The technology landscape is constantly transforming, and the trends in cybersecurity are keeping pace with it. In this post, we will analyze the emerging cyber threats that businesses must watch out for in 2021 and beyond, and focus on the ones that pose the most risk to companies going forward.
In 2020, the written premiums for independent cyber coverage increased by 29% as businesses of all sizes are turning to insurance protection in the face of a considerable increase in ransomware incidents, data theft, and network intrusions over the last 2 years alone. Also, the shift to a work-from-home business culture at the start of the pandemic, combined with an increase in phishing emails, left organizations more exposed.
According to AdvisorSmith, the most common causes of cyber insurance claims are employee negligence, phishing, ransomware, and hacking. Apartment buildings, medical offices, and accountants in possession of financial or personal information, dates of birth, or customer social security numbers tend to pay the highest premiums for their cyber insurance.
As cyberattacks continue to grow in frequency and intensity, AI is being optimized to help under-funded security teams to combat these threats. By assessing great quantities of risk data from unstructured and structured resources, artificial intelligence provides threat intelligence, shrinking the time the IT team takes to make vital decisions and eliminate any particular threat. It has been estimated that AI in the cybersecurity market is set to generate $101.8 billion by 2030, which is a whopping increase if you consider its value of $8.6 billion in 2019.
No thanks to growing data breaches, security teams around the world are pressed to gain visibility of customer and enterprise data across applications, Cloud workloads, servers, networks, endpoints, and emails. The Extended Detection and Response (XDR) is rising in popularity as this technology can automatically collect data from multiple endpoints and compare them to allow faster threat detection and mitigation.
For example, a cybersecurity incident that caused alerts on an application, network, and server can be combined and coordinated to enable context and visibility into the incident. Essentially speaking, XDR centralizes all your security data by combining endpoint detection and response (EDR), network traffic analysis (NTA), security orchestration, automation, and response (SOAR), and security information and event management (SIEM).
Getting this level of visibility across endpoints, cloud, and networks, and correlating threat intelligence across security products greatly enhances the degree of detection and response.
Passwords are still the go-to standard for cybersecurity best practices, but more and more businesses are adopting MFA as an extra layer of defense against malicious attacks and data breaches in 2021. Multi-Factor Authentication involves the use of two or more independent factors in authorizing users when it comes to accessing secure data. This forces users to make use of more than one device to validate their identity. If your company doesn’t already have an MFA in place, it’s high time it did.
The evolving online threats can make it tricky for your business to effectively focus on your core business objectives while ensuring security. This is where our experts at We Solve Problems come in. Our managed security service providers can help detect, prevent, and respond to all types of threats, as well as tackle complex compliance requirements for you. Contact us at 310-998-7070 or complete this contact form to get started today.