43%
Percentage of telecom operators that has suffered from DNS-based malware attacks.
According to media network Euractiv, lagging investments, a slow 5G rollout, geopolitical tensions, and cybersecurity are other critical concerns the industry grapples to answer. There’s also growing pressure to digitise massive government operations, such as the postal service.
Cybersecurity Risks in the Telco Industry
As the industry responsible for keeping the world connected, telcos are responsible for massive amounts of personal data. This quality makes it attractive to cyber-attacks, specifically hacking. Here are some of the cybersecurity threats that telecommunication companies continually face.
Malware attacks
Malware, or malicious software, refers to harmful programs that intend to disrupt service for whatever reason – from accessing a device and upsetting the user experience to acquiring sensitive information. Cybersecurity firm EfficientIP revealed that 43% of telecom operators suffered from DNS-based malware attacks in 2018. Furthermore, 81% took three or more days to apply a critical security patch after a detected data breach.
The industry also received the largest number of DDoS (Distributed Denial of Services) attacks in the first quarter of 2021.
Privacy hacks
As telecom companies shift to more personalised services, they collect more and more private data. However, investing in privacy cybersecurity systems seems to take a backseat to speed, storage, and other operational processes. The industry serves as an easy target for data breaches. In 2020, it received the most privacy-related fines with 69 sanctions – quadruple the penalties of tech firms. These fines are estimated to value between €200,000 and €27.8 million.
Hackers can sell this information to state-sponsored organisations collecting intelligence or even to dark web users.
Misuse of information
As mentioned previously, the wealth of information obtained by telecom companies has become increasingly valuable in this data-driven world. Unfortunately, less scrupulous businesses use this information to create strategies at the expense of the unwitting consumer.
Low-level security training
When a consumer sends life updates on a messaging app or posts images on social media, the last thing they worry about is a breach of personal space. Unfortunately, customers don’t always read the fine print, especially regarding telecom-related safety. They put inherent trust in their provider to protect them from such issues.
Moreover, cybersecurity isn’t always a priority in this intensely competitive industry. According to a McKinsey report, insider threat is another overlooked risk. Investigations found that telco employees were responsible for 50% of privacy breaches – whether performed maliciously or accidentally. While companies are aware of this weakness, solving it takes a backseat.
Lack of regulation
Losing control is a consequence of increased connectivity. A growing network means more entry points for attacks – from social media accounts to items involved in the Internet of Things. Even if telecom companies put a premium on privacy, they can only regulate the matters within their infrastructure.
