Cybersecurity Risk – Threats are rising
Introduction – Technology is being extensively used to speed up transfer of information. It has led to the creation of new opportunities and possibly greater potential risks. As the industry is aggressively adopting digital technology and data to make decisions and drive changes, the entire risk profile across organizations are changing significantly. The greatest challenge that every organization will face is to keep up and stay abreast with the ever changing cyber risk landscape. Keeping data safe is now the top most priority for organizations. Some organizations link cyber security with customer trust and loyalty. A breach can undermine customer confidence and affect brand reputation.
Cybersecurity Trends – The cybersecurity market is going through phases of transformation, with widespread efforts to improve awareness and security capabilities across organizations. Significant investments are being made in improving behavior based threat identification. This helps identify and mitigate insider threat and human error which are the root causes of cyberattacks. Despite cybersecurity being in the top technology priority, its still the under performing IT area in many organizations. This can be attributed to lack of funding, poor data-visibility, inadequate staffing and most importantly lack of necessary tools and technology. With growing focus on cybersecurity and lack of man power, more and more companies are investing in cybersecurity automation. As networks become larger and complicated, AI and automation can play a pivotal role in advance threat detection. Similarly, with growing number of mobile devices accessing networks, the number of end points that needs to be monitored is increasing significantly, which makes it harder to detect threat and deploy security solutions on time.
Cybersecurity M&A deal volume hit a new record high in 2018. There were a record 183 cybersecurity M&A deals in 2018 with almost 96% private companies involved. Companies are actively looking for identity and access management specialists, security consulting and threat intelligence firms in the market to strengthen their cyber security infrastructure. In 2019, it is anticipated that hybrid cloud based diagnostic security solutions demand will increase and third party software vendors will continue to remain as potential threat to IT organizations.
Conclusion – Sensitive data and IT infrastructure will always remain an attractive target for attackers. Despite organizations investing on building up their cybersecurity infrastructure, hackers will keep inventing new methods to bypass the protected systems set up. Attackers and security analysts will continuously be involved in a cycle of breach, react and evade.