest updates.

"We constantly work to enhance the security of our products and to protect our customers and ourselves because hackers and other cybercriminals are always seeking new ways to find and attack their victims," SolarWinds said.

"We work closely with our customers to address and remediate any potential concerns, and we encourage all customers to run only supported versions of our products and to upgrade to the latest versions to the get the full benefit of our updates, improvements, and enhancements."
 
SolarWinds was the victim of a cyberattack to its systems that inserted a vulnerability (SUNBURST) within the Orion Platform software builds for versions 2019.4 HF 5, 2020.2 with no hotfix installed, and 2020.2 HF 1, which, if present and activated, could potentially allow an attacker to compromise the server on which the Orion products run. 

"This attack was a very sophisticated supply chain attack, which refers to a disruption in a standard process resulting in a compromised result with a goal of being able to attack subsequent users of the software," the company said.

"In this case, it appears that the code was intended to be used in a targeted way as its exploitation requires manual intervention. We’ve been advised that the nature of this attack indicates that it may have been conducted by an outside nation state, but SolarWinds has not verified the identity of the attacker."

Related stories
Top stories
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
Sustainability
Aligned Data Centers increases sustainability-linked loan
Aligned Data Centers has increased its sustainability-linked loan from $375 million to $1.75 billion to speed up the next phase of its strategic growth.
Story image
GapMaps
GapMaps Live to improve brand decisions on physical locations
GapMaps has released its latest service GapMaps Live, giving more insights and features to help brands make better decisions about physical locations.
Story image
Digital Transformation
The Huawei APAC conference kicks off with digital transformation
More than 1500 people from across APAC have gathered for the Huawei APAC Digital Innovation Congress to explore the future of digital innovation.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
SpaceX
Australian space tech startup secures SpaceX support
Space Machines Company has secured the support of SpaceX as a launch partner in carrying SMC's Optimus Orbital Transfer Vehicle to space next year.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
Digital Marketing
Getty Images delves into the world of NFTs with Candy Digital
Getty Images and Candy Digital, the next-generation digital collectible company, have announced a new multi-year partnership agreement.
Story image
Digital Signage
MAXHUB's Digital Signage range to bolster boardroom productivity
The new MAXHUB Digital Signage technology is purpose-built to make every kind of team meeting more effective.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Multi Cloud
Red Hat updates dev tools, empowers use of hybrid and multicloud
Red Hat has unveiled updates across its portfolio of developer tools, designed to help organisations build and deliver applications faster.
Story image
VPN
The most common online scams in Australia
No one is safe from online scammers, and many of these scammers have capitalised on the pandemic, using this confusing time to attack more people than ever.
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Cybersecurity
Comcast to use ThreatQuotient for cybersecurity operations
Comcast, the parent company of NBC Universal and SKY Group, has chosen ThreatQ Platform and ThreatQ Investigations to meet their cybersecurity needs.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Artificial Intelligence
Frost & Sullivan recognises Genesys as leader in new reports
Frost & Sullivan has recognised Genesys as a leader in the cloud contact centre market for its robust cloud and digital capabilities.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Sustainability
Equinix announces milestones on sustainability commitments
Equinix has released its 2021 Sustainability Report which outlines progress, innovation and accomplishments on key ESG commitments.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Vectra AI
Vectra’s inaugural Partner of the Year Awards revealed
APAC companies Baidam, Firmus, ShellSoft and Macnica have been recognised in Vectra AI's inaugural Partner of the Year Awards.
Story image
Alteryx
Alteryx releases updates, empowers data insights for enterprise
Alteryx has released new advancements designed to aid enterprises with cloud analytics, democratise insights and ensure data governance.
Story image
Customer experience
Gartner recognises Okta for abilities in Access Management
Okta has announced it has been recognised as a Customers' Choice for the fourth time in a row in the Gartner Peer Insights "Voice of the Customer" report.
Story image
Digital Marketing
Similarweb acquires SEO and rank tracking company Rank Ranger
Digital intelligence company Similarweb, which specialises in analysing web traffic, has acquired Rank Ranger, a market leader in SEO and rank tracking.
Story image
Ransomware
APAC organisations fail to disclose ransomware breaches
85% of organisations in APAC were breached by ransomware at least once in the past five years, but only 28% publicly disclosed the incident.
Story image
CrescoData
SPS network now available to CrescoData eCommerce customers
CrescoData, a Pitney Bowes Company and PaaS business in the commerce space, says its customers can now connect to the SPS Commerce Retail Network.
Story image
Women in Technology
Huawei webinar emphasises the importance of women in tech
Industry findings by Coursera discussed as part of a webinar jointly organised by Huawei and Reuters Events found 6% more women enrolled in tech courses this year than in 2021.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Innovation
Fastly acquires Glitch, enables faster developer innovation
"This acquisition brings together two of the worlds best ecosystems for application development into a single, seamless developer experience."
Story image
Broadband
Telstra enters into new RSP agreement with Opticomm
Telstra has entered into an RSP agreement with Opticomm (A Uniti Group Limited subsidiary) to provide network fibre services to customers.
Story image
Malware
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
Manhattan Associates
Shortening the click-to-customer cycle through smart technologies
Speed of delivery without accuracy is a dealbreaker for consumers. How can retailers operating in an omnichannel environment overcome the challenge of click-to-customer cycle times.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.