5 Cyber Security Trends for 2020

Within the first half of 2019, data leaks exposed over four billion records  as security breaches increased 11% since 2018 and 67% since 2014. However, while cyber-attacks seem to be on the rise, companies are increasing their efforts to bolster their defences with worldwide spending set to reach $133.7 billion by 2022.

So, as cyber-security continues to be one of the main concerns for businesses of every size, 2020 is only going to bring more advances to help keep IT infrastructures secure. We’ve spent two decades watching the industry grow and these are our predictions for the next year.

Expansion of Cloud-Based Security

Cloud Infrastructure spending exceeded $80 billion in 2018, and since then, the industry has only grown from strength to strength. Over the past two decades, cloud computing has massively evolved and now supports the critical operations of local and global companies. Therefore, it was only a matter of time before the cloud provided benefits for cyber-security.

By reducing costs and delivering greater threat intelligence, businesses receive better protection with improved threat detection. As companies around the world continue to move more applications to the cloud, the thriving cloud-based cyber-security services are only set to continue growing in 2020.

Advancing Data Encryptions

The current cyber-threat landscape is continuously expanding and to combat it, data encryption has been forced to improve to keep up. The main issue faced by companies is that these strategies can quickly become dated and once they do, the protected data can easily be compromised by cyber-attacks.

In 2020, the IT industry will see data encryptions become increasingly more advanced as they integrate ring signature, zero-knowledge proof and distributed ledger technologies. The advantage of combining these technologies is that it allows for full or partial data anonymisation while automating data and identity verification.

An Increase in Cyber-Insurance

It’s normal for businesses to take out insurance to protect the company, so it’s no surprise that many are already investing in cyber-security insurance in case they fall victim to an attack. Research by Deloitte estimates that the lowest-end cyber-attacks can be run for as little as $34 a month while returning figures of up to $25,000. With such low costs, it’s no surprise that a hacking attempt happens every 36 seconds, and with such high-frequency insuring against a breach can save a business.

Currently, the US cyber-insurance market has an estimated worth of around $2.4 billion, and by the end of 2020, this is expected to have doubled or even tripled. Currently, the policies can be restrictive and expensive, but demand is only going to grow as IT breaches continue to make headlines.

A Replacement to Passwords

Over the past few years, we’ve seen an increase in alternative authentication methods, you only need to pick up an iPhone or Android to experience a biometric approach. Protecting passwords has been an issue since the dawn of the internet, and in 2020 we could see innovative solutions come to the forefront.

Research undertaken by Garter suggests 90% of mid-size businesses will implement a password-free approach, choosing alternatives such as hardware tokens and knowledge-based authentication.

A Continued Need for Cyber-Security Talent

The tech industry has been suffering from a vast cyber-security skills gap for many years and this is only set to widen. By 2021, Cybersecurity Ventures estimate there will 3.5 million unfilled vacancies around the world, marking a global increase of 350%.

At Senitor, we’ve spent 20 years monitoring the state of the cyber-security industry, and our extensive knowledge put us in the perfect position to place candidates at the sector’s cutting-edge. So, if you’re looking to take advantage of the increasing need for cyber-security talent, then we can help. Get in touch today to find out more.