The year 2019 saw the cybercrimes challenging even the best and robust security infrastructures, with new and improved methods of attacks surfacing throughout the year. According to Accenture, the cybercrimes cost an organization an average of US $13 million.
In the year 2020, the businesses are ready to take on the cybercrimes with new and improved cybersecurity methods and technologies. Here are some of the cybersecurity trends for 2020 that you can adopt to ensure the total security of your business process from cybercrimes.
1. Adoption of Passwordless Approach
2020 will see an increase in the adoption of authentication approaches that do not require the setting up of a password.
“By 2022, Gartner predicts that 60% of large and global enterprises, and 90% of midsize enterprises, will implement passwordless methods in more than 50% of use cases — up from 5% in 2018.”
– Ant Allan (Vice President Analyst, Gartner)
As we have seen in the past, a number of data breaches are caused due to the use of weak and reused passwords. According to the 2019 Data Breach Investigation Report by Verizon, weak passwords were the reason for 80 percent of the data breaches. Moreover, it is a pain to remember all those passwords and enter them every time login is required.
The passwordless approach aims at eliminating the legacy password system entirely. Various methods like an access token, touch ID, or a temporary passcode, can be used for implementing the passwordless approach.
A majority of the companies that implement two-factor authentication are already using these methods of authentication along with passwords. However, 2020 will see various companies use these methods without the use of passwords. For instance, the biometric mode will be used with a mobile push notification.
Going passwordless will reduce not only the threats of data breaches but also the efforts of educating employees about the strong password policy.
2. AI- Protector and Perpetrator
When it comes to cybersecurity, where on the one hand, AI (Artificial Intelligence) is predicted to contribute to the improvement of security safeguards, on the other hand, it can also be used to carry out malware attacks by cybercriminals. Hence, on the war against cyberthreats, AI can be seen fighting for both sides in 2020.
According to Capgemini, 63 percent of companies are predicted to deploy AI in their process for optimizing their cybersecurity methods. Whether improving end-point security or monitoring traffic, Artificial Intelligence and Machine Learning (ML) will be utilized in all vital aspects of data security. AI can also be used to detect and identify threats like phishing attacks by using security algorithms. With the use of AI, you can differentiate between legitimate and malicious emails and block them accordingly.
With the numerous contributions of AI in improving cybersecurity, there is the danger of it being used by the cybercriminals to carry out an attack. It is predicted that organizations might experience automated cyberattacks in 2020 with the help of AI. With the help of AI and ML, the attackers can carry out targeted hacking, which is very difficult to trace back to the source.
3. Cloud Security to Counter Ransomware
The more critical the data, the more its value, and the more it is vulnerable to cyberattacks. One of the favorite methods of attack by the cybercriminals these days is the Ransomware. We all saw what Ransomware did last year, whether it was the attack on 23 local government agencies in Texas or the ransomware attack on the Baltimore government, forcing them to pay a ransom of 6 million.
A solution that most businesses are looking up for preventing these attacks is the cloud. Cloud technology has been expanding its grasp in the market rapidly with flexible, mobile, and scalable solutions for businesses.
According to Gartner, the public cloud services worldwide is expected to grow 17 percent in 2020 to a total of $266.4 billion from 227.8 billion in 2019. However, as the cloud platforms become adaptable to all kinds of operations, it is also a prime target for cybercriminals.
In 2020, the adoption of advanced technologies like Artificial Intelligence and Machine Learning in the cloud infrastructure will increase, which will help to predict attacks and optimize traffic analysis and monitoring.
Moreover, the requirement of a Zero Trust security model is evident. As most of the attacks occur due to the compromise of a user’s credentials, it is imperative to verify all user’s before they attempt to access the cloud, irrespective of the level of permission.
However, if you do not want to move your entire business to the cloud, some companies offer Backup as a Service (BaaS) for storage of critical data to the cloud that can be recovered in the case of a Ransomware attack.
4. Increased Adoption of Cyber Insurance
With the exponential increase in the data breaches and cyberattacks in the last couple of years, the businesses are expected to invest more in cyber insurance. According to PwC, the cyber insurance premiums, which are currently totalled at $2.5 billion, is expected to reach $7.5 billion by the end of the year.
However, for insurers, the occurrence of cyberattacks has led to significant losses. This is due to the broad nature of the insurance policies with respect to cyberattacks. In the year 2020, the insurers are expected to mention more specific scenarios related to cybersecurity.
Along with these four major trends, various others will define the cybersecurity for 2020. However, as the security methods become more robust, the methods of cyberattacks also seem to catch up to them.
Learning some valuable lessons from 2019, the CTOs and CIOs will have to make sure that they are always one step ahead of the cybercriminals.