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Home / IT Blogs / Top 5 Cybersecurity Trends in 2021 and Beyond
June 3, 2021 - by Synoptek
Technology is increasingly transforming the way companies work. Cloud computing, AI, automation, and IoT are emerging technologies that create extraordinary avenues for businesses to grow. However, amidst these opportunities, there are also constant and looming cybersecurity challenges, and organizations must navigate the evolving cyber-threat environment as technology advances. According to Cybersecurity Ventures Official Annual Cybercrime Report, in 2020 alone, there was a 273% increase in cybersecurity breaches compared to 2019. And the global cybercrime costs are estimated to grow by 15 percent every year until 2025, reaching up to $10.5 trillion. Therefore, enterprises need to be aware of how the cybersecurity landscape will pan out to prepare to deal with these challenges better.
Accidental or inadvertent data misuse, as well as malicious intent, may result in insider accidents. According to a 2019 Forrester report, internal data breaches accounted for 25% of data breaches. Forrester further reports that insider accidents will rise from 25% today to 33% in 2021, owing to the rapid drive of users to remote work during the COVID-19 pandemic. Therefore, companies will have to develop capabilities for detecting and mitigating insider threats.
Brands that used to sell through retailers and distributor supply chains are now forced to sell directly to customers as customer purchasing habits experience a major paradigm change due to the pandemic. According to Forrester, today, 44 percent of online adults in the United States are tired of traveling to several stores to research or purchase products, while 62 percent have completed an online transaction. While companies today have no choice but to go digital, they need to tighten their customer-facing applications and reduce vulnerabilities and devise a mechanism to be always safe.
AI can help under-resourced security teams keep ahead of the threats as cyberattacks become more intense and frequent. By constantly analyzing large amounts of risk data from both structured and unstructured sources, AI equips the in-house cybersecurity teams to reduce the time it takes for them to react to threats. Therefore, AI-Cybersecurity integration will see a dramatic rise this year as well as moving forward.
The number of companies that hire Chief Information Security Officers (CISOs) to eliminate the security-related silos to ensure would skyrocket. Another major shift will be that, considering increasing concerns about data processing and protection, data privacy will evolve from a compliance obligation to a distinct discipline that will be closely associated with security, HR, governance, and procurement departments.
Firms that are struggling to stay afloat have make drastic cuts in technology and personnel budgets, making it difficult to demonstrate compliance. Increased audits and budget pressure in 2021 will further force CISOs to take up risk quantification technology to resolve potential audit concerns and threats. Risk quantification tools that offer clear visibility into the criticality of assets and the possible effect of a problem in real-time with a business background will aid security heads in what assets to retain and what to let go.
As new cybersecurity threats increase, businesses must take a proactive rather than reactive approach to remain safe. As they aim to protect their critical assets, they must become more nimble, agile, and collaborative. However, the far-reaching tentacles of cyber threats will make it difficult for businesses to concentrate on their core business goals while maintaining security. Therefore, organizations work with Managed Services Providers like Synoptek to prevent, detect, and respond to evolving threats.
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