The internet has brought with it the single biggest revolution to commerce and lifestyle since the industrial revolution. And, while the industrial revolution was mainly a singular event, the world of cyberspace has experienced and is still experiencing, further revolutions within itself.
Cybersecurity is the realm of practice that deals with protecting individuals and businesses from the new breed of crime that emerged with the widespread use of the internet (cybercrime)– and the domain of cybersecurity is also under constant change.
Here are the top cybersecurity trends for the year 2020.
While to many, the world of computing and networking is already synonymous with automation. Yet, the truth is that there are degrees of automation. In cybersecurity, a firewall detects and blocks outsider attacks automatically. It may even update itself automatically, but it must still be installed manually and maintained, to some degree, by a human person. Can these manual processes be automated? Some such processes can be further automated, but somewhere in the workflow, human initiation and intervention will always be required. Yet, particularly in complex business environments, a lot of IT automation is possible. For example, the accounts and access to applications that new joinees of a business would need have to be fully functional on day 1. These can be automatically provisioned using preset configurations when you enter the employee into the HR system. Such automation reduces the time it typically takes to onboard the new employee (often up to 7 days) and gets them productive much faster.
As far as trends go, a recent Ponemon Institute survey of more than 1,400 IT and IT security specialists found that 79% of respondents either right now use (29%) automation tools and platforms inside their company or plan to utilize them (50%) within the next couple of years.
Increased Spending on Cybersecurity
According to a research commissioned by IBM in 2018, a company should ideally spend approximately 14% of its IT budget on cybersecurity. In that year, however, only 14% of organizations were found to spend more than 10% of their allocated IT budget on security. But today, the trend is showing change. While statistics are currently unavailable for a direct comparison with 2019’s IT security spending as a percentage of total IT budget, according to research by industry analysts Gartner, the total spending on cybersecurity by businesses is expected to grow more than 9% from the year 2018. It might be possible that IT budgets as a whole are expanding. Nevertheless, business spending on cybersecurity is snowballing every year, and this trend is expected to continue into the year 2020.
AI-based malicious attacks are rising
AI is a blessing for many, but like every ‘weapon in the wrong hands’ action movie, it can also be turned into a curse. Hackers (also called ‘bad actors’) are now using the power of artificial intelligence and machine learning to hack into businesses for their benefit.
AI-based cybersecurity is also becoming more common
It may seem scary and almost apocalyptic that AI exists, which has been created for the sole purpose of crime. But, the truth is not all that dark. The cybercriminals might have the power of AI and machine learning to aid in their attacks, but cybersecurity specialists have now are beginning to work with the same tools. The playing field is simply at a more complex level but is still more or less even.
Stringent regulations are rightly on the rise
Cybercrime is on the rise at an unprecedented rate. Cybersecurity Ventures predicts that cybercrime damages will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015.
This alarming fact calls for better regulations for consumer data as well. When the enterprises suffer a data breach, a lot of consumers Personally Identifiable Information (PII) is revealed. This is a big cause of panic among those who suffer this ordeal. To mitigate this, the European Union led this effort with their General Data Protection Regulation (GDPR) in 2018, which defines how you must handle the information of EU citizens. This effect of GDPR has left several big names like Google and Facebook, with hefty fines.
As a result of this regulation, several other governments are now coming forward with their versions of the same. For example, the California Consumer Privacy Act (CCPA), which goes into effect on January 1, 2020, defines how their citizen’s data must be handled and secure.
The rise of stricter data privacy regulations is a step in the right direction in the long run, as organizations are still trying to keep up with them.
In a Nutshell
Cybersecurity is a modern essential for businesses and is only growing both in scope and necessity. Increased automation is allowing organizations to maintain more secure environments with less human involvement, and it is such features that are contributing to increased global cybersecurity spending. In particular, AI and machine learning are rapidly developing technologies in the domain and are something to watch. Privacy regulations are changing the way organizations look at security.