CyberSecurity in The Year 2020

What are the topmost technologies that are popular today? You can mention them by the dozen. Some are Artificial Intelligence (as always, for the past five years), Machine Learning, Cloud Computing, and Cryptocurrency. Have we missed an important technology? And it is not new but has been prevalent since the time of laptops and computers. Yes, you are right. We are talking about cybersecurity.

In recent times, when the entire world has gone digital, and you opt for online service for every job, such as food at your doorstep, cybersecurity has assumed prime importance. And it is with facts. Every year, millions of attacks happen all over the world to the computers/laptops of individuals, SMBs, and large corporate. And billions of dollars are lost because of cyberattacks. In this article, let us focus on cybersecurity in the year 2020.

Why is the subject “CyberSecurity”: Important?

There was a time, when if you had installed a premium antivirus, anti-spyware software program, then your computer is safe. It was. That was the thought of even large corporations. But it all changed with the concept of ransomware and virus attacks. The to-make-harm software programs targeted even the most sophisticated security software protected organizations.

So, what are the important points regarding the cybersecurity industry in the year 2020? Let us find out.

Five years from now, the value of this industry will grow to 300 billion dollars as per industry experts.
Do you need surprises? Okay, here we are. It is not only the multinational corporations who spend millions of dollars on cybersecurity, but also Governments of Countries that are considered Supreme Power. All countries envy the US because it is a SuperPower. No doubts regarding the position. But do you know that the same aspect makes the country target of cyber attacks? For example, the investment in cybersecurity operations for Government in the US has been raised to a few percentages.
It is not only the large corporations that are investing in CyberSecurity products but also SMBs. The reason, to protect confidential information and to prevent unnecessary hassles. How about the explanation with an example? You have a small business in Houston catering to computer/laptop repair. You want to expand your operations, the main reason why you have teamed with a start-up offering the laptop repair services for the entire city. But you have invested a small amount for antivirus software and anti-spyware for your own company. The reason, fear of loss of confidential information and ransomware threats.

Yes, we have Mother’s Day and Women’s Day in a year, but there are not many cybersecurity women professionals in the workforce. In 2020, the data is expected to change, with women forming twenty percent of cybersecurity force in the globe.
If you are in Asia, you will know about the Hawala rackets. Changing of black money to white money. But there is a new trend catching on. Black money is getting transferred to cryptocurrencies.

Of all the cybersecurity attacks, ransomware is the one feared the most. The attack completely cripples the entire system and in an organization, every computer can display a blank screen. As per a survey, ransomware happens every 14 seconds all over the globe. But by the next two years, it can get reduced to 11 seconds. Do you know cybercriminals are using bots to check the authenticity of security features of the companies security system? It is not only persons above 40 who are cybercriminals. There are also tech geeks who are intelligent and have not crossed the age of 15. For them, getting past the high profile security system or even a Government organization gives a high dose. So, you have to be very careful in these situations. Having the best security features is necessary. In fact, ransomware is the fastest type of cybercrime to grow in recent years.

Since the last six years, the number of expenses or losses because of cyber-attacks has gone to more than a trillion dollars.
Do you want to be a hacker? Or ransomware code designer? You can become one with ease. All you need is to order for tools and kits online.
Security breaches can happen anytime, anywhere for an individual or organization. And the most distressing point is, you get to know the breach only after some time. There is a myth regarding cybercrime, as soon as your confidential information is stolen, the money gets transferred from your bank account. Wrong. There is an entire pack of cyber criminals out there on the internet. They are divided into categories based on the job they do. So, your information is stored in the database, and they can get shared or sold. Please note, cybercriminals use various methods to obtain vital information.
The usual methods are phishing, hacking of social media platforms, man-in-the-middle attacks, etc.

Do you feel that every security breach and virus/ransomware attack will be reported? The answer is a surprising no. Even if a security breach has happened in a large organization, it does not get reported to the law agencies. The reason – loss of credibility among the shareholders of the company.
New technologies have also thrown up new challenges in cybersecurity. For example, the Internet of Things. If a breach has happened, the hacker can control the smart appliances inside your home.

You have heard about ransomware shutting down computers/laptops and an entire system. But what about mobile ransomware? It is the recent entry in the market.
The cybercriminals have not even left the SaaS. They have mimicked several SaaS platforms and attacks have increased by more than 100 percent.

Business Email Compromise – Do you know that a new name has been given for the email impersonation of another person? It is a business email compromise or BEC. In this type, the cybercriminals take the identity of a senior professional in a large firm. In general, this professional can authorize the transfer of money to other bank accounts. And worse, it is estimated that email is the most used option for spreading viruses (92 percent).

Many security breaches happen because the companies do not follow the perfect cybersecurity practices. As we have mentioned earlier, even hackers are making use of automated bots to determine the weakness of a system. If the bots find a company’s security system vulnerable, the message gets sent to the hacker. And then the security breach, data loss, and harm will occur.

Cyber-attacks occur because

You do not change the passwords of a platform regularly.
You do not update the security software recent versions.
The loss will be more when there is no disaster recovery plan.

Conclusion

Now since you have a proper office and set-up, you have given proper training to your backend team on phishing and other cyber attacks. Now they can follow only the best cybersecurity practices. You have also ensured to install the best antivirus software and anti-spyware in your office computers. By this method, any cyber attack could be prevented.