As the world of business continues to grow, cybersecurity continues to be an area of growing concern. In the past couple of years, we have seen an increase in cyber-attacks and organisations reporting more frequent cybersecurity breaches within their organisations. Thus, with concern growing for the future of cybersecurity, it is important to understand the industry. 

 

Cyber Crime Statistics:

• Nearly 1 billion emails were exposed in a single year, affecting 1 in 5 internet users. 

• Data breaches cost businesses an average of nearly £4 million in 2022. 

• Cybercrime cost UK businesses an average of £4200 in 2022. 

• The cost of cybercrime is predicted to hit nearly £7 trillion in 2023 and will grow to nearly £9 trillion by 2025, according to Cybersecurity Ventures.

• Cybersecurity statistics indicate that there are 2,200 cyber attacks per day, with a cyber attack happening every 39 seconds on average. 

• The most common cyber threat facing businesses and individuals today is phishing. 

• In 2020, malware attacks increased by 358% compared to 2019.

 

What does the future of cybersecurity hold?

 

Artificial intelligence

AI has made massive strides in 2023 thus far. We have recently seen an increase in the use of AI and various AI software such as ChatGPT. Many social media platforms are now introducing AI features that users can utilise. As AI gains recognition across the globe it also becomes more efficient and more advanced. AI is a game changer for cybersecurity as it can analyse massive quantities of risk data to speed up response times and augment under-resourced security operations. Artificial intelligence can help under-resourced security operations analysts stay ahead of threats. 

 

Skills gap

Many organisations lack sufficient cybersecurity expertise. Many companies struggle with identifying and managing the risks of cybersecurity breaches. As data analytics grew in popularity, cybersecurity did not get the same attention in terms of education. Therefore it has meant that many companies have been left behind when it comes to cybersecurity. We need to focus on educating and expanding our knowledge of cybersecurity to ensure we are one step ahead; adequate employee training can help to tackle this.

 

On-demand access to data and information through cloud computing

On average, in 2020, every person on Earth created 1.7 megabytes of data each second. Various organisations are responsible for storing, managing and protecting consumer data. Many recent high-profile attacks exploited this data access. It is predicted that even cloud computing could be compromised. 

 

Over 60% of corporate data is stored in the cloud so a breach of data is an area of growing concern. Tyler Cohen Wood, a cybersecurity speaker and trainer, speculates that cloud computing might have a shorter lifespan than we think; he predicts that the cloud might evaporate by 2031. Wood states “I don’t think things will be in the cloud in 10 years; I think things will be back to on-perm. There will be more peer-to-peer closed networks. People will figure out how to use blockchain”.

 

Passwords

80% of data breaches were a result of weak or stolen passwords. Passwords are the key to your personal information and paramount to cybersafety. You should always change and update your passwords regularly and never use passwords between different devices and accounts. Try creating unique passwords that are unrecognisable by the dictionary. Nowadays, Apple iPhones can generate strong passwords for you which you can save on your device. This lessens the chances of your passwords being discovered. Roger Grimes, a defense evangelist for KnownBe4, states that “the methods used 34 years ago are the same methods used today. They haven’t invented a new way of hacking. So, I believe that passwords will be around at least another 10 years, or two decades, or forever.”

 

Phishing

Phishing is one of the most common methods that hackers use. It involves hackers infiltrating your valuable data or spreading malware. Advances in technology have made it easier for hackers to phish. According to the firm Lookout, the highest rate of mobile phishing in history was recorded in 2022, with half of the mobile phone owners worldwide exposed to a phishing attack every quarter of the year and it’s set to only increase. Lookout also states that “cybercriminals mostly abused Microsoft's brand name in phishing attacks, with more than 30 million messages using its branding or mentioning products like Office or OneDrive. However, other companies were also frequently impersonated by cybercriminals, including Amazon (mentioned in 6.5 million attacks), DocuSign (3.5 million), Google (2.6 million), DHL (2 million), and Adobe (1.5 million).”

 

Rise in business e-mail compromise

Working hand-in-hand with phishing, business emails being compromised (BEC) is a prominent issue. Research company Trellix determined that 78% of BEC involved fake CEO emails. Some tactics included asking employees to confirm direct phone numbers to execute a voice-phishing scheme.

 

There’s a lot in store for the future of cybersecurity. As cybersecurity evolves further, with it comes more risk to business owners and individuals across the globe. Hackers will find new ways to access personal information and compromise systems. Cybersecurity can have a direct impact on the economy through the businesses it can affect; so it’s important to raise more awareness of the risks and solutions.