With the rising onslaught of cyber attacks on companies, web security is one of the biggest priorities for businesses in 2021. The shift to remote work environments is laying inroads for further cyber-attacks. The WFH environments deployed hastily at the beginning of the pandemic were exploited by hackers to their advantage. As companies learn to protect themselves from this malicious intent, the emphasis has been primarily on preparation and prevention rather than being reactive to the situation. To successfully mitigate the risks and occurrence of malicious hacks, creating cybersecurity awareness, prevention, and best security practices must become part of the company culture. Safeguarding data from the vulnerability of external hacks is important for both financial stability as well as the company reputation. Cyber attacks can be detrimental to a company’s image as it leads to loss of customer trust and loyalty.
It is important to understand that as technology changes, cybersecurity practices must be evolved parallelly to protect organizations from advanced malware. According to Accenture’s 2020 Cybersecurity Report, organizations with a more proactive security strategy in 2021 will incur fewer breaches, identify security events faster, and minimize attack damage more effectively and efficiently than those who wait for attacks to take root. According to a report by IDC, worldwide security spending will reach $174.7 billion in 2024 with a compound annual growth rate (CAGR) of 8.1% over the 2020-2024 period. The increase in cybercrime including breaches, phishing, privilege access credential abuse, and endpoint security attacks is the major contributing factor to the projected 12% CAGR in cybersecurity IT spending in 2021. The global market for cybersecurity software is predicted to grow from $183.2 billion in 2019 to $230 billion this year.
Here are the top web security predictions for 2021:
Rise of automotive hacking
Experts expect a rise in automotive hacking in 2021. The growth of automation-empowered vehicles has opened a floodgate of vulnerabilities wherein hackers gain access to these vehicles through Bluetooth and WiFi technologies. Self-driving or autonomous vehicles, with their complex mechanisms, have become a prime target for cyber-criminals. These vehicles can be accessed through microphones which are used for eavesdropping. Autonomous vehicles will require a higher level of cyber security to protect them from vulnerability.
Digital transformation and the pandemic have increased the migration of company data to the clouds. Although Amazon, Google, and Microsoft cloud services are well protected, they are still vulnerable to malicious software, and phishing attacks. Errors on the user end can prove to be disastrous to the cyber security of cloud data. Cloud-based security threats such as misconfigured cloud storage, reduced visibility and control, incomplete data deletion, and vulnerable cloud apps will impact business continuity in the future ahead.
IoT with 5G connectivity
Technologies like IoT and 5G are enabling hyper-connectivity among millions of devices and enriching human-machine interaction. These evolving technologies are susceptible to external threats. Connected devices are vulnerable to malware and require stringent security measures to ensure the safeguard of data. 5G architecture is still in its nascent stage of development and hence it will require a lot of research to find loopholes within the system. Manufacturers will need to build sophisticated 5G hardware and software to prevent data breaches in the future.
Artificial intelligence is expected to further penetrate the cyber security market. AI-powered systems can help organizations stay ahead of cyberattacks. AI’s analytical prowess can help security teams to identify threats quickly and reduce their response time as well as optimize their security protocols.
Rise of enterprise-level CSOs
Cyber incidents such as siegeware attacks on infrastructure management systems, increasing OT/OT system vulnerabilities, and GPS spoofing attacks have been on the rise. Most businesses that heavily rely on an IT security-centric approach are inadequate in dealing with the effect of security risks on physical safety. More organizations are likely to deploy enterprise-level Chief Security Officers (CSOs) to seamlessly collaborate with multiple security-oriented silos. These CSO can encapsulate physical security, IT security, OT security, product management security, and supply chain security into a singular, centralized model.
Secure Access Service Edge (SASE)
SASE technology enables organizations to robustly secure remote workforce and cloud applications by routing the network traffic through a cloud-based security stack. According to a Gartner report, 40% of businesses are expected to implement SASE by 2024, a staggering increase from less than 1% in 2018.
Mobile cyberattacks have accelerated in the backdrop of the COVID-19 pandemic and this trend is expected to continue. Mobile devices are vulnerable to spyware which is used to snoop encrypted messages and private data of users. Malware and viruses are a big security concern for mobile users. The increased use of mobile banking applications has made mobile devices an attractive hacking prospect for cyber-criminals.
It’s imperative for organizations to protect their infrastructure through continuous risk analysis and mitigation to achieve high compliance and security from external and internal threats. At Alkye, we help clients to identify, analyze, and manage risks to protect their assets and equip them with the necessary skills to become a benchmark in a competitive environment.