- Frost & Sullivan says that in the next 8 years, the earth will have a complex network of 200 billion devices, each with more than 20 connected devices on average.
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IODINE As connected devices become more sophisticated in their capabilities, their vulnerability will also increase. - Leadership and stakeholders need to understand the urgency of budgeting for higher spending on cybersecurity – software solutions alone are not enough.
Cybersecurity has been a dilemma for chief information security officers (CISOs), indeed of companies, since the advent of IT. But never has survival been more important in the past two years – when the pandemic forced teams to work remotely. IBM’s 2021 Cost of Data Breach Report reports a 6-fold increase in the number of cybercriminals during the pandemic. During the two years of the pandemic, the cost of a data breach rose from $3.89 million to $4.96 million. With at least half of employees working remotely, it took an additional 58 days to identify and prevent a cybersecurity breach. The cost of keeping a company safe is also increasing dramatically – $433 billion is in global cybersecurity spending projected by 2030.
Interestingly, there doesn’t seem to be a real solution to ensure zero cybersecurity risks, but security leaders continue to develop smarter and sharper tools to reduce risk. Minimize attacks and risks. Risk is the biggest issue – in terms of data loss, as well as privacy breaches – for both customers and companies.
Risks move forward
Ironically, it is the greater adoption of technology that will cause an increase in cyber attacks. And interestingly, these new technologies are also expected to find their way to greater security. The next decade – with pervasive connectivity, artificial intelligence (AI), quantum computing, and next-generation approaches to security management, may continue to pose challenges for security.
- AI is a case in point here as it allows for the complete democratization of cybercrime. On the other hand, it also helps in the detection and predictive determination of cyber attacks. Similarly, Internet of Things (IoT) environments provide spaces that are highly vulnerable to destructive and extortion attacks on supply chains, logistics, transportation, manufacturing, and healthcare. Frost & Sullivan reports that in the next 8 years, the earth will have a complex network of 200 billion devices, each with more than 20 connected devices on average. As IoT-connected devices become more and more sophisticated in their capabilities, their vulnerability to breaches will also increase.
- In terms of networking, as 5G becomes ubiquitous and 6G begins to take root, data privacy will become a major concern, as the increased amount of data transmission will inevitably expose the nodes to greater attacks. and more expensive. This ubiquitous connection is creating a shared infrastructure of services, cloud, ISP, software, database, and supply chain. In an effort to increase accessibility, resiliency, and agility, organizations are unwittingly putting a large portion of their infrastructure at risk from cyberattacks, which in turn leads to to much higher costs and much more severe impacts.
- As digital identities become pervasive, it increases the risk of exposure to all kinds of data. This is a calculated risk that businesses need to take.
- As software as a service (SaaS) and everything as a service become more common, cloud service providers run the risk of becoming a duck for cyberattacks, and this will only become a problem. should get worse over the next few years or so.
- The growing animosity and power play among developed nations is also accelerating
Dark Web activities – data attacks, data stolen and sold for billions of dollars in ransom are being regularly funded by the states. - The
Metaverse now ready to become our second world, blurring the line between reality and virtual. Users and interfaces need to provide more information on the platform, capturing the interest of attackers than ever before. The security there would need to be very sharp – it would have to keep the data safe without compromising its functionality or convenience.
Close the gap
Traditional cybersecurity practices stand no chance against new age cyberattacks. Mitigation and response need to transform, but the corporate environment has not yet done so. It has never worked to quell future problems with solutions of the past, but organizational inertia can make it difficult for companies to tackle these challenges for some time to come.
So what is the way forward? Skills are in short supply, so the first step is to equip security professionals with modern tools to combat modern threats. Leadership and stakeholders need to understand the urgency of budgeting for higher spending on cybersecurity – software solutions alone are not enough. Investments in research and knowledge support will be needed, and stronger government policy and regulation will be needed.
Threat actors will also continue with their game of sniffing opportunities and vulnerabilities over the next few years. As newer tools are adopted, newer vulnerabilities will be identified, newer attacks will occur.
Dell Technologies recently partnered with the Institute for the Future (IFTF) and 20 experts from around the world to implement REALIZING 2030 – a project to understand the future and forecast that newer technologies will today. How will it affect people’s lives in the next ten years? It finds interesting points that we need to be careful about. Using technology pragmatically will be an important point.
Businesses will also need to significantly increase the adoption of a cybersecurity culture to mitigate insider threats and zero-day attacks. Cybersecurity will need to be integrated into products and services, and passwords will need to be used as they pose a major threat of loss of access. Biometric identification may be the best way forward. AI will play a huge role in identifying as well as mitigating risks. It is hoped that in the next few years, businesses will be able to leverage computer security algorithms to help create security battle programs capable of pre-processing, predicting, and identifying vulnerabilities.
With an increasing number of devices, data security will be more at risk, and a growing digital identity culture will inevitably create more active ID threats.
The balance between technological advancement and risk must be carefully weighed in the years to come. Otherwise, the enterprise that will enter a digital ecosystem will be an emerging giant corporation with even greater risks. Determining a new path and ensuring cyber risk does not evolve in tandem with technological advancement will depend on security leadership.
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