What Is The Future Of Cybersecurity?
Take a look back at the history of cybersecurity attacks to discover insight into the future of cybersecurity. Over the years businesses have lost billions of dollars to cybercrime and mismanagement of data. It’s important to make cybersecurity a priority and know exactly what is the future of cybersecurity. Take a look at these statistics and points in history and make sure to see more tips and ideas on digital security in honor of National Cybersecurity Awareness Month.
- January 1, 2005 – November 13, 2016: Annual number of data breaches went from 157 million (2005) to 1.09 billion (2016)
- January 1, 2008 – December 31, 2017: From 2008 to 2017, phishing and malware have been the top means of cyber attacks
- January 1, 2013 – December 31, 2015: Cost of data breaches increased by 23% from 2013 – 2015
- October 31, 2013: Average organizational cost of data breach was $5.4 million
- January 1, 2014 – December 31, 2015: There were 38% more security incidents detected in 2015 than in 2014
- December 31, 2014 – December 31, 2015: There were 781 reported data breaches from December of 2014 to December of 2015
- October 31, 2014: Average organizational cost of data breach was $6.2 million
- December 31, 2014: 48% of data breach response cases involved electronic hacks in 2014
- October 29, 2015: Damage costs from ransomware were up to $325 million in 2015
- January 1, 2016 – December 31, 2016: 1,093 reported data breaches in the U.S. in 2016
- December 31, 2016: 51% of U.S. adults suffered a security incident in 2016
- January 1, 2017 – January 1, 2019: Damage costs are projected to reach $1 trillion by 2018 and exceed it by 2019
- September 30, 2017: Global ransomware costs exceed $5 billion
- January 1, 2019: Projected $2 trillion in damage costs
- January 1, 2020: Worldwide spending on cybersecurity will increase to $170 billion
- January 1, 2021: Projected $6 trillion in damage costs
- January 1, 2022: Global cybersecurity spending will reach $198 billion
With the extensive history, we are able to predict the future of cybersecurity and foresee its impacts on our technology.
Cybersecurity will continue to grow – both as an industry and a common aspect of everyday life. As our lives further rely on technology for both personal and professional reasons, so too does our need for safety. With advances in mobile hardware and the prevalence of dangerous malware, cybersecurity isn’t going anywhere anytime soon.
So, what does that mean for cybersecurity as a whole? How will the costs factor into a business model, and what can an enterprise do to better prepare for the changes ahead? We’ll give you our thoughts into this growing industry, helping you understand the field.
The Road Ahead
So, why is Cybersecurity an explosive field? Primarily, it’s because of Big Data and a constant deluge of information. As mentioned, we’re increasingly connected from a variety of sources and apps. A single smartphone will likely have at least one social media app, a chat app, and apps for things like banking. Not to mention all the personal details like phone numbers, photos, and files. That’s a lot of information for just one phone!
Now, expand this to the corporate level. Business accounts, consumer information, addresses, and project files are just a few of the data points stored and shared. For a malicious third party, it’s a honeypot, ripe for targeting. Ransomware, for example, specifically assaults business networks in hopes to entrap crucial data, forcing said business to pay a ransom. Or, a traditional malware attack can cause unprecedented damage to an organization, resulting in catastrophic downtime – leading to extensive profit loss and other problems. With technology, the advance of Software as a Service model, the Internet of Things, and an ever-increasing reliance on connectivity, these issues are only going to get bigger.
Another indirect problem for organizations is a disadvantage in the cybersecurity realm. By now, it’s apparent that not all organizations have the same resources available for cybersecurity. Whether that’s staff, capital, hardware, or size, a smaller enterprise lacks advantages present in say, a larger business model. But this isn’t to suggest a small business is a low-value target (quite the contrary). As threats grow, the divide between an enterprise which can afford cybersecurity resources and those who can’t will expand. How, then, will smaller organizations be affected? Will we see the cost of damages resulting from cyber attacks rise?
Cybersecurity will also need to extend to AI and virtual assistants. For both personal and professional use, factors like those are slowly weaving into search engines and software models. As a focal point to the “Internet of Things,” how will regulating bodies and companies make sure something like “Alexa” is safe? We also speculate at a certain point, a massive data loss will occur because of an IoT based device, creating awareness for the need of good cybersecurity measures regarding virtual assistants.
Lastly, while it’s easy to see how rapidly threats are changing, there are advancing methods to combat third-party attacks too. Blockchain is something we expect to integrate its way into the transmission of personal information. Where once primarily used in the exchange of cryptocurrency, blockchain could have a robust impact on the cybersecurity industry. Additionally, we expect encryption to play a larger role in the protection of consumer information, along with additional options beyond things like two-factor authentication.
Preparing for the Future of Cybersecurity
There are so many other factors to consider when looking at cybersecurity as a whole, in both how we use to protect ourselves and how it will integrate into industries relying on automation and smart services. However, all this integration looks overwhelming to a typical business. How do you prepare? How do you get your enterprise ready for a modernizing world? How will you fit in the undersecretary ladder a decade from now?
There’s no one easy answer, but paying attention to trends and maintaining awareness of how cybersecurity is evolving are just a few things you can do. Awareness and understanding how cyberattacks attempt to steal information is another factor to integrate into your business model, along with appropriate services, backup-options, and contingency plans.
You can also consider third-party services, who can better shield your organization from cyber threats while keeping you on a successful roadmap in an uncertain future.
No doubt, the path ahead for cybersecurity is one layered with danger and cost. It is an explosive industry continuing to grow, but in the same vein, an expensive one for those who aren’t prepared. If you’d like to learn more about cybersecurity, safe practices, and potential services to secure your enterprise, you can find out more at Executech.