While 2020 was filled with great uncertainty, there are always guarantees in the technology space, specifically within cyber security. Cyber Security criminals continued to attack without any regard for the challenges faced by their targets throughout 2020. As a result, Cyber Security quickly became a top priority for many organisations and continues to be top of mind as we head into 2021. Many technology companies have released forward-looking cyber security reports on what’s to come this year, to ensure organisations are informed and can take a confident approach to unexpected changes throughout 2021. At Nostra, we’ve selected some of our top picks from the new cyber security trends & predications to consider throughout 2021:
- More growth in the Security Industry:
We will continue to see a huge impact on the Security Industry this year, as the move from work to home continues due to COVID-19. The rush to remote working / cloud-everything solutions will cause security gaps, challenges, weaknesses and outages for many organisations. Additionally, the growth of cloud environments, new digital processes and assets opens up even more opportunities for new cyber-attack vulnerabilities. Main security houses will scramble to strengthen their security solutions and portfolios, ensuring they can offer their customers secure remote working solutions. We should expect to see an increase in IT Security investments throughout 2021, in addition to a new wave of security products and solutions from security giants like Microsoft, McAfee, and Symantec.
- Ransomware attacks will worsen
We expect ransomware to continue its rapid growth in 2021, with ransomware varieties increasing along with frequency of attacks. It has been found that attackers are not only making adjustments to their ransomware TTPs, but also increasingly moving to ransomware-as-a-service, which includes offering malware and the skills to deploy it on a one-time or ongoing basis. In 2021, threat actors will continue to target the most critical assets held by organisations, driving the importance of IT security within organisations worldwide. Recently, ransoms have reached the tens of millions of dollars, and unfortunately, we expect these demands to get worse.
- Spending on Security will grow across SMBs
Many leading technology companies predict that Small & Medium Business (SMB) spending on cyber security (including hardware, software and services) worldwide will grow at least 10% between 2020 to 2024. The rapid change in working habits, caused by COVID-19 restrictions, is increasing demand for cyber security solutions, such as managed security services and cloud-based solutions across the board. As a result, most executives are planning to ramp up their cyber security budgets in 2021, despite a large number of SMBs expecting business revenues in decline. We’re expecting to see SMB spending on cloud-based security solutions outpace that of on-premises hardware and software.
- Identity & Multi-Factor Authentication will take centre stage
Next-generation Identity & Multi-Factor Authentication (MFA) will take centre stage in enterprise security as we venture further into password-less technology. Not only are passwords a hassle to
use, but more importantly they present security risks for individuals and organisations of all size. The World Economic Forum reported an estimate that 80 percent of cybercrime attacks are focused at password vulnerabilities. So the time for passwords may finally be behind us, with organisations like Microsoft pushing for their ‘passwordless vision’ by introducing passwordless solutions across their main products.
- The need for secure remote workforces will bring Cloud Security into the light:
In the short term, COVID-19 will likely continue to have a significant impact on business operations, resulting in a continued growth in remote working. The pandemic forced many organisations to rapidly move to remote working, sometimes compromising on IT Security. In 2021, organisations will need to prioritise their cloud security strategies, as well as develop a better understanding of their relationships with their cloud solutions and providers. Organisations will have to work side-by-side with their cloud providers to ensure prevention and detection strategies are in place to guard against threats such as Phishing, Cloud Misconfigurations Attacks, Vulnerable Application Hacking etc.
These trends and predictions are based on the findings of experts research and insights on emerging security technologies and security issues. It is the responsibility of every organisation and individual to consider these and take necessary actions to ensure your organisation is secure heading into 2021. To learn about our recommended security tips for protecting your data, visit our security blog: 10 ways to protect your business from cyber attacks
If you are interested in discussing how Nostra can help safeguard your organisation from even the most sophisticated threats, please contact our expert team here