Companies need to gear up for advanced and even more innovative cyber threats and security breaches coming their way.
The global cybersecurity market size is expected to surpass $300 billion by 2024, as per Global Market Insights report. With hacking attacks becoming increasingly sophisticated, smarter security measures are needed to ensure companies can fight them and sustain their business.
Phishing attacks will be the primary concern
Phishing attacks were the top delivery method for malware in 2019. As per the Verizon 2019 DBIR report, it was responsible for 32% of data breaches and 78% of cyber espionage incidents in 2019. Phishing attacks are projected to grow more sophisticated and challenging, making their detection even more challenging in 2020.
The impacts of phishing attacks have become graver. Companies of all sizes will have to face severe consequences with the data breaches, financial frauds, and other effects of phishing attacks.
Moreover, there will be a surge in the availability and volume of phishing kits on the dark web with lists of compromised credentials for targeted attacks. Organizations need to get their hands on technologies that can detect and block phishing attacks, especially when sent via email.
Identifying threats at the earliest will be the key
One of the critical challenges for enterprises and security professionals in 2020 will be identifying threats in time. Data-driven security solutions require several hours to detect uncommon cyber threats.
With the rise in the number of attacks, companies will become less tolerant and more alert to the latency period. The period from the moment when the attack is launched until its detection by security experts has the most devastating impact on the victims.
Generally, it takes a few hours to detect a new attack even for a high-end security solution attacks. Companies face the highest risk within the first few hours of the malicious attack being released.
Enterprise collaboration platforms will be the main targets
Cyber attackers will target enterprise collaboration platforms, including cloud drives and instant messengers. They take advantage of the fact that users often trust these platforms.
The surge in collaboration services such as OneDrive, Google Drive, and others pose unique challenges for cybersecurity professionals, even though they help in increasing productivity.
Also Read: 5G Organizations Find Challenging to Focus on Cyber Security
Ransomware will become a bigger threat
Ransomware attacks are getting more sophisticated and managing to evade even the most advanced email security solutions, and are in a position to penetrate the most efficient security solutions. The current security solutions need to be tuned to pre-empt and predict outages, so minimal damage is done to the enterprise.
Cybersecurity solutions that worked in 2019 may not necessarily work in 2020. Cybersecurity professionals will have to be on their toes to combat new-age cyber-attacks in the coming decade.
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