If you have thought last year’s cyber breach of over three billion records was bad, this year has witnessed a fair share of nuisances of its own. ?From hacks, ransoms attacks and extortion attempts this year, dozens of global brands were compromised by the organized hacking teams to the extent that some of them could have been sabotaged and shut down their operations. Cyber security technology is consistently dominating headlines as attacks are becoming increasingly frequent and sophisticated.
WannaCry ransomware attack is one of the major data breaches this year that crippled the National Health Service, hitting more than 100 countries, and infecting 230,000 computers across the globe. In the same light, Verizon suffered a ransom attack that exposed customer records of over 14 million subscribers thanks to a security lapse. They are not the only victims of cyber-attacks, either; several other big brands across the globe have had a tough year on the cyber security front.
As of now, it is quite understandable that as much as the integration of the digital concepts has made things simpler, the fact remains that companies and individuals are exposed to newer forms of cyber security threats. Consequently, the top cyber security firms are now fostering innovations primarily aiming to provide better cyber security products.
Which sectors are demanding the maximum cyber security solutions?
Technology has evolved at an unprecedented pace and has profoundly empowered an assortment of industries in a variety of ways, with companies becoming ever more reliant on computer systems and IT. Apparently, increasing chances of cyber security breaches and malware under their operations. Above all, finance and government verticals top the list of cyber security breaches in 2017 followed by the manufacturing space which is going through major cyber-disasters.
Governments across the world are constantly under the threat of sophisticated attacks launched by, terrorist groups, rival nation-states, hacktivists, and cyber criminals mainly because they hold a vast amount of confidential and sensitive information.
We do not really have to look far to find instances of cyber crime in government sectors and BFSI services space. For example, back in January, Lloyds Banking Group was the major target of an online attack.
Subsequent to the government and BFSI sector, manufacturing industry is another discipline which is frequently experiencing cyber and ransomware attack. With the industrial technology advancing at a fast pace, manufacturers are increasingly adopting cloud, data analytics, and mobile to advance their infrastructure and connectivity. This means a greater attack surface from which cyber convicts can infiltrate.
Catch 22 : IoT connectivity contributes to cyber security vulnerabilities
Internet of Things (IoT) has been a hot topic over the past few years. From healthcare to manufacturing to service sector, the future is undeniably connected. Several industries are looking to Internet of Things technologies to develop their relationship with consumers and to launch new services.
As innumerable devices become connected, several industries that were formerly secure are now experiencing new threats or attacks to their services. With the augmented connectivity of devices and ecosystems, these innovative IoT services are also exposed to bigger security risk.
Today, there are numerous security solutions for endpoint authentication and malware, readily available in the market. Nevertheless, the protection of the authentic device software and applications remain a security weakness in maximum IoT systems. While companies profoundly take benefits of IoT connectivity, they must also be cognizant of all the cyber security issues in front of them.
The future of Cybersecurity : High innovation contributes to seamless efficiency?
Despite all the security chaos, there are also many promising innovations that are gaining massive appeal and could transform the way enterprises conduct business. So far, this year, there have been three major cyber security developments including cloud security, blockchain and machine learning/artificial intelligence (AI).
The?blockchain?is an unquestionably ingenious invention. Blockchain technology has an innate connection to cyber security.?The groundbreaking applications of this technology is attributed to the years of efforts and consistent innovations?in cyber security and cryptography landscapes. Blockchain offers a unique approach for enterprise applications including data storage, transactions and other internal functions, which makes this technology particularly appropriate for ecosystems that require high-security mechanism.
2) Cloud Security
Cloud computing security?is grabbing the attention of IT providers and enterprises across the world, thanks to its cutting-edge functionalities that allows businesses to protect their confidential information from data theft, leakage, and deletion. Cloud security technology helps enterprises to adhere to regulatory compliance rules which eventually allows them to secure its data infrastructure and applications associated with the use of cloud computing. The technology empowers companies to operate at a high scale and still remain secure and protected from data breaches. Firewalls, virtual private networks (VPN), obfuscation, penetration testing, and tokenization are some of the most used methods under cloud security solutions.
3) Artificial Intelligence
The emergence of innovative technologies including machine learning and artificial intelligence (AI) strive to increase the precision and efficiency of tasks. AI helps companies in quickly detecting and analyzing new exploits and weaknesses to mitigate further attacks and is an integral component of today’s cyber security solutions.
To conclude, there are plenty of opportunities in the market for cyber-security solution providers to draft groundbreaking technologies that ensure solutions are contextual, appropriate and proactive. Industry experts at Technavio believe that innovations are the major key for vendors today in the context of cyber solution services.
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Global Cyber Security Market 2017-2021