The key question for many professionals is: Is cybersecurity a growing industry?
The cybersecurity industry is changing at a very quick pace. Technological developments and the growing complexity of cyber threats are the two main causes of this shift. However, there are other factors as well. Whether you’re an individual or a business, you face several risks. From ransomware and phishing to vulnerabilities in IoT and cloud systems, hackers have started using more advanced tools, including AI. That’s why it’s more important than ever for businesses to stay ahead and adapt. Let’s find out how knowing the industrial cybersecurity trends is essential for your organization.
Top 3 Trends in the Cybersecurity Industry
Cybersecurity is under constant transformation and is driven by the interconnectedness of the Internet and technological advancements. Below are the top 3 trends in the cybersecurity industry:
1. Artificial Intelligence (AI) and Machine Learning (ML) in Cybersecurity
Cybersecurity threats are increasing at a speed that organizations have no choice but to turn to AI and ML to improve their security infrastructure. They are also becoming complicated and sophisticated, and human beings cannot handle them without any intervention from AI and ML.
Using AI and ML in cybersecurity protocols and infrastructure is a cost-efficient way of strengthening your organization’s security infrastructure. In 2020 alone, organizations that were affected by a data breach saved an average of USD 3.58 million because they had fully deployed AI technology.
AI has significantly contributed to cybersecurity in industrial control systems, automated threat detection, face detection, and natural language processing. AI also efficiently processes and analyzes a massive quantity of risk-related data at a high speed. This benefits enterprises, as they may have an increasing amount of data to process. It also supports small and mid-sized organizations that have smaller teams and fewer resources.
AI is contributing to a robust security infrastructure and accurate threat detection for businesses. However, it is also enabling criminals to take unfair advantage of technology to develop precise stealing techniques, use data poisoning, and automate attacks.
Regardless, the practical applications of AI and ML continue to grow and the cybersecurity industry is expecting more security tools that are driven by AI and ML, are sophisticated, and have greater capability.
2. The Rise in Ransomware Attacks
While ransomware is not a new threat in the cybersecurity industry, it is a growing one. Over the last two decades, ransomware has developed more than 120 separate families. Hackers have also become quite advanced at hiding malicious code. As compared to other types of cyber attacks, ransomware has increased in popularity amongst hackers due to its tendency to get more financial rewards.
Moreover, the digitalization of several organizations happened at an increased pace due to the COVID-19 pandemic. This, along with remote working, gave attackers an opportunity to execute ransomware attacks. As a result, the frequency of the attack and the size of the demand increased.
A ransomware attack happens when a hacker steals confidential data or sensitive information from an organization, encrypts it, and makes it unavailable for access. They hold the information hostage and demand a certain amount of money from the organization.
Attackers also threaten organizations that the stolen information will be made available online if the organization does not meet their demands. Ransomware is an immense burden on the organization given the economic impact of paying a ransom and the exposure of sensitive information to the public.
Ransomware attackers have adopted more sophisticated and complex techniques in executing these attacks through machine learning and improved coordination on the dark web. Hackers have also started demanding payment in cryptocurrencies that are difficult to trace.
3. Constantly Improving Multi-Factor Authentication (MFA)
MFA is one of the most crucial aspects of cybersecurity. It is regarded as a gold standard of authentication in the cybersecurity industry. However, cyber attackers are finding new ways to bypass it, specifically, authentication done via phone calls or SMS. Following these trends, Microsoft suggested switching to security keys and app-based authenticators and stopping the use of phone-based MFA in 2020.
While SMS has a certain level of built-in security, the messages sent, including the ones sent for authentication, are not encrypted. This enables malicious attackers to gain access to one-time passwords (OTPs) in plain text. This makes activities such as online banking and online payments vulnerable as authentication is done via SMS.
Moving forward, it will not be surprising if banking apps, e-commerce websites, and platforms, or other actors of a similar nature turn to app-based MFA as a cybersecurity solution to minimize and prevent these issues. Some examples of such apps include Google Authenticator and Authy.
Other Key Trends Businesses Should Watch Out For
The following are some of the key emerging trends in the cybersecurity industry that businesses must look out for:
1. Blockchain Technology
Blockchain technology can become a vital part of cybersecurity by providing a ledger that is tamper-proof and decentralized. This enhances accountability, data integrity, and transparency. It makes the alteration and manipulation of sensitive information difficult. Therefore, the risk of fraud and cyberattacks is minimized.
2. Cloud Services and Cloud Security Threats
The widespread and rapid adoption of remote working led to organizations relying upon cloud-based infrastructure and services drastically with security-based implications. Cloud services offer benefits that include cost savings, scalability, and efficiency. However, misfigured cloud services can also cause unauthorized access, account hijacking, insecure interfaces, and data breaches.
3. More Cyber Crime Opportunities with IoT
The Internet of Things (IoT) is expanding and giving way to more cybercrimes. IoT refers to physical devices apart from mobile phones, tablets, and computers that share data by connecting to the Internet. Some examples of IoT devices include smartwatches, fitness trackers, smart refrigerators, and fitness trackers. It also includes voice assistants like Amazon Echo and Google Home.
4. Targeted Cyber Attacks for Mobile Devices
Remote working has accelerated the use of mobile phones among employees and other organizational personnel. It is a common practice against remote workers to switch between different devices and use public wi-fi. As a result, mobile security threats also continue to grow and evolve, becoming more difficult to address and prevent.
5. Increasing Cybersecurity Risks with Remote Working Environments
After the COVID-19 pandemic, a vast portion of the world shifted to remote working and continue to do so even when the pandemic has ended. Working remotely poses various cybersecurity threats as home offices are less protected and lack security firewalls, routers, and access management imposed by centralized IT teams.
Conclusion
Key developments and trends in the cybersecurity industry highlight the need for both proactive attention and caution and adaptive strategies to overcome increasingly sophisticated cyber threats. Staying informed and investing in cyber security solutions can aid your business safeguard its digital assets and build trust and resilience.
Implement Strong Cyber Security Measures with Imagine IT
Have you ever wondered if your organization has complete protection and cybersecurity? A clear cybersecurity strategy is a necessary component for protecting your organization. Imagine IT’s experts for IT support in Bloomington enable strong cybersecurity measures that begin in the boardroom but extend to your entire team. We believe that cybersecurity is not just a challenge for technology but a collective responsibility. Contact us today.
