Top Cybersecurity Trends for 2020| January 21, 2020
In 2019, security and operation centers (SOCs) and IT security providers saw enormous growth in organizations needing cybersecurity solutions for detection and response to cybersecurity attacks and breaches, as well as managing overall privacy and user concerns. Cyberhackers are getting smarter and more strategic, and personal data is more at risk than ever. We know that security threats are not going away. Here are some of our thoughts about what you should expect in 2020.
1. Increasing privacy concerns will lead to more legislation aimed at protecting online privacy.
Europe has already implemented the General Data Protection Regulation (GDPR) regulation within the European Union. While this was introduced in 2016 and became active in 2018, the associated fines started climbing in 2019, according to Alpin.io’s Major GDPR Fine tracker, a total of 27 fines amounting $476,002,525 in USD. If you are not familiar with GDPR, they are regulations that help to protect personal data and privacy.
In the U.S., California has implanted a new data privacy act, which takes effect this month, which extends to all organizations doing business with Californians.
“U.S. citizens will step up their demands for privacy in 2020. Privacy legislation in the U.S., which has lagged behind other nations, will be a central issue.” – George Anderson, Product Marketing Director, Webroot
At a state-wide and national level, others are looking to follow California’s lead in protecting access to and misuse of personal data. The National Institute of Standards and Technology (NIST) introduced it’s first-ever Draft Privacy Framework last September. The draft signals two critical things as we move into 2020: privacy management is here and not leaving, and the U.S. is going to weigh-in on the international privacy legislation.
2. Online fraud will become more sophisticated and target small businesses.
Organized crime is turning to online fraud. You would think hackers and cybercriminals would focus on large multi-million and billion-dollar corporations. In reality, they are using ransomware to cripple small businesses. Even with layers of security and security training, end users are still vulnerable to phishing and spear-phishing attacks. These attacks are often targeted to business owners, CFOs, and administrative personnel that manage accounts payables or finances. We expect these targeted attacks will include attempting to gain access to networks and collect data before determining the most profitable way to launch an attack.
3. Cybersecurity will continue to be a top priority for CIOs.
Data breaches, ransomware, identity theft, and denial of service attacks will continue to dominate CIO concerns in 2020. In response, CIOs will likely invest in business continuity solutions that are more automated and separated from the corporate network.
We know this is a lot to consider when planning for your cybersecurity approach to 2020. See the link below to contact a Concensus team member for help. We’ll also provide a cybersecurity healthcheck that reviews your current environment to see if you have any gaps in your network, so you’re completely covered.