Cybersecurity has become an extremely significant and standard issue for organizations. Unexpected economic headwinds have led to more cybersecurity threats and minimal cyber investments.
Here are a few predictions that will help the CIOs to ensure they are strongly positioned for recession resilience.
Cybercriminals Will Take Advantage of the Current Economic Downturn
Cyber-attackers tend to be resourceful as they capitalize on vulnerable moments during the recession. Uncertainties during economic downturns lead businesses to cut down on budgets, including funding for information security. Cyber defenders must be careful and fitting all of the time, whereas attackers attack the secured infrastructure. Companies need to upgrade their cyber defenses by investing appropriately rather than cutting down resources.
The Cyber Landscape Will Be Pruned as Venture Capital Slows
While startups were flushed with venture capital cash, the funding is expected to slow down during solid economic headwinds. With significant layoffs in the industry during the recession, companies have initiated secure funding through debt versus equity. Minimal accessible financing leads to more Mergers and Acquisitions (M&A) activity ahead in the cybersecurity landscape.
Cyber Insurance Will Not Be the Only Backstop
Organizations believe cyber insurance is an adequate guardrail against cyberattacks.
As per a recent report by Fortune Business Insights, “Cyber Insurance Market Size and Regional Forecast, 2022-2029“, the global cyber insurance market size is expected to grow to USD 63.62 billion by 2029, exhibiting a CAGR of 25.7%. As rates fall during a recession, companies with lower cyber maturity may find cyber insurance cost-prohibitive. In 2023, application programming interface (API) security could gain more traction.
An increasing number of API s within the IT infrastructure makes API security one of the biggest challenges for CIOs.
Hence companies need to establish and promote API security in the organization’s security roadmap to safeguard the infrastructure from attackers with unfettered access to sensitive data.
Zero Trust Cybersecurity Model Will Be Heard More Often
Zero trust is a novel security paradigm that transitions from a traditional “castle-and-moat” perimeter security model to a more granular “never trust, always verify” model. Zero trust utilizes holistic identity-centric security across networks, data, and applications. Implementing zero-trust principles can seem overwhelming, however, it is a sensible approach to secure the network in the future.
Secure Access Service Edge (SASE)
SASE is a cybersecurity technology on a buzz and is on the verge of a massive push. Data and users have become more diverse, widely distributed, and vulnerable. Therefore, SASE is a boon for businesses requiring simplified solutions, tighter technology stacks, and an achievable alignment between network performance and security. With SASE, secure data will be closer to the end user in the future on the network’s edge for a limited distance.
Escalation in Targeted Ransomware
As per a recent report by DataProt, “Ransomware Statistics in 2022: From Random Barrages to Targeted Hits“, ransomware generates an estimated $1 billion in revenue for cybercriminals yearly. Targeted ransomware attacks are more sophisticated and specific, with a significant increase in custom ransomware launched against an organization’s typical technology stack. Multinational organizations cannot endure prolonged outages through the definition of their services. More companies and core service businesses need to ensure that they align comprehensive protection with the help of a triad of methods. Companies need to establish a strategy to secure the environment and plan to recover from the breach while deploying an ongoing assurance plan of security and compliance.
These predictions will help the organizations to mindfully plan the security posture and readiness to counter some of the most nefarious bad actors in cyberspace. It will also set the framework for the upcoming threats by utilizing cutting-edge and evolving advantages of comprehensive security strategies.