Cybersecurity is a $120 billion industry and shows no sign of slowing down. In the first half of 2019 alone, data breaches exposed more than 4 billion data records and companies that experienced data breaches lost an average of $4 million. As hackers find new ways to circumvent traditional security systems and data encryption, it is essential that companies ensure they have the best cybersecurity system in place.
This is especially true with the advent of AI and IoT, which are hitting the mainstream. On the cusp of an explosion of these technological advancements, companies lacking appropriate cybersecurity put themselves at risk of a hard hit. Here are six cybersecurity trends to look out for in 2020.
1. Upgraded data encryption
State-of-the-art data encryption methods for many websites are becoming outdated, making sensitive data vulnerable to cyberattacks. Upgrading data encryption methods is a must for companies to avoid serious breaches. One specific advancement is the anonymization of data, with the benefit of automated identity verification.
2. Expansion of cloud-based security
With much information moving to the cloud, security needs to be at the same level. Cloud-based security platforms and services are on the rise. By the end of 2019, cloud security platform sales were expected to hit $460 million in revenue and grow further in 2020. Advantages of cloud-based security systems are many: reduced cost, ability to scale, improved protection and detection, and quicker compliance. While cloud-based security increases, the need for better measurement tools also increases. With such advanced systems in place, companies need exceptional measurement tools to ensure the systems and controls perform as intended.
3. Cyber insurance
In addition to cars and homes, data also needs insurance. Cyber insurance is a safety net for companies of all sizes. It is more worthwhile to pay insurance premiums than risk potential millions in cyberattacks or extortion. Cyber insurance premiums are estimated at $2.4 billion, with predictions of even tripling by the end of 2020.
4. Third-party scrutiny
The use of cybersecurity experts to protect data essentially places an entire company in the hands of a third party. In 2020, the monitoring of these companies is expected to increase, since so much is at stake – especially true for banks and financial institutions.
5. Doing away with passwords
Many security breaches involve stealing passwords. To combat this, companies are turning toward password-less authentication tools, including hardware tokens, one-time password generators, knowledge-based authentication, or biometric authentication – working toward eliminating one of the largest points of attack.
6. Lack of cybersecurity professionals
The year end finds a significant dearth of cybersecurity professionals. One prediction estimates 3.5 million unfilled cybersecurity jobs in the world by 2021. Even today, the US has approximately 500,000 cybersecurity openings. While that’s good news for cybersecurity professionals, it’s bad news for everyone else. Companies without cybersecurity specialists will have to offer competitive compensation packages and good working conditions to attract high-quality talent.
Getting ahead of the threats
On the threshold of exciting technology, new advancements come with daunting threats. Companies ahead of trends with a cybersecurity solution in place will benefit the most in the long run.