The continuing digitization of the global economy increases cyberattacks and puts regulation pressure on companies to protect their data. According to a new McKinsey Report survey, cybersecurity technology and service providers will bag a potential $2 trillion market opportunity as the digital economy keeps growing and digital crime proliferates.
Cybersecurity Trends for 2023
Over 90% of data breaches in 2022 resulted from cyberattacks. There are more companies using online technologies to automate their operations resulting in massive data on the internet. Moving online brings security risks, data breaches, and theft which is a headache for businesses and individual users. Ransomware attacks are rising and zero-trust models are becoming more popular.
Those in charge of risk management and security are at a turning point as a company’s digital footprint grows, making centralized cybersecurity controls useless.
Persistent Phishing is the most common security risk facing the IT industry. Too many people fall for phishing emails while hackers use increasingly sophisticated technologies to infiltrate business emails populated with malicious URLs.
Creative hackers are investigating potential victims by collecting information on successful methods of phishing assaults. Hackers’ research informs more effective and targeted attacks. To combat this, filtered technology has improved substantially like GMAIL emails that originate from trustworthy sources.
Ongoing training is needed as more sophisticated methods are used, making it crucial to educate staff to recognize email attacks clearly.
The Cybersecurity Mesh
Whether assets are on-site, in data centers, or in the cloud, a dispersed company can deploy and integrate security using the Cybersecurity Mesh (CM) method. The CM method is a conceptual approach to security architecture. By implementing a CM, businesses can minimize individual security breaches by 90%.
The CM method is more popular as businesses transfer their activities to multi-cloud structures and environments. CM is composed of multiple layers of security controls that protect a company from attacks such as phishing, malware, and viruses.
Businesses need to modernize their compliance-based awareness training when data breaches still involve human mistakes, proving that security awareness training is still inadequate.
Cybersecurity and Artificial Intelligence
The Ukraine war and the related geopolitical landscape are fueling cybersecurity risks. Threat actors, such as AI-enabled deepfakes and disinformation target government, public administration, and digital service providers.
Artificial intelligence budgets are increasing and have been adopted by corporations, governments, financial institutes, and banks. Investment in AI and machine learning cybersecurity is imperative for CISOs of digital businesses.
Artificial intelligence in the cybersecurity sector is estimated to be worth $46.3 billion by 2027. With 65% of global organizations experiencing a cyber attack, only 12% have AI-based security analytics implemented.
AI and ML are trained on data to produce alerts for malware attacks and identify new types of threats. Cybersecurity AI can support a CISOs workload by spotting attacks first, analyzing data, and automating systems.
AI studies data and models have been proven to replicate human biases. There’s also an existential risk that AI could become smarter and ultimately destroy us. These risks along with ethical concerns have governing bodies focusing on responsible AI to measure responsibility and trustworthiness.
Ginger Liu is the founder of Ginger Media & Entertainment, a Ph.D. Researcher in artificial intelligence and visual arts media, and an author, journalist, artist, and filmmaker. Listen to the Podcast.
