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Make no mistake, cybersecurity is now a top priority in every industry – from finance to healthcare to government and manufacturing. Here are 5 cybersecurity trends you can expect to see in 2020:
1. Expansion of Cloud-Based Security.
Cloud computing has evolved greatly over the last two decades and is now frequently used to support critical operations of everyday businesses. From cloud-based data-storage services like SharePoint and OneDrive to all-in-one CRM cloud solutions such as Salesforce, consumers and businesses have grown dependent on storing sensitive data in cloud environments. As the world continues to move technology infrastructure into the cloud, we’re seeing cloud-based security platforms and services expanding, too.
Cloud-based security provides several advantages to traditional security approaches, including reduced costs, improved protection performance, greater threat intelligence and quicker compliance with government and industry standards.
According to Kaspersky Lab, around 75 percent of companies are expected to move applications to the cloud in the next few years. We can expect cybersecurity platforms to transition into the cloud at similar rates in 2020.
2. Advancements in Data Encryption.
Since cyberattacks have become more sophisticated over recent years, a growing number of data-encryption advancements have followed suit. A recent study carried out by the Ponemon Institute revealed that 45 percent of companies have an encryption strategy that is applied consistently across their enterprise. But the problem occurs when a particular encryption technology or strategy becomes outdated and vulnerable, and all of your data can be compromised.
We’re seeing many encryption advancements to help stay ahead of security threats. These include leading privacy technologies, ring signature and zero-knowledge proof and distributed ledger technologies. When these technologies are used in combination with one another, not only is full or partial data anonymization achievable, but data and identity verification is also automated.
3. Cyber Insurance Adoption.
With all of the cyber threats that our world faces, cyber insurance has quickly become a growing need for both small-to-medium businesses and large corporations. The aggregate global loss associated with cyber attacks and extortion is estimated at $11.5 million for 2019, so it’s no surprise that companies are taking preventive measures like buying insurance.
Currently, the size of the cyber-insurance market is estimated to stand at $2.4 billion in premiums, according to Stanford University’s Cyber Policy Center. This market is expected to double (or even triple) by the end of 2020, but the high cost of coverage and restrictive conditions on insurance policies may slow down growth rates.
Insurance providers have had a difficult time keeping up with the changing landscape of cyber risk, including the onset of more connected devices and the expanding role that IoT is to play in coming years. As data breaches continue to make headlines, you can be certain that cyber insurance will be growing for years to come.
4. “Passwordless” Authentication.
Password privacy and protection is a major security issue plaguing us since the dawn of AOL. But just recently, a new authentication method has sought to take the place of passwords. Passwordless authentication tools can include hardware tokens or one-time password generators, biometric authentication and knowledge-based authentication.
By 2022, Gartner research predicts that 90 percent of mid-size companies will implement a passwordless authentication approach in more than half of use cases. Companies like GetID are helping other businesses process checks for their customers using a secure and compliant biometric products. Since passwords are one of the biggest attack points for hacking, it is easy to see why identification through any other means is top of mind for many businesses in the year ahead.
5. Facial Recognition Transactions Increase.
Facial recognition technology, though relatively immature, shows great promise. From a vending machine authorizing transactions based on facial recognition, to airlines experimenting with facial recognition to authorize boarding passes, the technology will mature over the next five years and become widely available. Facial recognition will step in for the passwordless authentication practices mentioned above and will present its own risks and data privacy concerns that will need to be addressed.