By Pratik Kirve, Team Lead – Content Writing at Allied Market Research
The cybersecurity scenario is changing year after year. Every year presents new challenges and opportunities. This year is no exception and a few trends are taking place to ensure the security of devices, systems, and networks. With cyber-criminals taking strides with complex techniques and technologies to attack and carry out data breaches, the need to introduce multi-layer protection, and implement advanced technologies such as artificial intelligence and machine learning, and others are becoming more important than before. Organizations and individuals need to look out for vulnerabilities and take necessary steps to prevent cyber-attacks and avoid financial and other types of losses. The demand for various cyber-security measures will increase with the changing cyber security trends. According to the report published by Allied Market Research, the global cyber security market is estimated to reach $478.68 billion by 2030. Following are some of the trends taking place across the world.
1. Multi-factor authentication to become a norm
Many organizations were reluctant to introduce multi-factor authentication (MFA) in their systems. According to the report by TechRepublic published in 2019, nearly two-fifths of businesses in technology & software utilized MFA. Whereas, only one-third of the businesses in the banking sector utilized MFA. But the scenario changed over a couple of years. The incorporation of MFA is increasing day by day due to the need to authenticate to ward off unauthorized access. These organizations are making MFA compulsory for their employees, users, and clients. To enable authorized personnel with access to apps, emails, and premises, adding another layer of security became essential important. From social media platforms to personal emails, MFA has become essential. Tech giants such as Google and Facebook ask their users to turn on MFA while logging in to their accounts. This year, MFA is becoming the norm.
2. Adoption of security-as-a-service
With the increasing sophistication and complexities of cyber-attacks, it becomes increasingly difficult to manage or counter those attacks with limited knowledge and expertise. So, organizations are hiring security firms to keep their systems secure. According to the report by Statista, the security-as-a-service market is estimated to reach $12.6 billion by the end of 2022. Malware and ransomware threats are increasing every year. With organizations getting their data on clouds, the need for security experts is on the rise. This led them to hire security firms and avail their services including detecting and eliminating cyber-attacks, ensuring the security of in-house data, administrating networks, and others. Instead of hiring experts for each task and buying security tools equipped with advanced technologies, availing services of security firms will also save costs for the organizations.
3. Stopping cyber-attacks on healthcare systems becomes a challenge
The healthcare sector has become a hot target for cyber-criminals and the alarming stats can confirm that. According to the data published by the CyberPeace Institute in November 2021, the healthcare sector suffered more than 11 million data breaches across the globe during the pandemic. The organizations in this sector are utilizing many technologically advanced tools for various tasks such as billing, appointment scheduling, claim processing, and others. Also, they are storing the patient data in the healthcare information system. These systems need to be secured with advanced tools and technologies. Else, the organizations and hospitals will suffer huge losses due to data breaches. According to an IBM report published in 2020, the average financial loss suffered due to data breaches in the healthcare industry is up to $7.13 million. The need for availing services of security firms and developing multi-layer protected systems is increasing as this year may seem to surge in cyber-attacks in the sector.
4. Mobile devices to become the favorite target
In the always-online era, the dependence on smartphones and mobile devices is huge. It is difficult to find a person who does not possess a smartphone. From online shopping to calling a cab and from transferring money to tracking fitness activities, smartphones can do anything these days. This also seems like an opportunity for hackers and attackers. The attacks on mobile devices increased considerably and they are becoming more vulnerable than before. Statista highlighted that nearly 2.2 million cyber-attacks took place in December 2021. Though this number is lower than the number of attacks that took place a year before, this statistic raises an alert. Many fraud transactions took place through mobile devices only. Users need to implement strict security measures to protect their devices from attacks.
5. IoT devices become vulnerable
Internet of things (IoT) devices are transferring and receiving data over the internet and cyber-attackers are ready to tap on the vulnerabilities. With the rise in security threats, organizations are becoming taking necessary steps and increasing their spending on security. According to the statistics published by Gartner, the spending on IoT security was estimated to be nearly $3.1 billion in 2021. Along with organizations, home intrusion is becoming another dread across the world. With routers being targeted, the IoT devices in homes are compromised and threats to the functionalities of those devices are made. It is becoming increasingly important to ensure the security of IoT devices in homes and organizations.
Author Bio – Pratik Kirve is a writer, blogger, and sports enthusiast. He holds a bachelor’s degree in Electronics and Telecommunication Engineering and is currently working as a Team Lead – Content Writing at Allied Market Research. He has an avid interest in writing across different verticals. When he is not following the updates and trends, he spends his time reading, writing poetry, and playing football. He can be reached at pratik.kirve@alliedanalytics.com LinkedIn – https://www.linkedin.com/in/pratik-kirve-8213b284/
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