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Trivia time! The handsome sum of $170 billion USD is equivalent to:

A. The GDP of Hungary

B. The purchase price of 131,000,000 Snickers bars

C. The forecast size of the global information security market for 2022

Whatever you answered, you’re right. But it’s C that really stands out for us. The market for security has been swelling, soon to equal the size of the 54th largest economy in the world. A promising figure, for sure, but there are others out there are that considerably more disheartening…

Hackers attack 2,244 times a day on average. The average time to identify a breach in 2019 was 206 days (roughly the time between Christmas and summer vacation). The average lifecycle of a breach was 314 days. On average, only 5% of companies’ folders are properly protected. 68% of business leaders feel their cybersecurity risks are increasing. And so forth.

Globally, cyberattacks are now the fastest growing category of crime. Financial losses from cybercrime exceed the total losses incurred from the global trade of all illegal drugs. Unfortunately, attackers are growing more audacious.

Oh yeah, and then there are the security challenges of responding to COVID-19.

Security trends to watch out for

What’s the point of sharing all this doom and gloom? Look at this way: rather than cause for fear, IT professionals and resellers should look at cybersecurity as a massive opportunity.

Security should be top of mind for all of us. If you’re not devoting enough attention to risk management today, you’re already lagging behind the criminals—with potentially devastating results. Not to mention the money you could be leaving on the table.

Cybersecurity is also an area where threats shapeshift at breakneck speed. Luckily, not all hope is lost. With that in mind, let’s have a look at some of the major security trends shaping the landscape right now.

Moving workloads to the cloud

The world is trending towards wider cloud adoption across all industries. Even governments, traditionally last to embrace innovative technologies, are catching on. The year-over-year surge is easily in double digits.

This transformation brings its own set of challenges, though. Mission-critical cloud storage apps must remain secure. Poor configuration of cloud security can lead to cyber criminals bypassing internal policies that protect sensitive information in the cloud database. SaaS applications like Microsoft 365 are attacked all the time. To counterbalance the risks, products like Office Protect offer robust monitoring, reporting and protection capabilities and provide an extra layer of defense against malicious attacks and unintentional breaches.

It’s vital for managed service providers (MSPs), or any business for that matter, to regularly review security policies and procedures and make any necessary adjustments. End customers should know where their data is and who can access it.

The emergence of security process automation

With a shortage of skilled staff, security automation helps get rid of repetitive, time-consuming tasks and allows specialists to focus on critical functions. Integration solutions are also becoming a necessity to enable teams to do more with less and reduce the workload.

Machine learning (ML) takes center stage

Implementing ML allows to learn cyber criminals’ behavior and analyze threat patterns. ML can evaluate security configurations from multiple angles, simulating a real attacker’s approach. We’re talking automated reasoning and data classification. Last but not least, artificial intelligence reduces the time needed for security experts to perform everyday tasks.

Antivirus suites like Bitdefender provide AI-powered blocking of the most sophisticated ransomware and exploits. Powerful yet light, it offers peace of mind and a low resource footprint.

Privacy is becoming a growing stand-alone discipline

Legal or compliance teams simply don’t have the expertise to keep up with developments in privacy. New regulations emerge frequently, with the EU’s GDPR widely regarded as the catalyst for this change. There is now a heightened need for integration and alignment with other corporate functions.

New teams, new functions

There are other organizational changes that the newly found focus on cyber security requires. More and more companies now implement enterprise-level chief security officers to bring together multiple security silos into a centralized model.

When it comes to interaction with consumers, some companies are starting to deploy cross-functional digital trust and safety teams to ensure a standard level of safety across various touchpoints.

Mobile devices and 5G

We all use our mobile devices every day for personal and business communication as well as for shopping, banking or holiday bookings. They are particularly vulnerable to threats; in 2019, about 93% of mobile transactions were fraudulent. Once hackers acquire access, they can steal practically all the information at once. And who hasn’t sent a work email from their smartphone? For safeguarding your messages against phishing, malware, and spam, there’s Proofpoint.

Then there’s 5G, the next-generation high-speed mobile internet, for which many cloud vendors won’t be able to provide adequate security. With its complex architecture, it’s the ideal playground for attacks. It’s clear mobile security will become an even greater focus point in the near future.

Secure Access Service Edge (SASE) as default for remote workers

With so many workers never needing to go to a physical office anymore, we are seeing a clear preference for cloud-delivered security services. Secure access service edge (SASE) technology routes traffic through a cloud-based security stack.

Zero-trust network access technology gains traction

Some companies are reluctant to adopt a Zero Trust model due to requirements to accurately map all access privileges. Nevertheless, this technology is slowly replacing VPN, since it allows for remote access control to specific applications, which also remain invisible from the internet.

Bigger budgets, new insurance policies

The case for a robust cyber security budget has never been stronger. With new data breaches hitting the headlines on a weekly basis, more people are becoming aware of the need for workplace security. Companies of all sizes are working harder to protect themselves and their customers. Cybersecurity training is also becoming a priority. All of that translates into increased spending.

Cyber-insurance policies are a relatively new phenomenon. The logic is simple: you get insured against all kinds of risks, including the less likely ones. Why not insure yourself against a very real, ever-increasing threat?

Vigilance is key

Remember: no company is too small to be targeted. About half of all cyberattacks target MSBs. In 2021 and beyond, not having adequate cybersecurity measures in place in addition to an emergency response plan is akin to leaving your company’s front door wide open overnight. You might get away with it—but are you willing to take the chance? What about for your clients?

If you’re not sure where to start, have a look at our Security Foundation Assessment. It’s a free, quick (but thorough!) tool designed to gauge your current security posture. It’ll help you define any deficiencies, anticipate possible crisis scenarios and identify solutions to fortify your baseline security. All execution starts with strong planning!

Try Sherweb's Security Foundation Assessment

Written by The Sherweb Team Collaborators @ Sherweb