Personal and corporate privacy continue eroding away as cyberattacks and data breaches become more common. In the first half of 2019 alone, more than 4.1 billion data records were exposed in known data breaches. The average cost of data breaches for affected companies is now nearly £3 million per business.
Standing guard while our society becomes ever more dependent on technology is the £92 billion cybersecurity industry, which is expected to grow to £200-plus billion by 2024. With the coming ages of AI and IoT, we stand to benefit from having an internet-connected home, vehicle or daily schedule in order to further automate and organize our lives. But we have to ask ourselves: What are the potential hidden costs of becoming more connected? With a hacking attack occurring every 39 seconds, it’s imperative that companies have the necessary security measures in order to survive as a formidable business.
Here are five of the top security trends to look out for in 2020:
The Growth of “Passwordless” Authentication
Password privacy and protection is a major security issue plaguing us since the dawn of AOL. But just recently, a new authentication method has sought to take the place of passwords. Passwordless authentication tools can include hardware tokens or one-time password generators, biometric authentication and knowledge-based authentication.
By 2022, Gartner research predicts that 90 percent of mid-size companies will implement a passwordless authentication approach in more than half of use cases. Companies like GetID are helping other businesses process KYC & AML checks for their customers using a secure and compliant biometric product. Since passwords are one of the biggest attack points for hacking, it is easy to see why identification through any other means is top of mind for many businesses.
Expansion of Cloud-Based Security
As the world moves a lot of technology infrastructure into the cloud, we’re seeing cloud-based security platforms and services follow. Cloud computing has evolved greatly over the last two decades and now is frequently used to support critical operations of everyday businesses. From cloud-based data-storage services like Dropbox to all-in-one CRM clouds such as Salesforce, consumers and businesses have grown dependent on storing sensitive data in cloud environments.
By the end of this year, cloud-security platform sales, a small sliver of cybersecurity, is expected to become a $350 million industry. Cloud-based security provides several advantages to traditional security approaches, including economies of scale, reduced costs, improved protection performance, greater threat intelligence and quicker compliance with government and industry standards. Around 75 percent of companies are expected to move applications to the cloud in the next few years.
Advancements in Data Encryption
Since cyber attacks have gotten more sophisticated over recent years, a growing number of data-encryption advancements have followed suit. A recent study carried out by the Ponemon Institute revealed that 45 percent of surveyed companies have an encryption strategy that is applied consistently across their enterprise. But when a particular encryption technology or strategy becomes outdated and vulnerable to cyber attacks, all data can be compromised. There are a number of encryption advancements to help stay ahead of security threats. These include leading privacy technologies, ring signature and zero-knowledge proof and distributed ledger technologies.
With all of the cyber threats that our world faces, cyber insurance has quickly become a growing need for both small-to-medium enterprises and large corporations. The aggregate global loss associated with cyber hacks and extortion was estimated at £9.7 million in 2019, so it’s no surprise that companies are taking preventive measures like buying insurance. Insurance providers have had a difficult time keeping up with the changing landscape of cyber risk, including the onset of more connected devices and the expanding role that IoT is to play in the coming years. As data breaches continue to make headlines, you can be certain that cyber insurance will be growing for years to come.
Need for Cyber Security Talent
The World Economic Forum reported a shortage of people trained in cybersecurity in 2017, and that shortage has only increased since. It’s been projected by Cybersecurity Ventures that there will be 3.5 million unfilled cybersecurity jobs globally by 2021, up 350 percent from 2014.
Do not wait until it is too late to protect your business from cyber threats. Biscuit IT to discuss a cyber solution tailored to your business requirements.