With the increasing use of cloud computing and storage, widespread acceptance of Internet of Things, as well as the growing number of systems, remote users, and big data sets within organizations, today’s business environment and security risks have evolved enormously and require a shift in our cyber security mindset and practices. Below are some ways to ensure if your company has the right cyber security minset as per Identity Management Institute.
1. Collecting and sharing data responsibly
Big Data which is an extremely large set of data collected by companies and used in their predictive analytics to reveal patterns, trends, and associations of human behavior and interactions will grow faster than ever before. By 2020, every person online will create roughly 1.7 megabytes of new data every second, and that’s on top of the 44 zettabytes (or 44 trillion gigabytes) of data that will exist in the digital universe by that time.
2. Protecting your data with access controls, monitoring, and encryption
With the steady growth of data produced by the Internet of Things (IoT) and social media, businesses will be turning to Artificial Intelligence and machine learning to process, trend, and analyze the information. The use of AI is expected to double in one year to 31%.
3. Connecting devices selectively and monitor their activities
It is expected that the number of Internet of Things (IoT) devices will increase from 23 billion in 2018 to 31 billion in 2020 and 75 billion in 2025. These devices will be increasingly interconnected, loaded with data, and accessible from the Internet. Connect devices selectively and monitor their activities.
4. Engaging the best cloud security solutions and experts
83% of enterprise workloads will be in the cloud by 2020. It is estimated that 41% of enterprise workloads will be run on public cloud platforms, 20% on private-cloud, and 22% running on hybrid cloud platforms by 2020. On-premise workloads are predicted to shrink from 37% to 27% by 2020.
5. Being mindful of privacy laws
Data breaches are down year-over-year. Only 1.4 billion records were exposed in 686 breaches reported between January 1 and March 31, 2018. Unauthorized access has held its spot as the most common breach cause. Skimming, inadvertent disclosure, phishing, and malware rounded out the top five, just as they did in 2017.
6. Embracing identity and access management solutions
Multi-Factor authentication market is expected to reach $9.60 Billion by 2020, growing at a rate of 17.7% between 2015 and 2020. Two-factor authentication dominates the multi-factor authentication market with the highest market share.
7. Keeping up with technology to stay ahead
Nearly 90% of businesses will use biometric authentication by 2020. Fingerprint scanning is currently the most common type of biometric authentication used by 57% of organizations. Large companies are in fact trying to eliminate the use of passwords completely because 81% of hacking-related breaches leverage weak passwords or stolen passwords in social attacks such as phishing and pretexting in 43% of hacking cases.
8. Auditing vendors and treat your security organization as a profit center
63% of all cyber attacks could be traced either directly or indirectly to third parties. Organizations increasingly audit the security of their business partners due to expanding regulations and data breach incidents. Over 50% of global customers will reportedly cease to do business with hacked organizations.