When you are resolute to conquer the business challenges, nothing can hinder your growth. But, wait….are you aware of the upcoming data breaches and cyber-attacks, owing to which, both corporate and personal privacy have started eroding away? Did you know that in the year 2019, a whopping 5 billion data record got exposed in some common data breaches? You must be taken aback to know that the average expenses of data breaches for the affected organizations has already reached about 4 million dollars per business!
With technology reaching a new peak of proliferation, the amounts of cyber-security challenges and data leakages are on a rise! Our society is expected to get more dependent on technologies in the upcoming years. With the forthcoming years of Artificial Intelligence and Internet of Things, the millennials are going to get benefitted from having an inter-connected society. Automation is buckling up to touch almost every sphere of our lives. But, what would be the probable costs of remaining more connected and updated?
With cyber-attacks or hacking taking place at almost each 45 seconds, it is crucial that every organization – regardless of its size and nature – should have adequate safety measures or security protocols to stay put in the long run. The first half of 2020 is already over. With the second half of this year swiftly approaching, we thought of talking you through some security trends, which you must embrace to help your business survive.
Data Encryption will Gain Momentum
Over the past few years, cyber-crimes have become much more subtle and sophisticated, courtesy the rise of technologies and some truly shrewd cyber-criminals! An alarming number of data-encryption protocols have begun following suit.
According to a recent survey, about 45-50% of organisations worldwide have started applying more robust and result-yielding data encryption strategies across their enterprises. However, when a specific data encryption strategy or technology becomes vulnerable and passé to cyber-crimes, every piece of data could be compromised.
A large number of encryption strategies or advancements have already seeped into the soil of data security management. Some of these encryption methods include distributed ledger systems, zero-knowledge proof, leading privacy technologies, ring signature, and the likes. By bringing these technologies together, you can get an access to a complete or partial data anonymization. Together, these tech-solutions can automate identification and automation of Big Data as well.
Since data is getting democratized, the overall premise for safety protection has become paramount. You need to offer secure solutions, which could be utilized in both enterprise, as well as, customer situations when taking into consideration the level of security and privacy required across any transaction or industry.
Cloud-Integrated Safety on a Rise
The cloud-integrated security services and platforms are on a rise with the entire world moving a number of tech-infrastructure into it. In the recent years, cloud computing has reached another height altogether. The significance of cloud computing has become paramount when it’s about dealing with or resolving complex enterprise operations. Whether it’s to explore cloud-integrated data-storage solutions or out-and-out Customer Relationship Management clouds, both enterprises and customers are emphasizing data-preservation in the cloud environments.
By the end of 2021, it is expected that a whopping 500 million dollar would be spent in the cyber-security industry the globe across. With cloud-integrated security solutions, you can bolster the traditional safety approaches such as cost reduction, economics of scale, better threat intelligence, more enhanced protection performance, agile compliance with industry standards, and the likes. According to a recent survey report, about 75-80% of the global organizations are anticipated to move their apps and technologies to the cloud by the end of 2021. Looking at the exponential growth of cloud technologies, we can anticipate that many other cloud-based cyber-safety solutions continue to excel and thrive in the upcoming years.
Importance of Cyber Insurance is Growing
Cyber insurance is no longer a luxury; it has turned into a basic necessity to the established medium-sized or growing enterprises worldwide. To put more precisely, with all the cyber-safety threats that we are facing today, the importance and need of cyber insurance has reached a new height altogether. Did you know that the total global loss for cyber extortion and hacks had surpassed about 12 million dollars in the last year? Perhaps, this is the reason why, organizations all over the world are now opting for different preventive measures e.g. buying insurance et al.
Recently, the Cyber Police Centre of Stanford University had conducted a survey on the global cyber-security industry, and it came up with a report which stated that this market is expected to stand at about 2.5 billion dollars in the coming years. This industry is expected to get inflated to a large extent by the year 2021. However, the sky-high expenses related to the restrictive and coverage conditions of insurance policies might end up restricting the further growth.
The modern digital economy seems to be under-insured when such estimates peg it at about 11 dollar trillions by the early 2016. However, the millennial insurance providers have gone through a very hard time coping with the swiftly evolving landscape of cyber challenges and risks. They are expected to experience a more trying phase being at the onset of IoT-integrated roles and more connected devices in the forthcoming years. Since, issues like data breaches or safety continue to grab the limelight, one can be certain of the fact that cyber insurance shall grow for days to come.
Password Authentication will Gain Importance
The safety and protection of password has become a mammoth challenge since the past few years. But, the good news is that recently a brand-new process of authentication has sought to substitute passwords. Plus, the market is filled to the brim with a number of passwordless authentication systems nowadays. Using tools, you can explore one-time passwords or hardware tokens, information-based authentication, biometric authentication, and the likes.
Taking the sky-high popularity of passwordless-authentications, we can expect that about 90-95% of small and middle-sized organizations would bank upon this approach more seriously. As password hacking is one of the most sure-fire ways of invading one’s privacy, the obsession over password authentication shall be on many entrepreneurs’ minds in the days to come.
The Take Away
The need for more amplified cyber-security is here to stay. But, no matter how many advanced cyber-security protocols or measures are implemented, the need for talented and skilled cyber-security experts won’t decline.
Unfortunately, there is still a lack of employees trained and experienced in cyber-security. And, this shortage has just increased over the last few years! It has been reported that there could be about 4 million of un-recruited job vacancies internationally by the year 2021.
However, keeping a tab on this alarming situation, a number of security-training agencies have been established off late. Employment in this field is certain if someone is adequately trained and well-qualified.
So, it won’t be wrong to state that the high-time for securing your business has finally arrived. Unless you wish to lag behind, it is essential that you consider the right security measures to protect your venture in the long run.