Five Cybersecurity Trends as We Get Further into 2019
As technology increasingly evolves throughout the daily activities of human life, the risks of cyber-attacks increase. Companies need not only to overcome the crisis of cyber-attacks, but also must be able to predict and prepare for risk control measures. How is cyber-risk developing you ask? The following are five predictions of cyber risk trends, summarized from sources such as Symantec, Kapersky, and Palo Alto Networks.
1. Changes to the Cyber-attack Method
The method of cyber-attacks is not only limited to web hacking and data theft. Data manipulation is predicted to become a new method of cyber-attacks in the future. Different from data theft that harms the company in the short term, cyber-attacks that threaten data integrity can damage the company's reputation and value in the long run.
2. Increased Cyber Threats from Supply Chains
The use of technology in the supply chain is increasingly being applied. One disadvantage is that there has been an increase in cyber threats due to the uneven risk management competencies of the actors in the supply chain. Many companies have managed their own cyber risk, but their business partners may not have the same level of cyber risk management. Electronic business exchange allows hackers to perform cyber-attacks by using open access into the network of business partners thus creating new vulnerabilities.
3. Development of Cybersecurity Regulations
The increasing frequency of cyber-attacks is predicted to tighten regulations regarding the standard of cybersecurity enforcement. In addition, dynamic cybersecurity practices need to be followed by appropriate regulatory developments so that companies are fulfilling only the compliance aspects that are relevant to their business needs. Not only are they tightening regulations, but state and government entities will be enforcing new regulations to continue the push for data privacy and protection.
4. Improvement and Expansion of the Cyber Insurance Market
The cyber insurance market has expanded dramatically in the past decade. As businesses begin to understand the risk and implications of cyber-attacks, they then begin to understand the need for cyber insurance. The better understanding has led to an increase in market demand for cyber insurance. The increased market demand is mainly generated by companies that have large amounts of data such as finance, healthcare, retail, and government sectors. This also applies to large companies associated with digital technologies such as logistics, manufacturing and telecommunications. The cost to pay for cyber insurance might seem extraneous, when compared to the fines associated with data breaches it will seem miniscule and worth protecting.
5. Business Interruption Becomes Major Impact
When discussing cyber risk, many companies focus on data protection. However, in the next 10 years, business interruptions are predicted to be the main risk. Time spent mitigating the interruption can be the largest related expense. This also led to the growing demand for cyber insurance, it can account for the time and money lost. Combined with the importance of protecting data, it is important to keep your business operating consistently to prevent gaps in your service and keep the business reputation at a maximum.