Cyber Security Risk Forecast Trends for 2020
No industry is safe from the unstoppable wave of sweeping digitisation through finance, retail, transportation, and more. 2020 will welcome more transformative developments that will impact businesses. While this digital transformation presents a range of opportunities, this also brings challenges, with the most prevalent being lack of understanding of companies’ cyber risk exposure and the evolving security needs that come with expanding one’s digital presence.
The number of records compromised so far in 2019, with two months to go, surpassed the total number of breached records for all of 2018 globally. Equally, rampant data exposures have also been prominent this year, due to data stored and poorly defended on the open internet, or through cloud misconfiguration. As of September 2019, the EU’s supervisory authorities have issued, or announced their intention to issue, fines over €372 million. Major global brands such as Google, British Airways and Marriott got caught out.
According to research firm Cybersecurity Ventures, cybercrime is expected to cost more than $6 trillion globally by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, and more profitable than the global trade of all major illegal drugs combined. Clearly, business leaders have no choice but to take notice of this phenomenon.
Our Cyber Security Predictions for 2020:
- Cyber Security in the Boardroom
- The Rebirth of Cyber Hygiene
- Cloud Data Leakage
- Digital Channel and API Security
- The Year of Identity: The New Frontier
- Resilience and Speed will matter more
- A new focus on 3rd party suppliers/partners
- Explosion of the IOT
- Digital Warfare and Terrorism of the Future
Businesses and consumers are in an arms race with cyber criminals and hostile states. Organisations need to plan in terms of when, not if, they face a cyber attack.
Contact us for your Cyber Resilience Readiness Assessment, and how we can help you stay ahead of threats now and in 2020.