One estimate suggests that the cost of data breaches will rise to over $5 trillion by 2024. That’s a 70 percent increase over 2019 levels, which came in at $3 trillion.
With the damage cybercriminals can cause increasing, and their tactics continuously evolving, companies need to do whatever it takes to reduce their risk, protect their data, and remain fully compliant. If you want to make sure you are ready for what may be to come, here are four security predictions that need to be on your radar.
Social Engineering Scams Get More Sophisticated
Social engineering scams, including phishing attacks, are nothing new. However, that doesn’t mean they should be ignored. As more data sources are compromised, attackers can make their scams more believable and personalized, as well as increasingly targeted. Not only may they be harder to spot, but they could potentially be increasingly harmful.
Emotet Will Keep Its Crown
For the third year in a row, Emotet is expected to continue causing problems into 2020. The botnet is particularly pervasive and can use a range of attack methods. Even though it was shut down for several months in 2019, its reign doesn’t seem to be over. Along with keeping a large size, it will continue to distribute malware at an unprecedented pace.
The Move to AI-Powered Solutions
Artificial intelligence (AI) has been hyped as a disruptor to the security space for some time. However, many of the claims remained unverified or involved single components and not entire systems. Companies have grown weary of options that don’t live up to expectations.
As a result, those who truly can deliver are starting to separate themselves from the pack. This is going to lead to a significant shift, with AI-powered security solutions becoming the standard.
However, it’s also important to note the cybercriminals will likely put more time into AI-oriented experimentation. Their AI-powered systems could present a range of new challenges, and it’s hard to anticipate precisely how they may unfold.
Cyber Insurance Increases in Popularity
While the cyber insurance industry is already booming, not everyone has hopped on board yet. However, the number of companies that choose to leverage this form of assurance is going to dramatically increase in 2020.
This is especially true for government agencies, as local and state offices are a popular target for cybercriminals. But other organizations are also getting on board, particularly those in the automotive sector who may be particularly at risk of being targeted this year and into the near future.
Ultimately, all four of the security predictions above should be on your radar in 2020. If you’d like to learn more about trends and forecasts that you can utilize to ensure your company thrives, the staff at The Squires Group can help. Contact us to speak with one of our expert team members today and see how our security knowledge can benefit you.