The pandemic accelerated digital transformation. The past two years saw a tremendous shift in how businesses and consumers accomplished tasks with the continued shift to cloud and digital. But, what does this increasingly agile and hyper-connected world mean for an enterprise’s security? High-level data breaches have disturbed both public and private sectors, and ransomware demands have reached new heights. In this article at IT Governance, Luke Irwin shares top cyber security predictions that you must be ready for in the days to come.
Cyber Security Predictions to Watch Out for
Increasing Demand for Cyber Insurance
Cyberattacks are a significant problem for all organizations—irrespective of the size and nature of the business. As a result, many companies have turned to cyber insurance to protect themselves against the effects of cyber incidents. A cyber insurance policy will undoubtedly minimize business disruption during a cyberattack and its aftermath. Cyber insurance in enterprises will become a necessity due to the heightened risks and exponential growth of ransomware attacks.
Soaring Premium Rates
The supply and demand imbalance in the cyber insurance market has resulted in soaring premium rates. “Increased demand for cyber insurance and rise in high-profile data breaches will lead to premiums shooting up’,” explains Liz Millers, an analyst at Constellation Research. Compared to last year, studies indicate that clients’ cyber premium rates surged 174% in September 2021.
Rising Supply Chain Attacks Are a Cyber Security Concern
This is one of the cyber security predictions to watch out for. Experts believe that supply chain attacks will be prevalent due to ongoing economic shortages. Disruptions will continue to create opportunities for threat actors to target the supply chain. Enterprises must look out for the rise of the quadruple extortion model that includes holding victims’ critical data, attacking supply chain or partner vendors, and threatening to target their customers.
Irwin also predicts that ‘The Great Resgination’ increases the risk of employees acting maliciously against their employer. Additionally, the author explains that mobile devices will continue to be a growing target for attackers as they act as storage for a considerable amount of valuable information.
To learn more about cyber security predictions, click on https://www.itgovernance.co.uk/blog/9-cyber-security-predictions-for-2022.
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