Cybersecurity issues have been making the news for a few years and we can expect significant breaches to occur even more often in the future. The further technology is pushed, with long lists of applications, devices and technological dependencies, the more active the corresponding cyber threats will be.
Business owners are paying more attention to cyber threats and the defense against such crimes is also becoming more robust and treated with greater seriousness.
Data breaches will continue to be at the foreground, with the majority caused by malicious or criminal attacks. Last year in Canada, the estimated cost of such attacks was well above $6 million and that figure is expected to continue to rise. In response, more compliance laws will be developed and enforced, and while companies aren’t yet being hit with large fines for incomplete compliance, there will soon start to be consequences for obvious negligence.
There are a multitude of benefits from implementing cloud solutions, including scalability, backup and accessibility, all pertaining to the safety of data and application security. McKinsey Reports predicted that by 2020 organizations will be spending six times more on cloud-specific products. The increase will mean that there will also be an increase in the number of cloud-friendly solutions available on the market. Keep a lookout for tools to aid you with further visibility as well as more in-depth IT automation processes.
With the growing demands of the cybersecurity industry comes an increase in pressure on IT teams. The nature of work has never been so great and so specialized, resulting in a shortage of cybersecurity professionals who have more than a superficial understanding of the problems and risks.
In response, we are seeing a recent trend of utilizing AI and machine learning to help to close the gaps with both the numbers and the diversity of skills. However, a downside to using this type of technology as a defense is that it is open and in only a matter of time it will be incorporated into the attack.
A few more day-to-day threats will continue to grow in number and impact.
Because of the growing use of APIs and the challenge of detecting attacks against them, we will continue to see APIs as a great target for a host of different threats, including brute force attacks, App impersonation, phishing and code injection.
Crypto-wallets will continue to be threatened by bad actors who use mining or machines that can give them full access.
We will also continue to see increasing numbers of ransomware attacks because of their ease of application, anonymity and big payouts.
If there is a general takeaway from all this, it would be to understand that there is a threat and to keep yourself and your team informed and educated. Embracing the concept of “threat intelligence” brings awareness of looming threats and the realization that doing something rather than nothing can go a long way.
At MBC we have been on the forefront of cybersecurity. A complimentary security assessment might be a great first step in ensuring the safety of your business.