2020 has been a crazy year for everyone and a lot has happened in the cybersecurity sector. It looks like 2021 will be another intense one. The pandemic has impacted people and businesses all over the world. We’ve managed to adapt and change the way we do business, but that also means we are increasingly dependent on cybersecurity tools and products. In fact, the global market for cybersecurity software is predicted to grow from $183.2 billion in 2019 to $230 billion in 2021.
What trends should companies expect to see in 2021?
1. Internal/Insider Threats
In addition to the high external risk, the sharing of data by insiders with malicious intent or “careless” employees is a risk that should not be underestimated. As a result, Forrester predicts that 33% of data breaches will originate from insiders in 2021, compared to 25% in 2020.
2. Ransomware, a very profitable and low-risk market
According to CoveWare, today, the average amount of a ransom is $178,000, compared to $40,000 in 2019. Ransomware will always be at the top of the list of cybercriminals, mainly because it has a profitability of up to 500%. Ransomwares attacks are becoming more and more common, and no industries are safe. Good cyber hygiene and cybersecurity tools have never been this important – they reduce the risk and will become more and more essential to cope with the volume of attacks. “I see no reason why ransomware would slow down in 2021,” says Charles Carmakal, senior vice president and chief technical officer of the cybersecurity firm Mandiant.
3. COVID Scams
2020 has shown us that the COVID-19 health crisis is also the breeding ground for cyber attackers to carry out their misdeeds and petty theft. A recent study by the Unit42 looked at the phenomenon. Researchers from Unit 42 specialize in threat monitoring at Palo Alto Networks, they took a close look at a multitude of cyberattacks, whose common thread is COVID-19, triggered around the world in recent months. Since the beginning of the year, they have isolated more than 40,000 newly-registered websites using a name related to the pandemic, which they classify as “high-risk” because of the scams and malware suffered by unsuspecting users.
4. Phishing Attacks
Phishing attacks are here to stay. Whether small businesses or individuals, many are facing major financial difficulties as a result of the COVID crisis. Unfortunately, cybercriminals take advantage of such circumstances because, in desperation, people are more likely to click on phishing scams, even if, in hindsight, they seem far too good to be true. The major increase in phishing attacks we saw in 2020 will most likely stick around during 2021.
5. Employee Fatigue
Working from home means that many of us are now connected 10 to 12 hours a day, getting very little rest and free time between meetings and workdays. This will lead to more human errors that can lead to cybersecurity incidents purely due to employee fatigue or complacency. This means that companies need to completely rethink the way they train their IT teams.
6. The rush to the Cloud
Most companies in the United States and Europe have already or are planning to move and host their key business operations in the Cloud. With the onset of the pandemic, the deadline is now measured in months. While security teams continue to address the issues associated with the transition – this rapid, sometimes forced migration will result in security gaps, and it is likely that there will be more security incidents related to the cloud, at least until the migration process is complete. Overall, COVID-19 will continue to force organizations to accelerate digital transformation efforts.
Overall, businesses, governments, and individuals should remain cautious throughout 2021. On the one hand, cybersecurity incidents will keep getting more serious and costly but on the other, technology and cybersecurity tools are progressing. Check out our latest product, CnSight, a lightweight and first of its kind solution offering executive-level analytics and visualization on the effectiveness of your cyber program. See how CnSight could help your organization stay on top of its cybersecurity strategy throughout 2021.