From Zero Trust to Cyber Insurance
As technology advances, cyberattacks become more sophisticated. With the increasing use of technology in our daily life, cybercrimes are continuously increasing, as evidenced by the fact that cyber attacks cause 92% of all data breaches in the first quarter of 2022. Staying up to date with cybersecurity trends and legislation is critical to combating these threats, which can have a significant impact on business development.
In 2023, the cybersecurity market is expected to see new trends, and businesses need to be adequately prepared for any developments. Andrey Slastenov, Head of Web Security at Gcore, shares his insights into this trend in this article.
1 — Application security
As businesses turn online to stay afloat during the pandemic, estimated app security spending is projected to surpass $7.5 billion, according to Statesman.
However, individual applications may be vulnerable to hacking, zero-day attacks, and identity theft. Ensuring application security requires professionals to write secure code and design secure application architectures, implement robust data entry verification, and address vulnerabilities promptly to prevent unauthorized access or modification of application resources.
2 — Cloud security
According to more data by Statesman, cloud security is the fastest growing segment of the IT security market, with a projected growth of nearly 27% from 2022 to 2023. This is mainly due to the increased demand for cloud solutions after the COVID-19 outbreak. While more companies are choosing cloud data storage for convenience and faster accessibility, there is also a growing need to secure cloud data during transmission and storage to prevent unauthorized access.
3 — Mobile security
Cell phones have replaced our trips to the bank, the store, and outings with friends. With just a few taps on the app, we can order any service or product without leaving our couch. Each application stores our data, search and order history, and location information. The number of attacks in this sector will continue to grow along with the market, and bad actors will exploit simple opportunities in e-commerce, banking services and online ordering to take advantage of them whenever possible.
4 — IoT
As a result of home automation using IoT, the supply of devices for “smart” homes is expected to be achieved 1.8 billion in 2025. Smart devices, smart homes and voice assistants have become an indispensable part of our lives. However, keep in mind that any such device can be hacked and taken over by cyber criminals. For example, the percentage of hacks in automotive systems is increasing—safety airbags, climate control, and other critical functions are increasingly connected to the Internet. It is hoped that with the increase in the number of automated vehicles on the roads by 2023, the number of attempts to take over or eavesdrop on conversations will also increase.
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5 — Remote work and attacks on corporate networks
Remote work has loosened the control that companies have over their employees’ use of secure data. Cybercriminals, along with those involved in phishing and social engineering, have taken advantage of this loophole, using increasingly sophisticated attack methods to infiltrate networks.
Secure management of authentication and authorized access to company data is the main method of protecting this sector.
As mentioned above, social engineering is still a factor to be reckoned with and is also growing. Over the years, attacks have become multi-channel, meaning the same users receive phishing emails and are targeted via SMS and social media.
6 — Cyber insurance
Such as cyber attacks and the degree of risk associated with them keep growing, as well as new related industries designed to mitigate this risk, including cyber insurance. Organizations use it to minimize threats and financial loss from attacks.
In order to obtain full insurance coverage, demonstrating the appropriate level of corporate coverage is increasingly becoming imperative. Small and mid-sized companies may need help meeting cyber insurance requirements that keep corporate data secure.
7 — Zero trust hasn’t replaced VPNs—yet
The concept is based on “never trust, always verify.” In a trustless environment, users are continually vetted, reassessed, and re-authenticated using various authentication methods.
Gartner believes that Zero Trust Network Access (ZTNA) is the fastest growing form of network security, which will grow by 31% in 2023 and completely replace VPN in 2025.
8 — Artificial intelligence
Artificial intelligence (AI) has been used successfully in cyber defense. This is expected to become more commonplace in 2023, especially in monitoring, resource and threat analysis, and rapid response capabilities.
9 — Attack detection tools are no longer a luxury item
Any attack has the potential to have severe consequences because protection does not exist or is not currently available. A successful data breach can cost millions of dollars, and the amount depends directly on the type of attack and its duration, as well as the loss of reputation, customer loyalty and the customers themselves. There are no predictions or guarantees for any particular business or industry—any company storing data on the network is subject to attack.
The only way organizations can stop attacks or reduce their impact is to identify unusual activity across their ecosystem of users, applications, and infrastructure. That’s why providers will increasingly use AI and ML.
Gartner predicts that the demand for cloud-based solutions for detection and response will increase significantly in the coming years.
10 — Cybersecurity outsourcing
As cyberattacks become more sophisticated, many companies need help ensuring high levels of security themselves. Therefore, the trend of protecting companies with expert service providers will develop. Undoubtedly, cyber insurance has raised the bar for levels of protection, and now service providers will face even higher demands.
We’ve covered cybersecurity trends based on the latest developments at the intersection of technology and business. Understanding these trends allows you to assess the attack risk for your industry, consider a plan to deploy protections, and put them into action.
Gcore is an international leader in cloud and public edge computing, content delivery, hosting, and security solutions, with protection servers based on high-performance Intel® Xeon® Scalable processors. Learn how Gcore fends off 650 Gbps attacks in January 2023.