Today’s cybersecurity landscape is changing a faster rate than we’ve ever experienced before. Hackers are inventing new ways to attack businesses and cybersecurity experts are relentlessly trying to find new ways to protect them. Cost businesses approximately $45 billion, cyber-attacks can be disastrous for businesses, causing adverse financial and non-financial effects. Cyber-attacks can also result in loss of sensitive data, never-ending lawsuits, and a smeared reputation.
With cyber-attack rates on the rise, companies need to up their defenses. Businesses should take the time to brush up on cybersecurity trends for the upcoming year, as this information could help them prepare and avoid becoming another victim of a malicious attack. Given the importance of cyber security in the current world, we’ve gathered a list of the top trends seen in cybersecurity this year and what you can expect in 2021.
INCREASE IN SPENDING
It’s no secret that cybersecurity spending is on the rise. It has to be in order to keep up with rapidly changing technology landscape we live in. For example, in 2019 alone, the global cyber security spending was estimated to be around $103 billion, a 9.4% increase from 2018. This year the US government spent $17.4 billion on cybersecurity, a 5% increase from 2019. Even more alarming is the fact that cybercrime is projected to exceed $6 trillion annually by 2021 up from $3 trillion in 2015. The most significant factor driving this increase is the improved efficiency of cybercriminals. The dark web has become a booming black market where criminals can launch complex cyberattacks. With lower barriers to entry and massive financial payoffs, we can expect cybercrime to grow well into the future.
COMPANIES CONTINUE TO LEARN
Demand for cybersecurity experts continued to surpass the supply in 2020. We don’t see this changing anytime soon either. Amidst this trend, security experts contend with considerably more threats than ever before. Currently, more than 4 million professionals in the cybersecurity field are being tasked with closing the skills gap. Since the cybersecurity learning curve won’t be slowing anytime soon, companies must come to grips with strategies that help stop the shortage of talent. Options include cross-training existing IT staff, recruiting professionals from other areas, or even setting the job qualifications at appropriate levels in order to attract more candidates.
Most organizations are starting to realize that cybersecurity intelligence is a critical piece to growth Understanding the behavior of their attackers and their tendencies can help in anticipating and reacting quickly after an attack happens. A significant problem that also exists is the volume of data available from multiple sources. Add to this the fact that security and planning technologies typically do not mix well. In the future, expect continued emphasis on developing the next generation of cyber security professionals.
THE INFLUENCE OF MACHINE INTELLIGENCE DEVELOPS
Artificial Intelligence (AI) and Machine Learning (ML) are progressively becoming necessary for cybersecurity. Integrating AI with cybersecurity solutions can have positive outcomes, such as improving threat and malicious activity detection and supporting fast responses to cyber-attacks. The market for AI in cybersecurity is growing at a drastic pace. In 2019, the demand for AI in cybersecurity surpassed $8.8 billion, with the market is projected to grow to 38.2 billion by 2026.
MORE SMALL BUSINESSES INVEST IN CYBER PROTECTION
When we think of a cyber-attack occurring, we tend to envision a multibillion-dollar conglomerate that easily has the funds to pay the ransom for data retrieval and boost its security the next time around. Surprisingly, 43% of cyber-attacks happen to small businesses, costing them an average of $200,000. Sadly, when small businesses fall victim to these attacks, 60% of them go out of business within six months.
Hackers go after small businesses because they know that they have poor or even no preventative measures in place. A large number of small businesses even think that they’re too small to be victims of cyber-attacks. Tech savvy small businesses are increasingly taking a preventative approach to cybersecurity. Understanding that like big organizations, they are targets for cybercrimes, and therefore adapting effective cybersecurity strategies. As a result, a number of small businesses are planning on increasing their spending on cybersecurity and investing in information security training.
CYBER-ATTACKS INCREASE ON CRITICAL INFRASTRUCTURES
Utility companies and government agencies are extremely critical the economy because they offer support to millions of people across the nation. Critical infrastructure includes public transportation systems, power grids, and large-scale constructions. These government entities store massive amounts of personal data about their citizens. such as health records, residency, and even bank details. If this personal data is not well protected, it could fall in the wrong hands resulting in breaches that could be disastrous. This is also what makes them an excellent target for a cyber-attack.
Unfortunately, the trend is anticipated to continue into 2021 and beyond because most public organizations are not adequately prepared to handle an attack. While governments may be ill prepared for cyber-attacks, hackers are busy preparing for them.
WHAT CAN WE LOOK FORWARD TO IN 2021?
Going forward into a new year, it’s obvious that many elements are coming together to increase cyber risk for businesses. Industry and economic growth continue to push organizations to rapid digital transformation, accelerating the use of technologies and increasing exposure to many inherent security issues. The combination of fewer cyber security experts and an increase of cyber-crime are trends that will continue for some time to come. Businesses that investment in technologies, security, and cybersecurity talent can greatly reduce their risk of a cyber-attack and increase the likelihood that cybercriminals will look elsewhere to manipulate a less prepared target.