A scary statistic to begin with. Cybersecurity Ventures reports that by 2021 the number of cybercrimes will exceed $6 Trillion.
Let’s put that into perspective. There are only two countries in the world that have a GDP in the range of $6 Trillion.
In a way, we can certainly assume that cybercrime has grown into a global threat that can cut off the world from its digital existence.
Imagine the scenario if a global cybersecurity attack is to happen. Banking and financial industries will crash. Millions, if not billions of fraudulent transactions will take place. Organizational data would be compromised. Personal information would go public. There will be utter chaos all around. Perhaps a digital version of the movie 2012 would take place too.
Enterprises and individuals are building their online security measures. In fact, think tank Gartner estimates that businesses have poured $86.4 Billion for cybersecurity in 2017.
Despite the increase in security investments, results are hard to come by. There is still a lurking fear of a massive cybersecurity attack that can cripple the world momentarily if not permanently.
There are inherent challenges that are making cybersecurity implementation difficult. This blog explores some such challenges that need immediate addressing.
Evolution of Ransomware
Ever since the first ransomware attack in 1989, it has remained an unavoidable bane for cybersecurity experts and IT professionals and amateur users. Nobody is going to like the idea of their private data being held hostage for a ransom.
The bad news is, despite advancements in technology, ransomware still remains a critical threat. In fact, it has grown by 36% in 2017 and is bound to swell more in the coming years. Traditional cybersecurity measures are not going to help guard your digital fences. Extra-strong measures like Disaster Recovery as a Service would be needed to stay safe on the web.
Security Gets Artificial Intelligence Power
Not everything is lost in the cybersecurity domain. Artificial Intelligence which is penetrating into every corner of the web would also empower users to identify security anomalies and prevent security attacks even before they occur. Studies by Statistia forecast that enterprises would invest in AI-inspired security measures to the tune of $2,4762 Million.
AI would help enterprises automate their security monitoring and maintenance activities which otherwise would be prone to human errors.
Internet of Things or Internet of Threats
As the digital mesh of IoT spreads large and wide, we can no longer turn a blind eye towards the disaster that could happen if one of the links are to be penetrated by a hacker. While IoT devices carry a truckload of benefits, they also make customers soft targets for cybersecurity criminals.
Add to those woes the fact that 70% of IoT devices exhibit critical security vulnerabilities which in the hands of hackers can cause lethal damage. To cite a common example, a cybercriminal can hack a home appliance to gain access to the personal computer or laptop of the user.
Blockchain will Pose New Challenges
The immutable ledger that is radically changing the basic ways how industries used to work will pose challenges for cybersecurity as well. Cryptocurrencies are sprouting up and being winded by government agencies in equal measure.
There seems to be a widespread confusion as to how the blockchain system works and how it might end up being a force of destruction than a force of reform for industries. 2018 and the days beyond can only answer the pressing question of how secure blockchain is. Nevertheless, we can be certain that blockchain will change the overall cybersecurity landscape once and for all. The beginning is already here.
Mobility will be the Next Security Frontier
Mobile apps are slowly becoming the main target for cybersecurity criminals. Fake apps, vulnerable apps, privacy violations – the challenges and allegations are many that victimize the mobility sector.
The biggest worry for cybersecurity professionals is that mobile apps carry more sensitive information about users on the cloud than any other service. It takes only one vulnerability to expose millions of user records to the world. Serverless applications like WhatsApp are paving new inroads of ensuring user data security and privacy. But, intelligent hackers are going around to create fake apps that look, feel and work exactly as their genuine counterparts.
All said, mobility is posing a serious challenge that will take some time to be conquered.
IT Security Skill Shortage Causes Concern
There is a massive shortage of skills for IT security. Until recently, cybersecurity was never looked upon as a fruitful career option. Cybersecurity experts were rather least priorities who were hired by enterprises only to ensure compliance.
But, that scene is undergoing a sea change. More and more enterprises are understanding the need for employing in-house cybersecurity professionals. They understand the need to install, configure and maintain simple yet critical security systems ranging from SSL certificates to firewalls. All these tasks need the expertise of a cybersecurity professional. The talent pool is yet to grow in volume.
The Days Ahead
2018 comes with a fresh set of challenges for cybersecurity. Enterprises and cybersecurity professionals would have to wield new strategies to hold their digital ground. Too much of customer and organizational data is at stake.
Sadly, there is no stopping the unprecedented growth of the hacker community and their expertise. New and inventive defense mechanisms would have to be created to keep cybercriminals from getting away with user data.
Like we said earlier, even age-old attack mechanisms like ransomware are evolving with time. Luckily, there is also the growth of Artificial intelligence and Machine Learning which would help enterprises cope up with these challenges. As far as blockchain is concerned, only time could tell how the security landscape would turn in its favor.
What do you think about the future of cybersecurity considering the present challenges it is facing? Let us know in comments.