Digitization has taken the world by storm as new technologies and developments pave their way through. With the world progressing on the digital fronts and adapting to the work from home and remote desktop work trends during the COVID-19 pandemic outbreak, it is no surprise that the incidences of cybercrimes have soared to new heights.
According to Internet Crime Complaint Center (IC3), the world observed a dynamic surge in cyberattack cases from 2016 to 2020. Comparing the statistics, the agency reported receiving nearly 791,790 complaints related to cyberthefts and losses in 2020, which was 69% more than that in 2019. Losses to businesses and individuals, during the same year, totaled to $4.2 billion, up by 20% from 2019.
Owing to such massive business losses, companies have now been shifting their interests in deploying inherent cybersecurity solutions and services to ensure proper work data security and safety on the digital platforms. Cybersecurity market is touted to account for a stellar growth in the coming years, driven by the notable developments and future technologies in the space.
According to Global Market Insights, Cyber Security Market will surpass USD 400 Billion by 2027 at 10% CAGR from 2021 to 2027.
Given below is a snapshot of the future technologies that are expected to shape the outlook of cybersecurity market beyond 2021:
-
Multi-factor authentication
Gone are those days when just passwords were considered to be supreme in protecting the crucial data from being stolen. With technologies advancing today, it has become quite easy for people to carry out unethical activities and obtain access of other’s information while trying to crack the password. This is where multi-factor authentication comes into picture. MFA is a verification method which calls in for the user to provide two or more authentication factors to gain access to a resource. It is different from single validation methods in a way that that it requires one or more additional verification factors, which reduces the possibility of a successful cyberattack.
Various multi-factor authentication industry players and other technology giants are striving to launch novel products in the business space of cyber security and password protection. Attesting the aforesaid, Google has reportedly announced working on the multi-factor authentication option on consumer accounts by default. The company aims to auto-enroll over 150 million users in the feature, by 2021 end.
-
AI and machine learning
Artificial Intelligence (AI) and machine learning have become an integral part of information security, as these technologies are capable of quickly analyzing millions of data sets and tracing down a wide variety of cyber-attacks. Further, these technologies continually learn and improve, extracting data from past experience and present to pinpoint new variations of attacks that can occur at any point of the time.
Some of the advantages associated with the use of AI in cybersecurity include, breach risk prediction, detecting new threats, battling bots, and offering better endpoint protection. According to a Capgemini report, 69% of the enterprise executives firmly believe that AI is necessary to respond to cyberattacks, with 80% of the telecom companies relying on AI to help detect threats and thwart attacks.
-
Blockchain cybersecurity
Blockchain technology is expected to offer potential cybersecurity benefits including alleviating the risks of cyberattacks. The technology has recently created immense hype as a cure for all current challenges related to cyber security.
Blockchain offers a strong and effective solution for securing networked ledgers. Blockchain technology is deemed to provide transactional and robust security than conventional, centralized computing services for secured networked ledgers. It can also be used to develop a standard security protocol and in securing private messaging by forming a unified API framework to facilitate cross-messenger communication capabilities.
Cybersecurity is at the tipping point today. Advancements in AI, ML, Big Data and other technologies, are accelerating its progress to a much larger extent. It is no doubt that cybersecurity is taking the world by storm, helping in reducing the number of cybercrimes. By creating a cybersecurity network that encourages diversity and value equality, the world can help to ensure that technology, innovation, and future, will be far better than today.
About the Author
Saloni Walimbe, an avid reader since childhood. Saloni Walimbe is currently following her passion for content creation by penning down insightful articles relating to global industry trends, business news and market research. With an MBA-Marketing qualification under her belt, she has spent two years as a content writer in the advertising field, before making a switch to the market research domain. Aside from her professional work, she is an ardent animal lover and enjoys movies, music, and books in her spare time.
