The cybersecurity landscape is changing every day. With hackers devising new ways to target businesses, cybersecurity professionals are constantly finding new strategies to protect your enterprises. Cyber-attacks are detrimental for companies, causing adverse financial and non-financial implications. Cyber-attacks result in loss of sensitive data, endless lawsuits, and a tarnished reputation. Also, they are expensive, and have even cost businesses approximately $45 billion in 2018.
As cyber-attacks intensify in frequency, companies need to polish their defenses. Thus, enterprises should familiarize themselves with cybersecurity trends for the upcoming year. Such information will help them prepare adequately and avoid falling victim to cyber-attacks.
What else is in store for businesses? Here are the top five cybersecurity trends to expect in 2020.
Trend #1. Increase in cybersecurity spending
Cybersecurity spending is on the rise. In 2019, the global cyber security spending was $103 billion. This figure is a 9.4% increase from 2018. The expenditure is projected to increase as companies and industries increasingly invest in cybersecurity solutions to prevent security breaches. In 2020, the US government is projected to spend $17.4 billion on cybersecurity, a 5% increase from 2019.
Trend #2. Cybersecurity skills gap
Did you know that 65% of companies report a problematic shortage of cybersecurity staff? Demand for cybersecurity professionals will continue to exceed the supply in 2020 and beyond. Amid this trend, security professionals must grapple with significantly more threats than ever before. Currently, more than 4 million cybersecurity professionals are required to close the skills gap.
Since this skills gap is not closing anytime soon, organizations must embrace strategies to tackle the problematic shortage. Firms can cross-train existing IT professionals, attract workers from other professions, or set applicant qualification requirements at the appropriate level to interest numerous candidates.
Trend #3. The growing impact of AI and ML on cybersecurity
Artificial Intelligence (AI) and Machine Learning (ML) are gradually becoming essential for cybersecurity. A study conducted by Capgemini Research Institute established this fact. From the survey, 69% of the participating executives affirmed that AI is vital when responding to cyber-attacks. Also, three-quarters of the executives contended that AI helps companies to respond quickly to cybercrimes.
Integrating AI with cybersecurity solutions can have positive outcomes–enhancing threat and malicious activity detection and supporting fast responses to cyber-attacks. The market for AI in cybersecurity is growing drastically. A recent Research and Markets report revealed that in 2019, the demand for AI in cybersecurity would surpass $8.8 billion. Furthermore, by 2026, the market is projected to grow to 38.2 billion.
Trend # 4. More small businesses will invest in security measures
An alarming 43% of cyber-attacks target small enterprises. On average, the cost of these attacks for a small business is $200,000. What’s more, when these small businesses fall victim to cyber-attacks, 60% of them go out of business within six months.
Cybercriminals target small businesses because they have poor or no preventative mechanisms. Often, a substantial number of small businesses think that they’re too small to be victims of cyber-attacks.
Conversely, savvy small businesses are gradually taking a preventative approach to cybersecurity. Realizing that like big organizations, they are targets for cybercrimes, and hence adapting effective cybersecurity strategies.
As a result, a significant number of small businesses plan to increase their spending on cybersecurity. Also, small businesses are increasingly investing in information security training to improve cyber hygiene.
Trend # 5. Cyber-attacks on critical infrastructure
Utilities are vital aspects of the modern economy because they offer crucial support to millions of people across a nation. Such importance makes critical infrastructure an excellent target for cybercriminals.
This trend is forecasted to continue into 2020 and beyond because most public institutions are ill-prepared to handle such attacks. While governments may be inadequately prepared for such attacks, cybercriminals are more than ready for them. Critical infrastructure includes public transportation systems, power grids, and large-scale constructions.
Governments hold critical personal data about their citizens. This information includes personal data on citizens, such as health records, residency, and bank details. If this personal data is not well protected, it could fall in the wrong hands resulting in breaches that could be disastrous.
Ultimately, the difference between an attack on a single organization and critical infrastructure is the magnitude of the effect. In 2015, hackers attacked the Ukraine power grid, leaving thousands of homes in darkness for hours. Could we see more of such attacks in 2020? Only time will tell.
Cybersecurity is a pressing topic for businesses and organizations across all industries. It, therefore, demands concerted efforts from firms in developing appropriate cybersecurity defenses to guard against cyber-attacks.
Want to avoid being on the receiving end of an attack? With so much to learn in terms of types of cyber-attacks, ways of preventing them, and prime target sectors—keep up-to-date with the emerging cybersecurity landscape. Contact us if you have any questions or would like to learn more about our tech services.