Companies need to take necessary security measures to build a sustainable business with a significant increase in the rise of cyber-attacks. There are some security trends that companies need to look out for, as we step into a new decade.
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Cyber-attacks and security data breaches were rampant in 2019, with more than 4.1 billion data records exposed in the first half of the year. The 2019 Cost of a Data Breach Report reveals that the average cost of data breaches for companies who have been targets is now nearly $4 million per business.
A rise in data encryption technologies
With an increase in the number of sophisticated cyber-attacks, there has been a surge in data-encryption advancements. Forty-five percent of companies have an encryption strategy that is applied consistently across their enterprise, reveals the latest study by the Ponemon Institute. Data can be compromised when a particular encryption technology or strategy becomes outdated and vulnerable to cyber-attacks.
The market is witnessing several encryption advancements that help companies combat and stay ahead of security threats. Ring signature, zero-knowledge proof, and distributed ledger technologies are a few examples of encryption technologies. Using these technologies with one another helps companies achieve full or partial data anonymization along with automation of data and identity verification.
Need for cyber insurance
There has been a rise in the need for cyber insurance owing to an increase in the number of cyber attacks and threats. The loss associated with cyber hacks and ransomware is quite significant, thereby resulting in companies buying insurance. Stanford University’s Cyber Policy Center revealed that the cyber-insurance market is estimated to hit $2.4 billion in premiums. By the end of 2020, the cyber insurance market is projected to double, or even triple. However, the growth could be restricted owing to the high cost of coverage and restrictive conditions on insurance policies. Cyber insurance providers are trying to play catch with changing the landscape of cyber risks.
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Cybersecurity talent shortage
Three and half a million cybersecurity jobs will remain unfilled globally by 2021, up 350 percent from 2014, according to Cybersecurity Ventures. The total cybersecurity workforce in the US consists of nearly a million people, out of which around half a million positions are filled. The latest report from the Cybersecurity Workforce Study from ISC2 reveals that as per 65% of cybersecurity professionals, their organizations are facing a cybersecurity workforce shortage. Around 50% of the respondents noted that organizational training budgets would be increasing over the next year. There has been a rise in security-training companies and security certifications with the increasing demand for such jobs.