5 Security Trends to Watch in 2020
Personal and corporate privacy continue eroding away as cyberattacks and data breaches become more common. In the first half of 2019 alone, more than 4.1 billion data records were exposed in known data breaches. The average cost of data breaches for affected companies is now nearly $4 million per business.
Standing guard while our society becomes ever more dependent on technology is the $120 billion cybersecurity industry, which is expected to grow to $300-plus billion by 2024. With the coming ages of AI and IoT, we stand to benefit from having an internet-connected home, vehicle or daily schedule in order to further automate and organize our lives. But we have to ask ourselves: What are the potential hidden costs of becoming more connected? With a hacking attack occurring every 39 seconds, it’s imperative that companies have the necessary security measures in order to survive as a formidable business. With the end of 2019 quickly approaching, here are five of the top security trends to look out for in 2020.
Expansion of Cloud-Based Security
As the world moves a lot of technology infrastructure into the cloud, we’re seeing cloud-based security platforms and services follow. Cloud computing has evolved greatly over the last two decades, and now is frequently used to support critical operations of everyday businesses. From cloud-based data-storage services like Dropbox to all-in-one CRM clouds such as Salesforce, consumers and businesses have grown dependent on storing sensitive data in cloud environments.
And the numbers speak for themselves. By the end of this year, cloud-security platform sales, a small sliver of cybersecurity, is expected to become a $460 million industry. Cloud-based security provides several advantages to traditional security approaches, including economies of scale, reduced costs, improved protection performance, greater threat intelligence and quicker compliance with government and industry standards. According to Kaspersky Lab, around 75 percent of companies are expected to move applications to the cloud in the next few years. We can expect cloud-based cyber security to continue thriving well into 2020.
Advancements in Data Encryption
Since cyber attacks have gotten more sophisticated over recent years, a growing number of data-encryption advancements have followed suit. A recent study carried out by the Ponemon Institute revealed that 45 percent of surveyed companies have an encryption strategy that is applied consistently across their enterprise. But when a particular encryption technology or strategy becomes outdated and vulnerable to cyber attacks, all data can be compromised.
We’re seeing many encryption advancements to help stay ahead of security threats. These include leading privacy technologies, ring signature and zero-knowledge proof and distributed ledger technologies. When these technologies are used in combination with one another, not only is full or partial data anonymization achievable, but data and identity verification is also automated.
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