In recent years, we witnessed some of the biggest and most devastating cyber attacks in history. Well established firms such as Yahoo, Uber and Equifax all fell victim to such attacks, in turn affecting the day to day operations of these firms and the consumers as well. It’s important to point out that it’s not only the big firms that fell victims to cyber attacks but also small businesses.
Cyber attacks orchestrated by malicious skilled experts affected hospitals, manufacturing companies, government agencies and individuals who transacted with many of these firms. On top of that, many businesses, especially small companies, lack the facilities to handle such cyber attacks mainly because the process of implementing comprehensive security systems is quite expensive.
Finding competent staff members capable of diverting such attacks is a rigorous, time consuming, financially depriving and challenging process for many companies. With that said, it’s clear that advancements in technology facilitate the introduction of new programs as well as new ways of handling and eliminating security threats. Blockchain Technologies, Adaptive Authentication and Artificial Intelligence are some of the latest technologies, which continue to transform the cyber security landscape. Innovators including those stationed in Silicon Valley and venture capitalists are heavily investing in these trends.
Research shows that in the last 13 years, the cyber security market has grown 35 times bigger. At the moment, the industry is worth 120 billion dollars. By looking at recent trends, this number is estimated to increase by over $1 trillion by the year 2021. Let us look at some of the cyber security trends that we should expect next year.
Intelligent Security Systems
Though the term intelligent security systems have been thrown around a lot, we are now finally able to see the idea come to fruition. The consumer market is now filled with customs solutions and innovative technologies, and as the day goes by, more and more companies continue to introduce new products. All these products combine elements of artificial intelligence and machine learning, as well as traditional security applications. For many security systems, the more threats and attacks they face, the more the intelligent system adapts to such attacks. In turn, the security system is able to develop new defence mechanisms to prevent such attacks from happening in the near future.
The premise of intelligent security systems is that they will first learn to identify suspicious activities and any unwarranted changes to the existing software. On top of that, they will also continuously monitor the network to flush out any unapproved parties that may have found a way into it.
Introduced five years ago, blockchain technology is a relatively new field that continues to create a lot of buzz in the tech world. Many people look at blockchain in terms of investment or commerce. However, what many fail to understand is that it’s a security mechanism. Thanks to blockchain technology, all transactions conducted within the system are fully secure. In addition, the identities of the people undertaking transactions remain anonymous. Though the public ledger validates all transaction, any information including the identity of the individuals will remain private at all time.
Blockchain powered security can be employed in a number of fields and key areas including transactional systems, identification of management software, healthcare management data, and several other industries.
Also referred to as adaptive authentication, Risk-Based Authentication is an emerging technology that is completely transforming identity management systems. Some of the major players including RSA, IBM, and Gentrify continue to release new risk-based authentication products into the consumer market. These products employ many technical and behavioural metrics to minimise access to various applications until the system is able to complete the verification process. After analysing device vulnerabilities, the users IP address, historical behaviour and network connections, users can sign into their SaaS databases, applications, as well as the company’s knowledge base.
Human Resource officers can integrate devices and directories to control and monitor access permissions. Once this is in place, users will worry less about their online security, while the firm will worry less about suspicious activities.
At getNEXT we are committed to helping our customers safeguard their IT integrity and ensure their business continuity, focusing on business outcomes, not technology solutions alone. Get in touch today to see how we can help your business.