By 2021, damages from cyber crime will cost the world a staggering $6 trillion per year. Shockingly, the expenditure on cyber security has been comparatively low. Worldwide, that expenditure is expected to reach a measly $133.7 billion.
Sure, few jobs are more thankless than cyber security. Your success barely goes unnoticed, while one mishap could make destructive headlines. Data breaches attract severe consequences from data privacy regulators.
In this guide, we take a look at some of the top cyber security trends in 2020. We hope that by the time you're through reading, you'll be better informed on protecting yourself from cyber crime incidents.
Let's delve right into it.
Data Breaches Are Still the Leading Cyber Threats
Both personal and professional information is quite valuable in the black market, which makes data breaches so common. It's the reason companies have been investing more in boosting data privacy.
In recent years, privacy legislation has become more stringent. These organizations include GDPR. They outline cyber security best practices that businesses should follow.
But organizations aren't adopting measures to remain compliant with regulatory bodies only. Data breaches can affect your operations as a company and destroy your image.
A Widening Cyber Security Skills Gap
It's no secret that cyber criminals continue to become more sophisticated in their attacks. Cyber security teams, have been unable to keep up. As of 2020, the demand for experts in cyber security still exceeds the supply. There's a shortage of cyber security staff in two out of three organizations globally.
The great news is that new automated security tools hit the market every day. This makes it easier for organizations to enhance their IT security posture. There are vulnerability management tools that can help small businesses protect their websites.
Cloud Security Problems
The cloud computing industry has been growing at an unprecedented rate. The industry will grow to $150 billion before the end of the year. As more businesses take their data to the cloud, cloud-based security threats are on the rise.
Companies need to adopt new approaches to protect their information in the cloud. Many companies still struggle to have real-time data intelligence.
Failure to secure or configure your data buckets can increase the risk of a data breach. Instances of harmful cloud services being added by other end-users are not new.
Manual cyber security management won't cut it in 2020. Companies are thinking of new approaches.
Increasing Awareness on Why Cyber Security Is Important
In the past, people assumed that cyber security threats faced large enterprises only. Not anymore. Small businesses are a huge target for cyber criminals too.
That's why businesses of all sizes are investing robust cyber security strategies.
Having a cyber attack response plan is no longer a luxury but a necessity. Businesses will continue to invest in IT security training. This helps employees boost cyber hygiene throughout the organization.
Mobile Devices Are a Huge Cyber Security Risk
Mobile devices are taking over as the preferred gadgets for surfing the internet. Many employees use these gadgets to do business tasks. Thus, a lot of critical business data gets stored on your employee's mobile devices.
Mobile malware may not impact your business greatly. But you can expect data breaches resulting from the use of mobile devices to increase. Whenever an employee uses a mobile device to access your company's systems, they create an endpoint that you need to secure.
One way to reduce risk is to ensure that access to your systems is done through secure web application infrastructure.
State-Sponsored Cyber Crime Will Increase
Some of the biggest and most persistent cyber attacks are unofficially backed by states. Cyber security future trends will see such attacks lead to high-profile breaches. State-backed cyber crime will also look to steal industrial and political secrets.
To fight this type of crime, both government and business organizations need to deploy highly advanced solutions. Cyber security teams around the world are working on IT solutions that can detect vulnerabilities.
Phishing Threats Continue to Increase
Phishing has always been one of the favourite techniques for criminals. They use this method to steal credentials and identities, and that's set to continue in 2020. Attackers can also distribute malware, elicit fraudulent payments, mine cryptocurrency, and much more.
To protect yourself from these attacks, it's important to educate your staff and other stakeholders on how to spot and stop them. Deploy a vulnerability management strategy to prevent attackers from accessing your information.
The Adoption of Fifth-Generation (5G) Network
The next-generation network's deployment is already ongoing. While 5G will make it more enjoyable to use your IoT gadgets, it could also make your business more vulnerable to cyber crime.
Well, the next-generation network features a complex architecture that requires sophisticated security measures. It's most likely that most vendors won't be able to adhere to the high security standards required to avert cyber attacks. Hackers will still have the technology to detect any unsecured spots and compromise your personal or business data.
One of the best ways to protect yourself is to work with reputable vendors as you move to 5G.
Increased Automation and Integration
IT security professionals are always under pressure to do more in less time. One way to do achieve this is by adopting automation and integration.
Automation and integration also help small teams balance the workload. It’s the reason this trend is on the rise.
More Attacks From Inside
A considerable amount of attacks involves internal actors. Your employees can intentionally or unintentionally cause data breaches. This trend is set to continue this year, unless companies take enough measures to prevent it.
Take the time and teach your employees potential vulnerabilities and how to avoid them. Adopting strong password creation methods, for instance, can help avoid data breaches.
Stay Informed About the Latest Cyber Security Trends
There's hardly a topic that's as hot as cyber security at the moment, and it's easy to see why. The latest cyber security trends show that cyber crime is one of the biggest and most urgent risks to organizations at the moment. By keeping yourself informed with these trends, you can put in place suitable security methods to keep yourself secure.
Are you interested in reliable cyber security solutions for your business? Please contact us today.