We witness a plethora of data privacy breaches this year, and after arduous tries to thwart malicious acts, organizations, and governments have failed to safeguard information. Cyberattacks have cost over $1 trillion to companies and have mostly afflicted small and medium scale industries. However, cyberattacks are not limited to these small firms, and negatively impacts big tech firms. Consequently, companies will have to make cybersecurity their prime initiative for ensuring streamlined workflows in their businesses.
Going forward, it is expected that the annual cost will increase to $6 trillion by 2021. To weather such storms, businesses and governments are continually attempting to protect customers’ data.
In 2020, we will witness these five key trends in cybersecurity:
Spending For Cybersecurity
Over the years, corporates have increased their investments to fortify cyberattacks by implementing new security tools as protecting users’ data is of paramount importance. In response to increased attacks, spending will further increase to limit breaches in the systems.
Many blue-chip companies have in 2019 announced the increase in their budget size for cybersecurity. This will allow them to expedite their R&D initiative for ensuring various ways of securing data.
With the rise in security threats, organizations are burning their cash to hire in developing or embracing the latest tools to defend attacks. Besides, a huge amount of the budget goes into hiring top talents from the market for helping them achieve their business goals.
Even small and medium scale companies will have to ensure they embrace cutting-edge technologies for protecting their businesses.
Regulations
Today, breaches in data are not only carried out by hackers but by organizations as well. Data is being shared among businesses without user consent for monetizing their services indirectly.
Such instance was witnessed numerous times this year as Facebook, Google, among other companies were guilty of sharing customers’ data that they shouldn’t have. Thus, regulators along with devising rules for hackers will bring new regulations on the table for organizations to restrict the sharing of sensitive users’ information.
5G Technology
With the advancement of 5G technology, accessibility of data will increase for delivering superior applications through IoT technology. Billions of IoT devices will be connected to the internet for providing automation, control, and in turn, comfort to people. Such free-flowing data will also open up opportunities for hackers to penetrate networks and misuse data.
A broader bandwidth of 5G technology can enable hackers to collect a colossal amount of information within seconds. Therefore, companies need to ensure that hackers do not get access to networks even for seconds. Besides, they will have to deploy security tools for protecting networks or act instantaneously in case of attacks.
The use of automation will be the key to shield networks among connected devices, as the classical approach of determining and then acting will be a no brainer.
Artificial Intelligence
Artificial intelligence will play a major role in both fending and penetrating databases. This cutting-edge technology is being used by hackers and organizations alike for accomplishing their goals. More than ever, firms are extensively working towards obtaining supremacy in AI to forestall attacks.
Besides, machine learning will be used for determining vulnerabilities in the systems and patch them automatically. This will enable firms to shield the networks before hackers get can penetrate and install malware.
Cloud
While the cloud is empowering businesses to innovate and effortlessly deliver products and services, it has been a hot spot for hackers to perforate and fetch information. Cloud has been orchestrating business’ operations and are more secure than premise cloud, but are prone to cyberattacks.
Consequently, cloud providers are adding many layers of security to avert threats. Public cloud vendors have a crucial role to play as firms are now mostly dependent on their services. So, we can expect major changes in cloud infrastructure in 2020 to keep it safe for various organizations.
