Five Risks That Will Define Cyber Security In 2020

2019 was a bad year for data security. By virtually every metric, it was the worst ever. Simply put, companies and their leaders must acknowledge and appreciate the growing consequences of a data breach. Unfortunately, there is no indication that 2020 will be any better.

While organisations are increasingly aware of the importance of cybersecurity, most are struggling to define and implement the required security measures. 

According to the Ponemon Institute’s / IBM 2019 Cost of a Data Breach Report, the average cost of a data breach climbed to nearly $4m, the highest amount on record. The number of data breaches increased by 54% in the first half of 2019, with nearly 4,000 publicly disclosed breaches during that time. In total, more than 4.1 billion records have been exposed this year. The number of data breaches in 202 will likely reach an all-time high this year. 

As more corporate infrastructure moves to the cloud, so will the focus of criminals. The good news and bad news following this trend is “conducting an attack will become harder and the actions of threat actors will become more sophisticated or more frequent, relying on chance rather than planning,” according to Kaspersky.

Driven by the high cost of sophisticated malware-based attacks, a rise in insider attacks are forecast for 2020.

“Direct attacks on infrastructure… is becoming much more expensive, requiring more and more skills and time for the attacker,” says Kaspersky. Increasingly, consumers and regulatory bodies are holding companies accountable for data breaches. Moreover, regulatory oversight like GDPR and CCPA are indicative of a growing regulatory trend that collectively raises the importance of data security in the year ahead.

For those charged with protecting company data, today’s expansive threat landscape can feel overwhelming, leading to increased levels of exhaustion and burnout. However, not all threats are equally prescient, as some are more likely and ominous than others.

Here Are Five Cyber Risks That Will Endanger Company Data In 2020

Insider Threats

While cybersecurity often elicits images of ominous criminals operating in backrooms, one of the most significant data security threats is likely lurking in the cubicle next door. Employees represent a significant threat to data integrity. Verizon’s 2019 Insider Threat Report estimates that insider threats cause more than a third of all data breaches. This threat category is uniquely nuanced, as things like intentional data theft, accidental sharing, and other data disclosure methodologies combine to create a robust threat that companies will need to address in 2020.

With a broad collection of employee monitoring and endpoint data loss prevention software available, every company can be equipped to defend against insider threats. As the consequences of a data breach continue to escalate, securing data against this known variable is a critical step to ensuring data integrity in the year ahead.

Phishing Scams

Despite their best efforts, phishing scams are inevitably making their way into employees’ inboxes, putting company data at risk each time. Unfortunately, the deluge of data available from previous data breaches is being repurposed to craft authentic-looking messages that are increasingly difficult to detect.

In the year ahead, increased personalisation and other deceptive tactics, like HTTPS encryption, will become normative, increasing the impetus for companies to provide awareness training to keep them aware of the threats landing in their inboxes.

Exposed Databases

Cloud computing is among the latest trends for enterprises and SMBs alike. As the vast majority of businesses move their operations to the cloud, this transition presents an opportunity for data exposure. This technological oversight can have severe consequences for data security. For instance, in November, a cybersecurity researcher discovered 1.2 billion records exposed on a single server, a surprisingly routine incident that underscores the threat of exposed databases to data security.

In 2020, companies need to understand that technological advancement can’t come at the expense of data security, and locking down these resources is often as simple as checking and rechecking that critical company data is password protected and not openly exposed to anyone able to locate it.

IT Admin Burnout

Cybersecurity professionals are faced with an incredible task. While they are defending against thousands of attacks every day, cybercriminals and internal bad actors only need to be successful once to inflict serious damage on a company. As a result, cybersecurity professionals are burning out and leaving the profession at a record rate. It’s estimated that 65% of IT professionals consider quitting their jobs, and a similar number are open to leaving the professional altogether.

This problem is endemic all the way to the highest levels of a company where chief information security officers have an average tenure of 18 to 24 months, which is, on average, more than four years less than other c-suite positions.This high-stress, high-turnover environment puts data at risk, as a lack of continuity and unfilled positions create an environment where hackers can thrive.

