Cybersecurity Emphasis for the Next Decade

Cybersecurity Emphasis for the Next Decade

The technological revolution of the recent decades has reshaped our global society in every possible spectrum. As we progress in the new decade, technological advancements are continuously being enhanced with excessive capabilities for individuals and organizations alike. Though these developments will bring along new unforeseen challenges, considering the modern digital society that we wile in, one of the most crucial challenges will be associated with the state of cybersecurity for organizations and the protection of digital assets.

Cybersecurity is one of the most critical aspects for modern business organizations due to the heavy reliance that organizations have placed on technological solutions. The operative purpose of cybersecurity is to protect digital assets, enhance the cybersecurity posture, and mitigate risks and threats. The cybersecurity spectrum is expected to reach $6 trillion in costs in 2021, which is a significant increase from its cost in 2015 which was $4 trillion at the time. Adequate positioning and the development of mechanisms that foresee the risks and threats are the characteristics that will defy successful organizations in the new decade.

As it has long been emphasized in the past, cybersecurity has become one of the vital aspects of business organizations operating in the modern digital environment. Considering the significant rise in the number of cyber risks and threats, as well as their sophistication, organizations have had to carefully develop strategies and mechanisms that would help them preserve their digital assets, networks and systems. The increased number of cyber incidents and data breaches have emphasized the importance of integrating a proactive approach that focuses on foreseeing cyber incidents as a likely occurrence, rather than following a reactive approach which would leave very few options to the recipient of a cyber-attack.

Business organizations that fail to develop an adequate cybersecurity strategy that encompasses their organizational objectives and security requirements, will be in a vulnerable position that increases the likelihood of them falling victim to a cyber-attack or a data breach. Delegating the IT department with the cybersecurity responsibilities for the entirety of the organization is not a sufficient approach considering the high levels of dependency that businesses in the modern age have placed on technology and IT solutions. Businesses will have to embark on a strategic and cultural transformation process that has at its core the awareness related to the mitigation of cybersecurity risks and threats.

From a business perspective, cybersecurity emphasis has been, and will continue to be highly important for leaders of publicly traded companies, where should these companies lack the proper attention to the integration of cybersecurity solutions as a vital component of their business strategy, they will witness a direct impact into the price of their shares. The analysts and investors will focus on pricing cybersecurity risks and will consider the lack of a proper cybersecurity strategy as a failure to meet the market demands. It is more than likely that the new decade will see the word cybersecurity much more in the annual and quarterly reports of organizations.

Considering the vast number of reported cyber-attacks and data breaches in the previous decade,  the impact of data breaches is expected to multiply in the new decade, as the road towards digitalization and automation continues for every operating industry. Bearing in mind the variously reported data breaches that caused havoc to many companies, the protection of digital assets and business information will be highly critical. The available information on conducted researches on the various data breach incidents that occurred will help professionals to derive informed decisions about the required action steps that would minimize the risks. Taking into consideration the 2016 United States election interference, the impact of data breaches will likely be much larger for both the public and private sectors.

In the era of required digitalization and automation, along with the progress exemplified by Artificial Intelligence capabilities, utilizing enhanced computing and processing capabilities in analyzing millions of datasets that provide information and insights will be crucial in driving innovation and achieving organizational success. Simultaneously, the utilization of novel technologies with enhanced computing and storage capabilities will pose new cybersecurity risks and threats for organizations that may not possess the large investment capabilities to sophisticate their security mechanisms.

Further Developments

The evolution of the Internet of Things (IoT) is one of the most significant developments foreseen for the next decade due to the significant opportunities that have been exemplified for individuals, businesses, houses, and societies. The IoT integration will develop a complex ecosystem that will have cybersecurity at its front line, with exploitable vulnerabilities and new developments providing an ever-existing threat to the IoT ecosystem. The challenge of organizations towards the continuous development of cybersecurity with the integration of IoT will pose further challenges that will have to be resolved and taken care of.  Additionally, concerns with IoT rise over the individual, organizational, and government interference due to its high potential for infiltration and manipulation.

The advancement of cybersecurity firewalls will be supported by the development of novel technologies such as Artificial Intelligence and Machine learning. Though these developments will enrich the spectrum, special attention must be paid to cybercriminals who will seek to sophisticate their attacks and methods at a faster pace than the industry can respond. Malicious entities will take advantage of the data and information from prior breaches, which would help increase their capabilities and capitalize on more vulnerable targets.

Furthermore, the implementation of the 5G technology in the new decade will help drive technological innovation. The development of 5G technology enables increased levels of connectivity, supporting more devices, and enhanced levels of IoT and AI integration. However, from the cybersecurity perspective, the development of the aforementioned technologies brings new risks and threats which have to be managed to successfully reap the benefits that the developments provide.

As business organizations keep allocating their resources into enhancing their cybersecurity, malicious actors are moving towards the supply chain and determining the more exploitable entities so that they can get closer to their target. This implies that regardless of the sophistication of their cybersecurity system, organizations can fall prey to the attackers from the other organizations in the supply chain that they cooperate with. To ensure proper security levels, organizations must make sure that they require higher levels of cybersecurity strategies from their suppliers.

 

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“As a student, I am preparing for the industry that I’d like to work for. I really do not know where to start. What areas should I focus on? etc. The course gave me an overview of the knowledge that I need to solidify when it comes to the field. I am grateful once again, and I hope this would help me find the right connections and lead me to a cybersecurity job in the future. Kudos to you guys! ”

Kolapo Agunbiade
Computer Engineering StudentComputer Engineering Student,