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With more cyber-attacks occurring each day, every company should be aware of the latest cybersecurity trends to protect their data online.
The Internet is a safe place for companies as long as they are aware of how to handle the risks of being online. The issue of cybersecurity becomes more urgent as the majority of online businesses are now dependent on such technologies as cloud computing, AI and ML, and the IoT all of which provide excellent advantages in business but at the same time create new risks businesses have to take.
However, the knowledge of cybersecurity challenges may help you strengthen the protection for your business online. Keep reading to find out the latest cybersecurity trends that are going to affect your privacy in 2020.
- Data Breaches and Phishing
A data breach is the most frequent cybercrime facing SMBs. In 2019, cybercriminals hacked a total of 4.1 billion records. One in three data breaches was a result of phishing emails, which is the easiest phishing method alongside calls, SMS, and social media. The biggest difficulty lies in the fact that it takes on average 279 days to identify a breach, which makes it almost impossible to catch the culprits. The average total cost of a data breach amounts to $3.92 million, with the healthcare industry suffering the most significant losses. The growth of data breaches is above all explained by ineffective legislation and lack of user security awareness, which gives hackers a favorable ground to pull it off.
- Cybersecurity Skills Shortage
The cybersecurity labor market is one of the few experiencing a high shortage of tech experts. With about 3.5 million unfulfilled jobs worldwide, the cybersecurity industry has the near-zero unemployment rate. Moreover, the number of unfilled positions is expected to grow exponentially because the demand for information security specialists increases in proportion to the number of businesses moving online. Though there are automated security options, they are not as reliable as having an on-site specialist who is able to make quick and smart decisions if the company’s security is compromised out of the blue.
- Cloud Security Issues
Today, most businesses rely on cloud solutions to achieve efficiency and flexibility in operational processes and reduce IT costs. However, cloud servers are not protected from cyber threats as much as your enterprise alone. Cloud services with weak cryptographic algorithms are even riskier as you are not in control of the situation and cannot be instantly notified if a cyber-attack takes place. Shifting your business to the cloud sounds reasonable as long as you are sure of the provider’s protection and ability to safeguard you from the hackers trying to access your APIs or carry out DDoS attacks.
- Mobile Security Threats
An average user spends over 2 hours on their smartphone daily. With the rise of mobile technology, more people employ their smartphones for business and work purposes. It can be a planner, video conferencing tool, as well as a way of making payments and managing a banking account. This multifunctionality pushes a person to tie every aspect of their business to this small device which yet remains vulnerable to malware unless VPN services or antivirus are in use. Mobile ransomware infections are most often channeled through mobile apps that grow in popularity, having outpaced mobile websites long ago. The best protection against high-risk apps is to install verified mobile apps taking data-security measures to ensure your privacy online.
- Weaponized Artificial Intelligence
AI is a versatile technology that is widely adopted by businesses across all sectors. Its active usage in production and development lets companies achieve extreme automation in processes, but it equally increases the risk of attacks if cybercriminals happen to take control of AI-driven drones and robots and turn them into a weapon. The worst-case scenario is when malicious AI-based systems get out of the hacker’s control too, which is unlikely to occur so far. Therefore, as much as AI solutions are employed to empower businesses and improve their performance, it is vital to secure AI too in order to minimize the risk of cyber threats.
- IoT devices
The main IoT challenge is that it gives access to sensitive data if it is hacked by fraudsters. It is not just about data loss. The risks are much higher when it comes to hacked doorbells, heating systems, wearables, or whatever is connected to your smart home system. Not to fall victim to cybercriminals, it is recommended to use a strong password for every single device you integrate with your system. This way, you minimize the chance of getting hacked if someone tries to invade your home.
- Cybersecurity awareness
At last, you can mitigate cybersecurity risks if you conduct cyber-hygiene training for your personnel and implement relevant practices. Many software development companies make it obligatory for all team members to be learned in cybersecurity challenges and risks. Similarly, they require them to do the following actions to reduce the risks of cyber-attacks:
- Make backups. The most valuable information and documentation should be backed up to portable devices and cloud servers on a daily basis.
- Use two-factor authentication. It is the most secure way to encrypt data and protect the devices you use in business from malicious hackers.
- Update software. Regular software updates are compulsory as they also increase the level of information security by patching security flaws.
Betty Lockwood is a web developer, blogger, fintech expert and caring mother of two kids. She loves to write about new technologies, business news, traveling, and music events. Betty is also an editor-in-chief at Computools. Follow Betty on Twitter.