Cyber security has become a key issue for public and private enterprises in recent years, as cyber attacks become more organized and sophisticated. Enterprises are trying to protect themselves from malware, phishing, ransomware and denial of service (DoS) attacks. They’re spending more on cyber security solutions, which help to monitor, detect, report and counter these attacks.
What can we expect from 2017? Here are 5 trends to look out for this year.
IoT devices are encroaching on every aspect of our lives. Whether it’s your smartphone, car or everyday household object, the IoT is connecting us in ways we couldn’t have imagined ten years ago. We store our personal health and financial information on these devices. Unfortunately, this also increases the chances of us being targeted by cybercriminals. In 2017, we are likely to see more incidents like the denial of service attack on DNS provider Dyn.
The The Insight Partners says “security susceptibilities are increasing dramatically as the attack surface widens and manufacturers struggle to protect sensitive data, Intellectual Property (IP) and process integrity.”
Could AI-based security be the answer? A new report from Mind Commerce says “IoT is a particularly important area for AI as a means for safeguarding assets, reducing fraud, and supporting analytics and automated decision making.”
The WannaCry ransomware attack earlier this month affected more than 300,000 organizations across 150 countries. It exploited a flaw in Microsoft Windows’ operating system to spread rapidly across networks encrypting data and demanding ransom payments in the form of Bitcoin. A number of high-profile organizations were targeted in the attack, including Renault, FedEx and Bank of China.
As more data gets stored on our mobile devices, ransomware will continue to gain popularity with cybercriminals. According to a report from Reuters today, a new found flaw in the networking software Samba has left tens of thousands of computers potentially vulnerable to a similar attacks. It has urged users and administrators to apply a patch.
The Ransomware Protection Market is expected to be worth USD 17.36 billion by 2021.
The new EU GDPRs (European Union General Data Protection Regulation) come into effect exactly one year from today. For companies that process European citizens’ data (regardless of what country they operate from) the GDPR will impose mandatory breach notifications, privacy impact assessments and the right-to-be-forgotten. Organisations failing to comply will face fines up to 4% of their annual global revenue or 20 million Euro. This means companies will be rushing to adjust their privacy policies in 2017.
Varonis Systems, a leading provider of software solutions that protect data from insider threats and cyberattacks, released findings today from an independent survey probing attitudes towards the EU General Data Protection Regulations. The survey reveals that 75% of organizations indicate they will struggle to be ready for the deadline.
We have seen numerous acquisitions in the cyber security market in 2017 alone. In February, Sophos acquired Invincea for $100 million. Invincea offers advanced malware threat detection, network breach prevention, and pre-breach forensic intelligence. Hewlett Packard Enterprise also acquired machine learning security technology startup Niara for an undisclosed amount.
In Wednesday’s blog, we spoke about Microsoft’s acquisition of Israeli cybersecurity startup Hexadite in a deal rumoured to be worth around $100 million. Microsoft has acquired, or invested in, a number of cybersecurity company over the past few years. They bought Secure Island back in 2015 and invested in cybersecurity firm Team8 in January of this year. They also purchased Cloudyn, a cloud-monitoring startup based in Rosh Ha’ayin, for $70 million earlier this month.
MANAGED SECURITY SERVICES
The global managed security services market was estimated at USD 17.31 billion in 2016 and is expected to reach USD 34.69 billion by the end of 2021. Managed security services are network security services that have been outsourced to a service provider.
Increasing adoption of managed security services across large and small enterprises is a result of the increasing need to implement security strategies that can not only facilitate an organization’s information security but also provides satisfactory assurance for regulatory compliance requirements. However, trust issues related to third party vendors hinders the market growth.
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