Monday, December 28, 2020

Cybersecurity in 2021: Our Latest Predictions

2020 was filled with plenty of challenges, forcing many businesses to pivot and work from home. This led to a major shift in focus to remote cybersecurity, implemented hastily to meet company needs.

While COVID-19 has continued to affect various sectors of the economy, cyber attackers are thriving. More companies have found themselves vulnerable thanks to less secure home networks and systems, which give cyber attackers new access.

With a new year on the horizon, we anticipate a few new trends in the cybersecurity realm. Here are our top five predictions for 2021:

Increased Cybersecurity Budget

Following a growing number of digital attacks, we predict businesses will be upping their cybersecurity measures. In fact, cybersecurity software revenue is expected to grow from $183.2 billion in 2019 to $230 billion in 2021.

This is most certainly because companies are determined to avoid remote cyber-attacks, which are more frequent and more costly when systems are remote. Despite a predicted decrease in overall revenue in the coming months, companies are still willing to budget more from stronger protections.

Cybercriminals Targeting Remote Workers

Predictions for the rate of cybercrimes in 2021 are grim. Experts believe that cyber-attacks will occur once every 11 seconds in the new year and cost businesses worldwide an estimated total of $6 trillion. On top of that, employees outside of their secured office networks are more at risk than ever.

Without properly secured internet networks and systems, businesses are putting their teams and their valuable information at risk. These networks offer fewer obstacles for cyber-attacks, allowing hackers to get control of your devices easier.

In the past year, cybercriminals have launched destructive vishing, phishing and plenty of other cyber-attacks on businesses with gaps in their security measures. And with remote working most likely continuing in the coming year, these hackers will continue to perfect their efforts and find new ways to gain access in 2021.

While there isn’t a foolproof plan to combat these ever-changing threats, businesses can increase cybersecurity measures for all of their employees by securing devices, protecting networks and implementing strong passwords.

New Ransomware Attacks

Ransomware attacks can be costly, devastating experiences, cutting off vital assets and exploiting your vulnerable information. Even companies who agree to ransomware hackers’ terms and pay for their files may not get a fully restored system.

In 2021, ransomware will continue to be the most popular form of cyber-attack, but with a few changes. Firstly, hackers are expected to use more sophisticated tactics in their work. Ransomware tactics will be enhanced by AI (automated intelligence), increasing their speed, success rate and overall reach.

Ransomware is also targeting new, broader industries. The number of attacks on hospitals and educational institutions has increased exponentially within the last year, with numbers in government organizations also growing.

Overall, ransomware attackers are continuing to level up their abilities, targeting larger institutions for more money. This calls for strong protections than ever on your devices.

Risk Quantification Technology

Risk quantification technology helps identify a company’s current cyber vulnerabilities. This software allows companies to address existing gaps in the cybersecurity plans. IT experts also use data to calculate how much firms are exposed to cyber threats in their environments.

Since 2021 will be rife with new traps for ransomware or malware attacks, tools like risk quantification technology will be crucial. These can prepare businesses ahead of time, ensuring they aren't missing any necessary protections.

While there are software and platforms available to perform these assessments for you, investing in a managed service provider can offer you extended monitoring of potential holes in your cybersecurity.

Cyber Resilience and Disaster Recovery

Your company’s cyber resilience and disaster preparation plans are going to be essential in the coming year.

Cyber resilience is your company’s ability to fight against and prepare for digital attacks. This works hand in hand with creating disaster recovery plans, which provide a guideline for actions to take after an attack. Having a disaster recovery plan cuts down on company downtime after the fact, as you don’t need to spend time scrambling for what to do next. Instead, you’ll have a checklist detailing all the things you need to do in the moment, such as who to contact and what to secure first.

We also believe there will be an increase in data encryption and additional network protections as companies continue a permanent shift to working remotely. Such measures will ensure that company data is protected and that employees can use their devices safely while remote.