With every new hacking incident in the news, cybersecurity grows in importance to the modern tech-driven world. As more consumers get used to conducting banking, financial trades, or even medicine over the Internet, this trend shows no signs of abating.
In short, any business, no matter their size, needs to worry about information security.
What follows is a high-level overview of where cybersecurity is headed over the next few years. Will the demand for experienced information security professionals finally be filled? Will new technology innovations make data security an easier process? Let’s take a closer look.
Cybersecurity “Next” Trends
The Growth of the Global Cybersecurity Market Continues
A recent research report by Global Market Insights (GMI) predicts the worldwide cybersecurity market to grow to $300 billion by 2024. If it comes true, it means an annual growth of $30 billion over the next five years. On average, companies spent more than $12 million per year on information security initiatives.
As noted earlier, an increased reliance on eCommerce and other online activity requires companies to go the extra mile to protect their clients and customers. Expect this trend to continue.
AI Benefits Both Cybersecurity and Hackers
Innovations in artificial intelligence offer the benefit to improve cybersecurity practices. Unfortunately, the technology is also making life easier for hackers. According to Corey Nachreiner, CTO, WatchGuard Technologies: “cybercriminals and black hat hackers will create malicious chatbots that try to socially engineer victims into clicking links, downloading files or sharing private information.”
Still, expect advancements in machine learning algorithms to help network administrators keep their technical infrastructures secure. For instance, AI’s ability to analyze initial threats allows the limited number of cybersecurity professionals to focus on more critical incidents.
The IoT Makes Cybersecurity More Difficult
As more businesses and households embrace the Internet of Things, a massively increased number of devices on the Internet provides hackers with copious opportunities for nefarious activity.
“Your smart fridge will start scamming you. IoT-connected appliances such as refrigerators and washing machines already produce unattended payments that the user cannot personally verify. Fraudsters see this vulnerability now and will begin to take advantage of it,” predicts Uri Rivner, Chief Cyber Officer, BioCatch.
Cybersecurity Training Becomes a Critical Business Need
As companies struggle to find experienced information security professionals, expect the need to train existing employees to become critical. Software engineers and network administrators are two roles where having the right education helps them better secure corporate applications and infrastructures.
Looking for top security talent?
If you need advice on building a great IT team at your office, speak with The CERES Group. As one of the top technical staffing agencies in Boston, we maintain a supply of experienced candidates to meet your technology needs. Schedule some time with us soon!