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The New Year is upon us and we have developed a list of Cyber Security predictions to ensure our business partners are fully prepared for 2018. From a Cyber Security perspective, 2017 was a very interesting year. One the main turning points being WannaCry, the worldwide ransomware attack. WannaCry impacted the Cyber Security domain in such a way that triggered change. Boardrooms started to change companies Cyber Security strategies and their approach to security operations.
GDPR stands for General Data Protection Regulation. Put simply, GDPR is set of strict rules around protecting customer data. The regulation applies to companies that collect data of European Union (EU) citizens. Most Cyber Security experts have predicted that a large number of companies will miss the deadline and will not be able to comply on time, 25th of May 2018.
Ingram Micro Cyber Security predicts that GDPR regulators will act quickly to fine the first few incidents of non-compliant companies. This will send a clear message to companies that non-compliance is not an option. GDPR fines can go up to 4% of annual global turnover or €20 Million (whichever is greater). European based companies are likely to be among the first found in breach of GDPR as the regulators have greater control there than over companies based outside the EU. Ingram Micro Cyber Security Division has a unique offerings for our business partners and their customers including training on GDPR and consultancy services.
2. Cyber Attacks
Cybersecurity Ventures predicts cybercrime will cost the world in excess of $6 trillion annually by 2021*. There is no doubt, the year of 2018 will be a part of this cybercrime growth journey as they continue to evolve. Therefore, cyber-attacks are expected to be bigger in size, scope and geographical expansion. It’s likely we will see more state sponsored types of attacks, as well as an increase in the number of famous ransomware attacks.
Moreover, a new trend on attacking IoT devices is expected to arise during 2018. Gartner forecast that 8.4 billion connected IoT devices will be in use worldwide in 2017. This is up 31% from 2016, and will reach 20.4 billion by 2020**. The information about how to exploit the vulnerabilities affecting IoT devices is readily available and with the increasing number of IoT devices, there is bound to be an increased number of attacks on them.
3. Cyber Defense
As cyber-attacks are evolving and becoming more effective, we predict to see an evolution in Cyber Security skills and defenses. Companies are expected to spend more money and allocate a separate budget for Cyber Security, whether this budget is used for (1) prevention, detection, and monitoring solutions, (2) spent on processes and compliance assessment to set and achieve companies’ Cyber Security strategy, (3) or used for training employees from boardroom to basement in order to equip them with the right skills that will change their cyber behavior and make them ready to help and be part of fighting cyber-attacks.
In terms of Cyber Security trends, it is expected that new and stronger authentication methods will be adopted in 2018. Including multi-factor authentication and reduction in the use of PII (Personally Identifiable Information) in the authentication and access process; such as social security numbers, date of birth, mother’s maiden name, etc. One of the reasons behind this prediction is the significant number of high profile breaches that happened in the past year which resulted in stealing a huge amount of PII records.
4. Cloud Security
Cloud adoption is increasing in both; the enterprise space and consumer space affected by the revolution of IoT and mobile devices. More focus and attention is expected to be on addressing Cyber Security risks of using the cloud. Additionally, Cyber Security companies will put more efforts to shape up their offering in order to suit the cloud security needs and challenges.
Author: Mohammad Qatatsha, Ingram Micro Cyber Security Solutions Architect
*As per their annual cybercrime report that was published in October 2017.
**These statistics were published by Gartner in February 2017 press release.