Cybersecurity has always been a business essential. Having the right security protocols in place is vital when it comes to keeping data and information secure, and also plays a massive role in securing a business’ reputation, and ensuring that consumers, clients and employees feel that they are being looked after.
The value of cybersecurity systems
However, in the wake of the numerous scams and hacks that have emerged during the coronavirus crisis, it has become obvious that companies should protect themselves. In fact, a staggering 70 per cent of companies that took part in a recent survey stated that they are currently seeing ‘additional value’ in their cybersecurity systems, largely because they are going through a period of increased vulnerability.
A report recently released by LearnBonds.com found that more than half of all organisations (55 per cent) are now also looking at investing additional funds into an array of automated and digital security systems, largely because they are now seeing the benefits play out in real-time.
What is perhaps most telling is that all of this is coming at a time when companies are attempting to cut spending across the board, largely because of mass uncertainty around future income, and because it is unclear when the economy will reach a state of normality again. As such, it is very clear that security is being placed at the very top of numerous company agendas.
Mitigating cybersecurity risks
Speaking about how businesses are approaching their security processes at the moment, Rick Holland, the Vice President of Strategy at renowned security and protection organisation Digital Shadows, said: “Threats to businesses aren’t going away. It would be foolish to stop mitigating risks in the near term. Historically, cybersecurity is a sector where spending still occurs, even when the economy dips. There are risks to smaller and emerging firms.”
One such threat to small and emerging businesses especially is the risk of employees falling all. The smaller the organisation, the fewer employees; this means that every single person is absolutely essential to the day-to-day running of the business, and should they be ill for an extended period of time, it is likely the business’ ability to function will take a huge hit.
What to expect in 2020:
Data theft becoming data manipulation
It’s expected that attackers will change their methodology from data theft and hacking into attacking the data integrity itself. Rather than the normal theft of data, this type of attack will instead cause long term damage to companies and individuals by causing people to question the validity of data itself, which will cause people to question the legitimacy of the company itself. Companies are likely to combat this through new forms of data checking through artificial intelligence.
Demand for security skills will continue to rise
The global need for cybersecurity skills will continue to rise, while this skill shortage is likely to increase at the same time. The gulf left between the skills needed and the people available to fulfil these roles will create organisations a more desirable target for hackers. As such, we may see large organisations become the target of large cyberattacks rather than these attacks being levelled at SMEs instead.
The internet of things (IoT) will also be a target
As more and more home devices become connected to the internet, this will give hackers more opportunity to gain access to your home network. Your own devices will only be as secure the weakest devices, and hackers are always improving their techniques. As such, while the internet of things will become even more prevalent, the weaknesses connected to these will become even more apparent.
While it is unclear as of yet what will happen with the current coronavirus crisis, it is absolutely certain that businesses will continue to focus on security, on keeping their operations ticking over, and doing all they can to protect customers, clients and employees alike.