Cybersecurity Predictions For 2020 That You Must Not Ignore

Cybersecurity Predictions For 2020 That You Must Not Ignore

In the digital era, new technologies and techniques accelerate at a rapid pace, and no wonders your cybersecurity defense need more support than ever. Over the past years, we have seen cybercriminals gangs become much more sophisticated, and it will continue to target organizations and individuals all around the globe. According to the global market insights report, the global market size will surpass $300 million by the year 2024. It is quite essential to secure our private information as it is more vulnerable than ever before. 

As the year 2020 is here, so we have a list of some standard cybersecurity prediction too that is going to happen in the year. Cybersecurity solutions that worked nicely in 2019 may not necessarily work in 2020. we believe, if you are aware of cyber risks, then it may be easier to protect yourself from numerous hackers, malware, and viruses. Here, in this article, we will discuss some cybersecurity predictions for 2020 that you must not ignore. It will be quite interesting to see what cybercrime has in store with it : 

Hackers will be Supposed to Target the 2020 Voter Registration Systems During the 2020 Elections

As we already know, the 2016 U.S. Presidential Elections were not the fair one, and election hacking happened so, we can predict the same about the upcoming 2020 elections too. Hackers will try their best to target the state and local voter databases as their main goal is to create voting havoc and triggering voter fraud alerts during the 2020 election.

Healthcare Security could Top the Charts in 2020

In today’s world, almost everyone health insurance. In the year 2020, we can see a massive rise in healthcare insurance that opens up the possibilities of fraud in this sector. For hackers, this sector is one of the most comfortable areas to hake as it has no apparent loser insight so, we can predict in the year 2020 healthcare fraud could see an enormous spike.

Businesses will start Allocating more Towards Cybersecurity Budgets

According to the findings of EYs’ Global Information Security Survey’, approximately more than 70% of Indian companies are supposed to increase their cybersecurity budget as cybercrimes are growing in huge numbers. As the demand is so high, we can predict in 2020; the cybersecurity budget is also going to increase.

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Privacy and Security Risks will become Reputational

Without any doubt, privacy and security breaches will have financial or technical impacts. It includes credit/identity theft insurance, monetary losses through fraud, consultant’s fees to investigate the breach, costs of communicating to affected customers, the well-publicized regulatory fines, PR costs, legal fees as well as marketing costs to repair a damaged customer relationship.  

The businesses will know the importance of their companies’ reputations and started valuing because this is something that can be irrevocably damaged. This is not only limited to security – this could be because of environmental impacts, labor practices, service shortcomings, paying taxes, or boardroom tangles. “Data steward” – or how carefully people’s data is to treat people’s increasingly a part of corporate social responsibility. This is something that can never be ignored. An increasingly energized citizenry is part of a new reality that calls for new rules for managing brands and reputation. An increasing rate of consumer boycotts, activism, and social media means then it will be tough for brands to recover from failures – and this increasingly energized citizenry power brings corporate failings. It will continue to be a factor in 2020. 

Scarcity of Skill will Continue

A year is too short to bridge the skills gap, such as in cybersecurity. It is a long term challenge!

The demands for skills are not for “security” only but for those who have a comprehensive view across cyber risk and the areas elsewhere in the business to which it relates. There is a high scarcity of multi-skilled individuals, and it will become particularly evident in the short term as cyber risk interfaces quickly with audit, marketing, compliance, and other business functions. 

In 2020, Expect to see the demand for the security team for various needs- 

  • The demand for security teams that understand the broader business risk landscape (as well as security risk management)
  • For privacy and security managers that can shape their strategies in terms of marketing and reputational endeavors.  
  • For IT staff that can understand the point of view of audit (and vice versa). 
  • And, for cybersecurity operations teams that will understand and see audit as a beneficial determiner, rather than an overhead. 

Managed Security Service Provider (MSSP) market will grow more

The Global Managed Security Services Market is expected to exceed more than US$ 58 billion by 2024 and will grow at a CAGR of more than 14.5% in the given forecast period.” By MarketWatch. We don’t see this trend abating soon since businesses increasingly struggle with growing cyber threats. Small businesses are not able to deal with advanced and organized cyber threats, and often their technology is outsourced to hosting companies, development teams, cloud providers, etc. Security monitoring, threat detection, and incident response follow the same model. All MSSPs will want to grow their business – that means finding more customers (and hence having keenly priced entry-level services) and having a portfolio of value-added services they can offer on top. So this market growth will bring increased importance & focused on the role of the MSSP with an escalating no.of new and existing customers as well as SMEs. The adoption of MSSP services will continue to grow because they are the last, first, and the only line of defense from cyber attacks. 

Also Read: Redefining Blockchain Security

Insider Threat will remain a significant one

Insider threat is one of the significant factors concerning cybersecurity. According to the U.S. State of Cybercrime Survey, Insider threat continues to be a problem with approximately 50% of organizations. This threat will continue to remain a significant one in the year 2020 too.

The third-party attack will rule the roost

Hackers are always looking for the easiest way to infiltrate into computer networks. Third-party supply chain attack is undoubtedly considered as the most favorable way to infiltration so, and we can predict the third party attack is going to rule in the year 2020 too. 

Bottom line

In security, we often talk about the ability to see threats coming, or to detect attacks, or to gain better oversight over the activities on our networks and the systems we protect. It is all about perceptibility. Putting efforts into detection solutions, AI, reporting, and dashboards mean that marketing teams will be unable to avoid the temptation to draw pictures and write copy linking that ambition to measurements of human vision. 

Parangat Technologies can provide you with the ability to threat model successfully with mobile, web, IOT-embedded applications, AWS and Azure. Contact us to speak with an application threat modeling expert today.