Cybersecurity has become one of the biggest challenges facing organizations today. With the rise of cybercrime, hackers continue to steal data, disrupt operations, and cause damage to critical infrastructure. In a 2021 report done by ThoughtLab, the average number of cyberattacks and breaches for small businesses increased by 15.1% in just one year. As we move into the next decade with more devices connecting to the Internet of Things (IoT), cybersecurity threats will only grow in complexity and sophistication.
As technology continues to advance, new risks emerge. These risks include phishing attacks, ransomware, malicious software, and targeted malware. Organizations must adapt their security strategies to protect against these emerging threats.
In order to stay ahead of the curve, companies must prepare now for the future. To do this, they should consider the following cybersecurity trends when shaping their strategy.
1. Cybersecurity Awareness
With the growing threat of cyberattacks, many organizations are taking steps to improve their awareness of cybersecurity issues. According to Fortune Business Insights, the global market for cybersecurity solutions and services is projected to grow from USD $155.83 billion in 2022 to USD $376.32 billion by 2029.
As cybersecurity gains greater awareness, organizations are investing in training programs and educating employees on best practices for protecting sensitive information. They’re also implementing policies and procedures to prevent unauthorized access to systems and networks. There is still much work to be done though, as only 50% of U.S. businesses have a cybersecurity plan in place.
2. Phishing Attacks
Phishing attacks are becoming increasingly sophisticated. Hackers use social engineering tactics to trick individuals into providing personal information. For example, attackers may send emails that appear to come from a trusted company or individual. When recipients open them, they download malware onto their computers.
This cybersecurity threat is especially prevalent among business travelers who frequently connect to public Wi-Fi hotspots while traveling. Hackers can intercept these connections and gain access to corporate networks. Because of its effectiveness and easy access, phishing accounts for 90% of cyber attacks.
To avoid falling victim to such scams, organizations should educate employees on the dangers of opening suspicious links and attachments. Employees should also be trained to recognize common signs of phishing attempts, including messages that ask for confidential information or request urgent action. If you receive an email or message that you suspect of being a phishing attempt, you should bring it to a supervisor’s attention immediately.
3. Cloud Security
Cloud computing offers numerous benefits to organizations, however, cloud environments present unique security concerns. Many cloud providers offer limited control over network resources and data storage. This means that if a hacker gains access to a cloud environment, they could potentially wreak havoc.
For instance, a hacker could delete all files stored on a server or corrupt data stored in databases. They could even install spyware or viruses on servers. Because of these vulnerabilities, organizations should take extra precautions when using cloud platforms, especially since it is a major concern for technology decision makers. In a 2021 Kazzcade study, 52% of the respondents said they had extreme concern about public cloud security.
It’s vital that your cloud solution provides adequate protection measures and implements strong authentication protocols. Some examples of effective and safe cloud solutions include HPE Greenlake and Microsoft Azure, which can both be found on our Discovery Platform.
4. Data Privacy Regulations
In recent years, the public has become more aware of their personal information being shared without consent. A great example of this is targeted digital advertising and the debate it has created in recent years. Tech giants such as Apple, Google, and Facebook, companies that have benefited greatly from digital advertising revenue, have had to make important changes to their privacy policies to please their users who want their information private.
This increased awareness of the public has led to new legislation such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act) that aim to give individuals control over their personal data and place new data protection obligations for organizations.
Regulation compliance will play an even greater role in cybersecurity strategies to mitigate risk and liability. If not, companies face potential fines and penalties that not only disrupt business but also damage their reputation. Facebook has been the subject of multiple data scandals in recent years, resulting in a loss of trust for the company and CEO Mark Zuckerberg.
5. Vulnerabilities of IoT Devices
IoT (Internet of Things) devices are rapidly gaining popularity. According to Ericsson, there will be almost 29 billion global devices connected to the Internet by the end of 2022. Companies are deploying them across various industries, including manufacturing, transportation, healthcare, retail, and energy. However, IoT devices aren’t immune to cyber threats. Hackers can exploit weaknesses in the device firmware, operating system, or application code. Once compromised, IoT devices can expose sensitive data and compromise network security.
Companies must adopt robust security measures to protect IoT devices. They should develop comprehensive policies and procedures to safeguard IoT devices, as well as train employees on proper handling techniques.
Find Industry-Leading Cybersecurity Solutions
Cyberattacks are becoming more sophisticated every day, resulting in financial losses, reputational damage, legal liabilities, and even human casualties. According to the FBI’s annual Internet Crime Report, cybercrime cost U.S. businesses and individuals $6.9 billion in 2021 alone.
A successful enterprise cybersecurity strategy requires a comprehensive solution that addresses both security and compliance requirements. Discover enterprise security solutions from top brands to protect your organization from cyber threats and enable your business to thrive.