Technological advancements change the way we work at home or in our office. Moreover, the pandemic has led to a drastic change in the work environment with more people working from home. It has led to businesses engaging in drastic changes in their cybersecurity policies. While the costs associated with damage due to cybercrime could reach US$6 trillion annually by 2021, spending on cybersecurity could exceed US$1 trillion between 2017 to 2021.
Significant Cybersecurity Trends for the Industry
Cloud security scores high
As businesses are increasingly moving their data onto the cloud, it is also essential that this data stays protected. According to Gartner, public cloud services’ expenditure is forecasted to grow to $304.9 billion in 2021, increasing from $257.5 billion in 2020. Due to the massive volume of data stored, the cloud storage locations bear the brunt of several cyberattacks. It becomes a necessity to protect the storage location using an SSL certificate. It creates a secure communication medium by creating an encrypted session.
Application of Artificial Intelligence
While AI can be used for a host of activities, it also offers support to ensure smarter cybersecurity. It helps the security teams in businesses to thwart the risks of a data breach proactively. You can now analyze several events and identify the various threats with which your business can be targeted. The risky behavior of your employees, as well as any network vulnerabilities, can be assessed quickly.
Cyber Risk in IoT
The Internet of Things allows sensors to collect and analyse the information that is communicated for further action. It has several participants and has many more stakeholders. Again, given the diverse data types among the devices, there must be various cybersecurity solutions. You must install SSL certificates for encryption on these devices. But you must also undertake periodic risk assessments to check for any vulnerabilities in the network.
Automation of Security Processes
According to Cybersecurity Ventures research, the cybersecurity sector’s talent crunch could reach around 3.5 million jobs in 2021, increasing 350% from 2014. There are security tools that can automate the repetitive processes based on your team’s best practices. These tools can also access third-party systems and speed up the response process against cyber risk incidents. Playbooks must be created, and the incident response workflows must be standardized.
Increased risk from within the business
As more of the workforce work from home, the cyber risks also increase to a great extent. The employees may click on phishing emails or accidentally provide their user credentials. The lower level of supervision may make the employees share the data with anyone else. They may also use their credentials to gain access to sensitive business-related data for their nefarious needs. The IT security team must build robust processes to ensure that such security risks are minimized.
As the incidents of data breach increase, businesses must deploy robust security policies. It is also essential that they stay abreast with the latest cybersecurity trends. At the minimum, they can install an SSL certificate to encrypt the communication. Businesses must be agile and more collaborative to include their employees within the ambit of their cybersecurity processes.