10 Trend that will Dominate the Cyber Security Market

Date:   Tuesday , July 12, 2016

Born in 2000, Bangalore-based Paladion Networks is a specialized partner for information risk management for leading organizations across industries including BFSI, ITES, Telecom and Manufacturing.

The figures speak volumes. The global cyber security market is anticipated to grow to $170 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8 percent from 2016 to 2020, as per a report from Markets and Markets. Research firm Gartner opines that the global spending on IT security will be at $101 billion by 2018.

Interestingly, today, companies are committing themselves not only on security solutions but also on security services. Managed security services have witnessed rapid pickups by covering 40 percent of the security market in 2015. Blitzkrieg rise in cyber threats is driven by factors such as increasing mobile and web usage, social media and the Internet of Things (IoT), among others.

Triggered by such threats, companies are increasingly opting for integrated security solutions. Having one integrated security solution goes a long way in terms of reducing costs and complications. The aerospace, defense, and intelligence verticals are leading in terms of cyber security requirements but other businesses are not anyways lagging behind. The reason is self explanatory - Globally, cyber attacks are costing businesses $400 billion to $500 billion, a year.

As cyber threats are becoming device agnostic, smarter and more intelligent, security vulnerabilities are also increasing hand in hand. Companies are scaling their businesses by adopting initiatives such as cloud and social, information that previously resided in internal systems are now distributed across various devices and levels like on-premises, public clouds, social media and mobile. This naturally subjects consumers, businesses and governments to higher risks, vulnerabilities and exposures. Cloud security is poised to evolve into simpler, scalable, virtualized controls and solutions that will have embedded security processes to help map current IT systems.

In the wake of such frequent high-profile security breaches taking place, it is indispensible to build best-practices in order to prevent such incidences from happening as well as prepare for response action in case a breach occurs. CIOs and CEOs must pay attention to this.

Cybercriminals are becoming more and more sophisticated and collaborative with each passing day. These are the top 10 trends that are set to dominate the security world in 2016, including the threats posed by the surge of embedded big data, mobile applications and IoT, hacktivism and the lack of skilled and up-to-date cyber security professionals.

1. Need for Doing the Groundwork

Organizations pull their socks up once a security beach rears its ugly head. However, for an incident response to be fully effective, it relies on robust processes, technology, preparation and good practice. Most organizations do not make any disaster management plan even after they have identified threats and vulnerabilities. This is likely to change in the coming years.

2. Intelligent Security Infrastructure

There will be a much greater emphasis on an intelligence-led security approach, as traditional technologies fail to track security incidents and behaviors and are unable to aggregate and analyze the huge amounts of information across a customer\'s network. There will be more widespread adoption of real-time monitoring and advanced analytics.

3. Phishing & Malware

Watchfulness around phishing emails, especially spear phishing will be a focus area in 2016. Phishing is not new, although cyber-criminals continue to capitalize on opportunities in the market. Organizations will begin to include all relevant information on their own website to prevent that.

4. The \'Transparency of Things\'

The Internet of Things (IoT) has forayed into enterprises and industrial environments as they boast of efficiency. While IoT offers business value, the risks must be balanced against the benefits. These connected network structure will now be managed in line with an organization\'s overall security strategy.

5. Plastic Money

Protection against financial frauds with stolen banking credentials or via social engineering tricks like spear phishing emails will be the order of the day. Companies are taking steps to counter that.

6. Cyber-terrorism

Malicious types of state-sponsored hacking are likely to take place targeting government, defense and other strategic sectors, threatening national security. Rather than espionage against strategic industries, there may be sabotages as well.

7. The Dynamics of the Industry

New technological breakthroughs and new security vulnerabilities go hand in hand. On top of that, researchers are still to come up with solutions to fight vulnerabilities coming from old technologies. A new broader focus on security is set to emerge that goes beyond servers, workstations and communications infrastructure, growing to encompass appliances, vehicles, factories, utility infrastructure, medical devices and a myriad other devices that will end up being connected to the internet in the coming years. With consumes realizing the value of information and its privacy, companies will be forced to redesign security systems in their products. Apple has already introduced new security controls on iPhone following a massive breach.

8. Smart Cars

Connected cars are incredibly complex containing up to 100 electronic control units (ECUs). These control all-important functions of a car, including brakes and the engine and they are connected to both the internal networks of the car as well as the internet, threats such as breach of the telematics system to suppress the anti-theft-system or deploy unauthorized software to control the brakes emerges as such. Thus, car manufacturers will need to have under their umbrella skilled car security experts and high-end technology to mitigate such attacks.

9. Machine Learning

There will be increased emphasis on artificial intelligence and machine learning which gives computers the ability to learn without being explicitly programmed. Though highly advanced analysis engine based on machine learning can make it extremely difficult for hackers to by-pass detection, however risks are always there.

10. Wearable Devices

Wearable devices are still at its nascent stage but they will soon become mainstream.Companies have in place controls and processes to manage mobile devices like phones and tablets; however wearables and connected devices are not yet considered part of an organisation\'s risk management strategy. TVs with microphones, personal monitoring and privacy are all potential entry points to an organization\'s infrastructure and businesses will need to ensure they take proper steps to curtail possible security breaches arising from such connected devices.

Furthermore, data backup and recovery will become synonymous with security. Vendors will rely on automated tiered solutions and data de-duplication to address the challenges of heterogeneity of technology. Encrypted data backups and non-agent cloud-based replication will become the norm for data security over the coming years.