As the Fourth Industrial Revolution opens up unprecedented business opportunities, it also increases the inevitability of a cyber attack, and businesses need to be prepared.
By Srinivasan CR
As the Fourth Industrial Revolution opens up unprecedented business opportunities, it also increases the inevitability of a cyber attack, and businesses need to be prepared. Not only do security measures need to be built into technology from the start, an awareness should be ingrained into company culture, while significant investment is also essential. Global spend on information security products and services will grow to a massive $93 billion in 2018, according to Gartner. With that in mind, here are broad cyber-security trends that we’ll see in 2018:
Cyber security skills to evolve
As technologies progress, the skills needed to deal with cyber security needs change. There will be 3.5 million unfilled cyber-security roles by 2021, according to a Cybersecurity Ventures report, so it’s up to governments, universities, schools and businesses to collaborate in order to bridge this substantial skills gap.
From protection to prevention
In 2018, security breaches should be thought of as inevitable, rather than completely avoided. As a result, the focus has to shift from prevention to resilience. Businesses must talk openly about vulnerabilities, promoting awareness and accountability. Resources that are currently focused on prevention need to be redeployed towards timely detection of and response to potential security hacks.
Digital ecosystems drive next-generation security
As smart technology and the Internet of Things (IoT) become more widespread, safeguarding customer data is even more important. As cyber security needs and regulations evolve, businesses will need to strategically develop next-generation frameworks to minimise risk. Bigger, more sophisticated threats Up to 70% of emails today are spam, and the vast majority of these still involve phishing scams. Other common hacking threats include ransomware, malware and Distributed denial-of-service (DDoS) attacks,. A massive 93% of data breaches are motivated by financial gain, according to a Verizon report.
Emerging technologies a double-edged sword
Emerging technologies have enabled cyber-criminals to use increasingly sophisticated methods but these innovations could also help boost defence against hackers. AI is set to be so integral to cyber-security in future that it is estimated that the global AI security market will reach $18.2 billion by 2023, according to a recent report. The expanding network of connected IoT devices opens up more potential security threats with 22.5 billion IoT devices set to be connected to the internet by 2021, according to Business Insider. While security will be a challenge, the vast amount of data generated by IoT could help researchers to spot security flaws.
The writer is chief digital officer, Tata Communications