To assuage these concerns, companies need to prioritise automation as much as possible. In this way, they can protect their networks against insider and external threats without inundating cybersecurity staff with a continual deluge of risks to assess.

Wrong Priorities

Despite the overwhelming evidence that data loss is one of the greatest threats facing companies in the digital age, there is growing evidence that c-suite executives are failing to appreciate the risks. In a survey of Australian CEOs, only 6% recognised that they had experienced a data breach, while 63% of CISOs noted a data loss event. Similarly, only 26% of CISOs indicated that their company was ready to respond to a cyber threat, while 44% of CEOs thought their company was capable of a rapid recovery.

Taken together, these numbers are indicative of one of the most notable threats to data security: indifference.  However, for companies that identify and respond to the most probable data security threats, it can be a differentiating factor, allowing them to thrive in 2020 and beyond.

Please contact Cyber Security Intelligence as we can help your company with economic cyber employee training and cyber audits to significantly reduce your security risks.

Threatpost:         HelpNetSecurity:        NetsParker: 

You Might Also Read:

Cyber Security in 2020 Will Be Defined By Connectivity:

Mitigating IoT Cyber Risks: Training Is The First Step:

 

 

« The Scope Of A Cyber Security Audit
AI Satellite Image Analysis Will Be Regulated »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

LockLizard

LockLizard

Locklizard provides PDF DRM software that protects PDF documents from unauthorized access and misuse. Share and sell documents securely - prevent document leakage, sharing and piracy.

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

Imperva

Imperva

Imperva is a leading provider of data and application security solutions including DDoS protection, Web application security, Data security and Cloud security.

Identity Automation

Identity Automation

Identity Automation is a leading provider of Identity and Access Management software.

Cleafy

Cleafy

Cleafy are a team of fraud hunters, cybersecurity experts, data scientists, and software engineers. Our purpose is to make people’s life easier and free from the threats in the digital ecosystem.

Menlo Security

Menlo Security

Menlo Security protects organizations from cyberattacks by eliminating the threat of malware from the web, documents, and email.

Repository of Industrial Security Incidents (RISI)

Repository of Industrial Security Incidents (RISI)

RISI is a database of cyber security incidents that have (or could have) affected process control, industrial automation or SCADA systems.

GeoLang

GeoLang

GeoLang’s Ascema platform protects sensitive information at the content level by identifying, classifying and tracking data across the corporate infrastructure.

ERNW

ERNW

ERNW is an independent IT Security service provider with a focus on consulting and testing in all areas of IT security.

CyberSure

CyberSure

CyberSure is a programme of collaborations and exchanges between researchers aimed at developing a framework for creating and managing cyber insurance policy for cyber systems.

Novastor

Novastor

NovaStor® is an award-winning, international data backup and recovery software company with solutions supporting physical, virtual and cloud environments.

EOL IT Services

EOL IT Services

EOL IT Services is the UK’s most accredited provider of IT Asset Disposal (ITAD), Lifecycle Services and Data Destruction.

Griffiss Institute (GI)

Griffiss Institute (GI)

GI's primary role is to advocate and facilitate the co-operation of private industry, academia, and the Air Force Research Laboratory in developing solutions to critical cyber security problems.

36 Group

36 Group

36 Group's criminal law team, has the experience and specialist knowledge to conduct effectively trials heavily concerned with the growing phenomenon of Cybercrime.

Electrosoft Services

Electrosoft Services

Electrosoft provide mature, innovative technology-based services and solutions to power critical IT programs and keep our nation safe from cybersecurity attacks.

Buchanan Technologies

Buchanan Technologies

Buchanan Technologies is a leading IT consulting and outsourcing services firm. Our methodology transforms everyday technology investments into streamlined, secure and scalable solutions.

Threat Con

Threat Con

Threat Con is a one of its kind event in Nepal, a series of annual international security conventions similar to the famous Black Hat and DEF CON conferences.

c0c0n

c0c0n

c0c0n is the longest running conferences in the area of Information Security and Hacking, in India.