In our previous blog of the series, we discussed what is cyber security and the ramifications of cyberattacks on modern businesses.
However, with data privacy compliance becoming increasingly difficult, it is critical for your business to take adequate measures, shielding yourself from this emergent threat.
Let us look at some of the game-changing advancements in the field of data security that you may not have considered as yet.
Despite the exponential rise in cyberattacks, organizations in myriad verticals still have inadequate governance for tackling and mitigating associated risks.
The World Economic Forum ranks cyberattacks as the 7th most impactful risk on businesses and society.
The complex and digital nature of fourth industrial revolution (4IR) technologies is making organizations vulnerable to cyberattacks, ranging from ransomware to data theft.
Operational technologies are exposed increasingly to cyberattacks, and the world is getting closer to a ‘cyber pandemic’. This trend is expected to continue for the foreseeable future, even as the information management market is projected to surpass US$ 12 Bn by 2027.
There have been a number of incidents of malware targeting the Australian Government, and other incidents affecting the global healthcare, finance and insurance, banking, and airlines industries.
For instance, data privacy costs in the BFSI sector are projected to account for over US$ 18 Mn per company through the coming decade.
On a related note, cyberattacks are expected to rise 5 times by the end of 2021on the healthcare sector. A fifth of all travellers are at risk of cyberattacks when abroad. The financial threat from cybercriminals is proportionally large.
US$ 150 Per Record – Cyberattacks Drive Up Data Privacy Costs
Cybercrimes as a service are emerging as a business model in the notorious dark net. Further, organized cybercriminals are joining forces to offer sophisticated tools, making malicious services affordable and accessible to anyone.
The data brokering market is already worth around US$ 200 billion a year, which involves copying, searching, and selling highly sensitive data.
In August 2021, T-Mobile had to pay a hefty price for inadequate cyber security. A cyberattack exposed personal information of 40 million customers, including social security details, and driver license numbers.
Consequently, the incident is expected to result in reduced customer traffic. The attack can potentially bring down the company’s earnings by close to a billion dollars in just one year.
To tackle the growing threats of cybercrimes, introducing safe and reliable protective systems is key. As a result, implementation of cyber safety software can feasibly minimize the risk of data breaches and natural calamities.
New Cyber Security Technologies Shake Up the Field, Exclusive insights from MarketNgage
Frequent attacks despite the best efforts of cyber security experts have indicated the need for tech advancements to ensure data integrity.
Cyber criminals have new ways to track fingerprint motions on touch screens, and memory scraping tools, in addition to bespoke tools to penetrate operational software.
Software such as computer-aided dispatch (CAD), records management, and record analysis, along with cyber insurance and network firewall protection can help organizations to minimize the risk of getting their data exposed.
Firewall as a Service is expected to grow at a CAGR of around 22% through the upcoming decade, driven by advances in AI and enterprise mobility during the covid-19 pandemic.
Developments in E2E IT security tech for threat detection and protection will emerge as a key advancement in 5G security infrastructure. Further, with the growing trend of bring-your-own-device (BYOD), the importance of endpoint security solutions will drive demand for years to come.
Newer information security solutions can detect entire classes of malware, effectively covering individual threat detection functions. Artificial intelligence and advanced machine learning will emerge as key contributors to computer security.
Consequently, it is important for companies to invest in cyber security certifications, vulnerability assessment, and employee training.
How Will You Choose the Right Cybersecurity Solution for Your Organization?
Mitigating breaches through IoT is made possible through risk-based and multi-factor authentication. With the rapidly increasing number and evolving nature of cyber threats, choosing the appropriate solution for your business can be hard.
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