As the threat landscape evolves, cyber insurance will likely become an increasingly important component of cybersecurity strategies.
The digital revolution has swept the globe as all small or large industries are processing on computerized systems to operate, protecting data from any cybersecurity risks.
IBM Security X-Force Threat Intelligence Index 2023 report revealed that whether ransomware, business email compromise (BEC), or distributed denial of service (DDoS), 27% of attacks were extortion related. The industry’s low tolerance for recession made cybercriminals focus more extortion shots on manufacturing than any other industry.
Expanded Use of AI & ML in Cybersecurity
AI and machine learning technologies will continue to evolve and be integrated into cybersecurity to help identify & respond to threats more quickly and effectively.
Artificial intelligence (AI) is significant in various aspects of security systems, such as automated security, natural language processing, facial recognition, and independent threat detection. AI has enabled the development of intelligent malware and attacks that can surpass even the most advanced data security measures. With AI-powered threat detection systems, administrators can anticipate potential attacks and receive prompt notifications of data breaches.
Growing Adoption of Zero Trust Security
Zero Trust security models will become more widely adopted as organizations move away from traditional perimeter-based security. Zero trust security has become a vital cybersecurity trend because conventional security models have proven ineffective in dealing with modern cybersecurity threats such as ransomware attacks and data breaches. With zero trust security, organizations can prevent unauthorized access to sensitive data and reduce the risk of data breaches.
Moreover, the shift to remote work due to the COVID-19 pandemic boosted the need for zero-trust security, as employees access organizational resources and data from various locations and devices. As such, zero trust security has become a critical cybersecurity trend that will likely remain relevant.
Also Read: Securing Tomorrow: What Will Matter in Cybersecurity by 2030
Focus On Cloud Security
With more data and applications moving to the cloud, more focus will be on securing cloud infrastructure and services. With increasing numbers of organizations shifting to cloud-based infrastructure, it’s crucial to assess and enhance security measures to prevent data breaches regularly.
While the cloud brings many benefits, it also introduces new security risks. Organizations can mitigate cloud security risks by implementing strong access controls, encrypting data, and regularly monitoring their cloud environments.
More Emphasis On Supply Chain Security
Supply chain attacks will continue to be a significant concern, prompting organizations to place more emphasis on securing their supply chains. Supply chain security is an increasingly important cybersecurity trend as organizations rely on third-party vendors and suppliers for critical services and products. Supply chain attacks occur when an attacker targets a third-party supplier or vendor and uses that access to infiltrate the target organization’s network or data.
Organizations are adopting various security measures to address this trend, such as enhanced due diligence when selecting vendors, continuous monitoring of third-party activity, and using secure coding practices for software development. In addition, governments and regulatory bodies are also taking steps to address supply chain security.
Increased Use of Biometrics
In recent years, biometrics has become an increasingly popular tool for improving cybersecurity. Biometric authentication techniques like facial recognition, fingerprint scanning, and iris recognition will evolve to become more familiar to enhance security.
Continuous authentication constantly monitors and analyzes biometric data to ensure that the person accessing a system or data remains the same person who initially underwent authentication. It helps prevent unauthorized access even if an attacker obtains the user’s credentials.
Biometric authentication offers a promising solution to the challenges facing the cybersecurity industry. Its unique and personalized nature makes it difficult for attackers to impersonate users or steal their credentials. As biometric technology evolves continuously, enterprises expect more innovative utilization of biometrics in cybersecurity.
Rise of Cyber Insurance
As the cost of cyber-attacks continues to rise, more organizations will turn to cyber insurance to help mitigate the financial impact of a security breach. Many organizations turn to cyber insurance to manage their cyber risk with the increased frequency and severity of cyber-attacks. Cyber insurance policies typically cover a range of costs linked with a cyber-incident, such as forensic investigations, legal fees, and customer notification expenses. Some policies may also cover losses due to business interruption or reputational damage.
As the cyber insurance market has grown, insurance providers have started offering more specialized policies tailored to specific industries and types of cyber risk.
Data Breaches Increases
Data breaches continue to be a significant threat to organizations of all sizes. In a ransomware attack, cybercriminals encrypt an organization’s data and demand a ransom for the decryption key.
Social engineering attacks can take many forms, like phishing emails and phone scams. Organizations can prevent social engineering attacks by implementing employee training programs and strong authentication measures.
Greater Use of Blockchain
Blockchain technology will continue to explore to enhance security, particularly in areas such as identity management and secure data sharing.
Blockchain can create a decentralized identity management system, eliminating the need for a centralized authority to verify and manage identities.
It provides a secure way to share data without needing a centralized intermediary. Blockchain is helpful during sensitive data requirements for secure sharing, such as in healthcare, finance, or government. Blockchain can create a secure network for IoT devices, making it difficult for hackers to gain unauthorized access.
Growing Demand for Cybersecurity Professionals
There is high demand for skilled cybersecurity experts to build security teams. With the increased sophistication of cyber threats, organizations will emphasize educating their employees and end-users about identifying and responding to potential threats.
Also Read: GoAnywhere Zero-Day Attack Slugs Major Organizations
Emergence of New Threats
New cyber threats will continue to emerge, particularly in IoT, AI, and 5G areas, prompting organizations to remain vigilant and adaptive in their cybersecurity strategies. With the advent and widespread adoption of 5G networks, the Internet of Things (IoT) is poised to usher in a new era of interconnectedness. However, this interconnectedness across multiple devices exposes them to potential external influence, attacks, or undetected software defects that can compromise security.
As a relatively new technology in the market, the architecture of 5G requires extensive scrutiny to identify potential security flaws and mitigate the risk of external assaults. Given the complexity of the 5G network, numerous network attacks may still need to be fully understood. Therefore, manufacturers must exercise extreme caution when developing the hardware and software components of 5G to ensure that the system is robust enough to prevent data breaches.
Increased Automotive Hacking
The incidence of automotive hacking is increasing. There is a stumbling block that this innovative technology needs to deal with, i.e., cyber-attacks. As automotive vehicles use Wi-Fi technologies and Bluetooth to communicate, they become more prone to cyber-attacks. These attacks vary from physical to long-range digital attacks.
GPS systems in autonomous vehicles are the soft spot for hackers, and vehicles are easy to hack using “GPS spoofing.” This process entails interfering with the GPS location system using a radio signal. Therefore, drivers should keep their GPS off.
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