Latest Trends in Cyber Security – 9 Things to Watch Out For in 2019

Latest Trends in Cyber Security – 9 Things to Watch Out For in 2019

By: Benjamin Roussey

 

In the coming three years, cybercrime cost is expected to touch $6 trillion annually.

In 2015, the cost of cybercrime in the US alone was $100 billion. These are staggering numbers indeed. And if this wasn’t enough, here’s another startling stat – in 2017 the WannaCry ransomware worm cost both large and small sized organizations a whopping $100,000 – at least the tax cuts helped offset this financial burden.

So, while there has been tremendous focus on cybersecurity in the last few years, what is becoming evidently clear is the fact that cybercrime is one challenge that is only going to get bigger.

Which is why business and financial organizations need to ramp up on their cybersecurity efforts against the constant onslaught of cyber threats. Just watch the movie Blackhat or a season of 24 if you are unsure what this is.

This then brings us to the critical question of – what will be the dominating cyber security trends in the year 2019.

Here is a quick run-down on top nine trends to watch out for in 2019.

 

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The threat to Data Integrity
Data theft is one thing. Manipulation of data is a totally different ball game altogether.
So instead of purely focusing on data theft, hackers and cybercriminals will look for ways to manipulate data with the aim of raising doubts on the data integrity itself – something that can lead to greater long-term damage to brand and individual reputation.

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Improved Cyber Security Regulations
Cybersecurity regulations will continue to dominate center-stage. As digital space expands and the scale and scope of cyber threat expands with it, organizations and regulatory bodies will need to ensure that instead of playing catch-up, compliance and regulation keep pace.

 

Dedicated Positions at the Top Level
In due course, organizations might consider appointing dedicated personnel in the role of Chief Cyber-crime officer who will be responsible for ensuring the organization is safe against cyber-attacks.
The role would entail responsibility for not only preventing attacks but also for bearing responsibility for an attack.

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Secure by Design – A Potential Opportunity to Counter the Cyber Security Threat?
‘Secure by design’ could help in countering cybersecurity threats – at least in theory if not to a certain extent. Why?
Well, in the age of AI, security vulnerabilities are only a matter of time given the ongoing proliferation of connected devices.
It may be speculative, but who is to say, AI will not herald an era of attacks that are based on user behavior. Enough to outsmart even the most security-conscious minds out there!

 

Greater Demand for Skilled Security
Professionals with advanced levels of cyber security skills will be in greater demand amid rising threat to data security and inadequate defense of in-house IT solutions.

 

Attacks will become more Organized
Cybercriminals will focus on working smarter. They will be far more organized so damage will be at scale and they will do so from relatively safe havens which include both geography and the dark web which will provide them with a buffer against legal implications. We saw this with the Russian hacker in the stellar show The Good Wife in season 6.
Cybersecurity continues to be a defensive game – cybercriminals will continue to keep up the heat by churning out attacks at a faster pace.

 

Consumer Devices will be Easy Targets
Ransomware attacks won’t be limited to just businesses and organizations. As mentioned above, the proliferation of connected devices and the IoT era makes it easy for cybercriminals to focus their attacks on connected devices such as a smart TV.

 

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Beating the Complex nature of Cyber Attacks will get Increasingly Challenging
Cybercriminals will look for opportunities and ways in which they can expand and get more creative with their malicious activities.
Fighting these advanced variants of ransomware will become increasingly difficult – it will be a situation where the victims unwittingly turn into attackers.

 

Insurance against Cyber Threats
As organizations continue to explore ways in which to protect themselves against the risk of cyber threat – insurance against such a risk or threat is expected to become a mandatory aspect of their operational risk strategy.
Except insurance providers will need to create customized insurance products that provide specific protection which could possibly include features such as coverage against damage to reputation or damage to a revenue stream, as opposed to general coverage.

 

Not There Yet
Just as in 2018, the forecast for 2019 is marked with an increased focus on reducing the risk of cyber threat and attacks. Compliance and regulation definitely have improved.
However, we still have a long way to go when it comes to improving our threat perception levels both at an organizational level and at an individual level.

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