Cyber Risks We Should Look Out for in 2020 and How to Manage Them
Across all industries and businesses, cybersecurity should be a top priority this year. Remote working is on the rise, adding new security risks and opening up new avenues for hackers. According to an article by Forbes on market forecasts, changing attitudes and corporate spending reflects this sentiment, as the global cybersecurity market is currently worth $173 billion as of this year and is estimated to increase to $270 billion by 2026. With that in mind, here are some key cybersecurity risks and potential solutions to explore:
Side effects of strong encryption and privacy mechanisms
A key issue that organizations need to be aware of is the possibility of “going dark”, or losing access to communication methods due to efforts by law enforcement and national security agencies. SC Magazine notes how targeted organizations “should expect to see sustained and well-funded attacks involving a range of techniques such as zero-day exploits, DDoS attacks and advanced persistent threats” in the area of industrial espionage. Interestingly, encryption failures and privacy mechanisms tend to cause these issues, with some attacks coming from insider threats. Through their credentials, they can access an organizations’ key assets, which is difficult to detect from inside the network. Financial institutions tend to be popular targets for attacks like these.
AI-associated cybersecurity risks
While advancements in the area of artificial intelligence come with many benefits, they also lead to growing challenges in privacy protection. For instance, CPO Magazine describes how biometric login systems can be more difficult to access compared to typical password-protected systems. AI systems can also learn to identify incidences of ransomware and bot attacks and isolate them from contaminating the rest of the system. However, AI systems tend to require significant resources and computing power, which not all businesses can afford. In addition, hackers can also use AI mechanisms to test their malware so that they can function undetected. Mitigating these risks involves effective governance of AI security and a larger focus on privacy protection.
Protecting customer data
When it’s time for businesses to generate promotions and effective ads, consumer data is often collected to personalize marketing efforts. Digital marketing firm Ayima explains how using this data helps you understand your brand and target audience, enabling you to cater to their needs. While this helps you gain a competitive edge and boost your search traffic, an article from Business2Community describes how a data breach can harm your reputation and harm your clients as well. As a result, digital marketing agencies must be particularly careful to abide by cybersecurity practices and use data encryption to safeguard consumer data.
Aligning cybersecurity strategies with business goals
Lastly, creating and aligning cybersecurity strategies in line with your company’s’ vision is the key to future success. For instance, remote working is likely to be an adjustment that many organizations will have to adapt to in the coming months. An Entrepreneur article describes the various risks of this, confidential transactions being done over home ISPs, with unsecured routers and printers and the sharing of machines. Encryption via VPNs is one solution to this issue, but endpoint checking is needed to prevent the occurrence of attacks and malware infections. Security policies regarding mobile phones also need to be updated and clarified, due to the fact that employees are more likely to default to using what is familiar rather than learning how to use new applications.
For more information on various cybersecurity topics such as cyber risk and management consulting, cybersecurity recruiting, and aligning cybersecurity with strategic vision, our September 28 Conference Program will host a series of talks related to AI, big data, and future developments in technology. Additional information can be found on the website of the Canadian Centre for Cyber Security, such as the latest alerts and advisories on cyber threats as well as useful tools and services.
Written by: Jinkie Bracken