Today, our lives are completely dependent on the internet. From working and studying for exams to socializing, our personal and professional lives are intertwined with the digital network. This makes cyber security the most crucial issue of our times. During the Covid-19 pandemic, the number of cyber-attacks skyrocketed as the majority of the companies adopted work-from-home culture. Some companies lacked essential cybersecurity measures and ended up facing major financial losses. Thus, it is vital to understand the future of cybersecurity and upcoming trends in the market.
Although it is always hard to predict the future of cybersecurity as it is constantly evolving. But we observe some major trends happening in the market. As per the latest report published by Allied Market Research, the global cyber security market is expected to reach $478.68 billion by 2030, growing at a CAGR of 9.5% from 2021 to 2030.
This suggests that major market players would invest heavily in cybersecurity and would introduce new software solutions to strengthen their networks against cybercriminals. Here are some of the major trends in cybersecurity.
1. Cloud computing
Nothing has witnessed such growth in the last decade than cloud computing. It has been a buzzword and would only gain traction in the future. Cloud has made it easier, cheaper, and faster to put services online and collect colossal amounts of data. However, these merits have a downside as well. Cloud is highly vulnerable. There are many incidences where cyber-attacks have completed crumbled businesses. In pursuit of cheaper cloud services, many companies fail to recognize the risks associated with it.
However, as more and more companies are being aware of cloud services, security measures must be monitored continuously and updated protecting data leaks. However, major cloud applications such as Microsoft and Google are equipped with security. It is the user’s responsibility to stay away from phishing attacks and malicious software.
2. Threat to autonomous vehicles
Many devices and even vehicles come with automated software, creating connectivity for drivers. The facilities such as autonomous driving, door lock, and driver assistance are the result of such connectivity, which makes them vulnerable to hackers. Gaining control of vehicles is the biggest threat for automated vehicles. Thus, they need robust cybersecurity measures and complex mechanisms.
3. Threat of ransomware
Although the risk of ransomware is not new, it is growing at an unprecedented rate. It is estimated that there are more than 120 different families of ransomware and hackers have been hiding their malicious code through ransomware. As it is a relatively easier way to gain financial rewards, its threat is most pressing. Another factor is the Covid-19 pandemic. The suddenly accelerated digitization and remote working, have made companies new targets for ransomware. Hackers extort money by stealing a company’s data and encrypting it so that they cannot gain access afterward. This burden of cyberthreat is significant as companies are put in the corner.
4. Artificial intelligence to gain importance
In the last few years, artificial intelligence (AI) has become a vital technology and entered many industries. Today, AI, deep learning, and machine learning algorithms are responsible for various analyzing patterns, automated tasks, crunching data, and even making some decisions as they are quite faster than a human can ever do.
However, the same technologies can create risk as several companies completely rely on machine learning for some vital operations. Cybercriminals may use AI technology to exploit vulnerabilities and detect security risks before companies can come up with some kind of defense. In the future, companies would develop security software and techniques to detect AI and counteract AI corruption attacks.
5. Security of internet of things (IoT) devices
The boom of IoT is breathtaking. The penetration of smartphones and computers has boosted the acceptance of IoT. While smartphones and computers have a sound layer of protection against cyber-attacks, other IoT devices such as thermostats and other smart household appliances lack security measures. Moreover, today’s healthcare devices are connected to the internet, making patients vulnerable to cyber-attacks.
Cybercriminals can hack connected devices and form botnets to commit distributed denial of services (DDoS) attacks. Therefore, it is vital for IoT companies and users to secure their devices. In the future, companies would invest more in developing effective security controls for their IoT devices.
6. Risk to BYOD and mobile devices
Mobile technology has changed drastically over the last two decades. Companies now prefer to embrace Bring Your Own Devices (BYOD) policies as these facilities offer more flexibility to both company and employees. In addition, these devices connect to corporate networks. However, it expands the attack surface and increases the risk of losing sensitive information.
Each and every device that accesses a company’s system is a potential threat as it can be the entry point for cybercriminals. But, companies use a continuous monitoring approach and third-party security solutions to manage real-time vulnerability. Thus, such companies that provide security solutions would gain importance in the future.
These are some of the major trends in the cybersecurity industry. These threats would only increase in the future and would pose a challenge to IT professionals across the industries. There is definitely a dire need to develop advanced technologies such as cognitive computing and big data analytics to improve cybersecurity. The connected world is the future; there is no doubt about it. Thus, cybersecurity companies ought to improve their security solutions to go toe-to-toe with cybercriminals. Apart from this, users must follow simple security protocols such as using a strong password, having multi-factor authentication, and avoiding falling prey to suspicious emails.