The Future of Cybersecurity
As any technology-focused business leader knows, we as a society are in what seems to be a constant battle to develop new unique solutions to prevent cybercriminals from gaining access and exploiting an organization’s data. As our global economy adopts new technologies to enhance global business processes, create new technological solutions, and use technology to interact with customers, cybercriminals are figuring out ways to exploit these new technologies and sell our organization’s sensitive information on the dark web. Cybersecurity has emerged to provide technologies, strategies, and security processes to combat these cyber threats. Now, as threats modernize and become more advanced in evading standard cybersecurity protection mechanisms, cybersecurity is tasked to elevate with a formidable response in mitigating these evolving threats.
As we venture into this new world of cybersecurity, we’re finding new avenues open up within machine learning, big data, automation, Internet of Things (IoT), artificial intelligence, advanced security algorithms, advanced real-time network security, and other cybersecurity strategies to help combat these new threats.
Why Do Organizations Need Modernized Cybersecurity?
Today, there is a critical need for organizations to continually enhance their cybersecurity and information security strategy. The reason for this is an organization’s security solution isn’t much different from any other technological gadget we own today; the underlying technology seems to be outdated and obsolete soon after we purchase it. Now, it may not be this pronounced with a cybersecurity solution; however, the principle remains. As cyber threats modernize, cybersecurity postures also need to modernize to minimize the risk of sustaining a data breach, inadvertent exposure of sensitive information, or exposure of personal data.
What Risks Do Organizations Face By Not Implementing a Modernized Cybersecurity Strategy?
Organizations that do not keep pace with evolving security issues risk paying a substantial price. Sadly cybercrime can be extremely costly for an organization. In 2019, the average cost of a data breach was 3.92 million dollars. And by 2021, the global price tag for cybercrimes is projected to hit 6 trillion dollars. Further, if an organization is storing client personally identifiable information, credit card information, healthcare, or any other form of client personal data, they risk paying massive fines in the event of a cyberattack. Unfortunately, many small to medium-sized organizations are unable to sustain their business after a major cyberattack, so much so that 60% of small to medium-sized businesses close after six months of an attack.
One of the most exciting avenues today that is blazing the trail for forward-thinking cybersecurity strategies is the application of artificial intelligence. Today, the challenge with any threat detection system is in its effectiveness in deeming if an activity is malicious or not. On the one hand, if the detection system isn’t accurate enough, it will let cyber threats breach a network undetected. On the other hand, an imperfect detection system can falsely deem appropriate behavior as a malicious attack. Really, the eternal chase is to create a detection mechanism that is near perfect in its threat intelligence and ability to detect threats. This is where organizations are placing their bets on creating an artificial intelligence system that can autonomously detect threats based on recreating human reason and rationality.