Cybersecurity Priorities – Trends of the Future

Business leaders are bracing for another year of cybercrime. Cybersecurity priorities for this year and beyond reflect their major concerns.

There has been an onslaught of assaults, more third-party breaches, and an increase in remote work. These are just a few of the many reasons why there is great concern over cybersecurity priorities and postures. As a result, many want to considerably increase their cybersecurity infrastructure and outsourcing budgets.

Here are the top four areas where cybersecurity leaders will invest in the near future:

 

1. Outsourcing Cybersecurity

Business leaders are expecting that more than $77 billion will be spent on security services outsourcing in 2022. This makes it the most expensive category of cybersecurity spending. According to recent research, 62 percent of companies already have a plan to outsource in the next 12 months.

Businesses are increasingly outsourcing security services for a variety of reasons. These include:

Increasing capabilities.

 A variety of functions may be challenging to do in-house. These include security analytics, network monitoring, alerting, endpoint monitoring, and cloud monitoring. In addition, penetration testing, threat hunting, and vulnerability assessment may be complicated as well.

Addressing the issue of workforce shortages.

There is a severe shortage of cybersecurity skills, and existing employees are becoming burnt out. Recruiting and retaining personnel is difficult in times of high demand. As a result, more firms are turning to outsourcing.

Technology, skills, and resources.

Developing in-house security operations necessitates a significant financial investment. In addition, security requires a high level of competence, making it hard to be proficient in all areas. Furthermore, rules are increasingly requiring firms to seek independent third-party validation of their security posture and plan.

 

2. Cybersecurity That Is Not Location-specific

For most enterprises, the expansion of cloud technologies and apps is irreversibly changing the corporate perimeter. In addition, it is generating thousands of new vulnerabilities. IoT, BYOD, and remote work are other factors as well.

Identity has become the new organizational perimeter. This means greater attention to authentication, identity management, and permission. Therefore, organizations must move away from standard password protection and toward multifactor authentication.

Eventually, a zero-trust environment is the only safe avenue. This year, CISOs will place zero-trust technology as a top investment priority.

 

3. The Security Organization’s Evolution

As boards recruit more directors with cybersecurity experience, the focus shifts from health and performance to risk management and value. As a result, there is an increase in attention and accountability surrounding cybersecurity.

In addition, business leaders are investing in more cybersecurity technology, resources, tools, and services. They are looking to provide measurements and proactive insights into the organization’s overall posture, risk, and culture. By 2025, risk management will also be important in vendor contracts, corporate deals, and M&A transactions, encouraging further security investments.

 

4. Changing Technology

Organizations will spend more on emerging and maturing technologies as the threat landscape and attack surface evolve. Identity and access management, real-time intelligence, third-party risk management, and zero trust are some of the technologies driving these investments.

Since the outbreak of the pandemic, an increasing number of enterprises have begun to adopt cloud technology. This is requiring additional investments in cloud security.

Detecting malware, filtering through alarms from numerous security systems, and correlating the data can be near-impossible for humans. Therefore, another key reason for extra spending is the necessity to automate detection and response. This will help employees identify and correlate threat vectors.

 

Priorities for Cybersecurity in the Next 12 Months

• Security: With data becoming the new oil, 5G technology ushers in a new era of hyperconnectivity. With hundreds of devices connected to the corporate network, cybersecurity leaders will need to better protect critical and secret data.

• Preparedness: A cyberattack is no longer a matter of “if,” but rather “when.” Leaders will need to keep a constant eye on the threat landscape and increase their ability to respond to breaches. Further, they must become better at responding to other business risks such as pandemics and other disruptions.

• Awareness: With COVID-19 still wreaking havoc on organizations, remote work is here to stay — and with it, security and hygiene problems. You can train people as front-line workers against risks like phishing and ransomware because these rely on human manipulation. Therefore, security awareness training will be a primary focus for cybersecurity leaders.

 

Conclusions

Expect a bigger and more complex cyber risk picture this year and beyond.

There will never be enough money or resources to cover every eventuality. Therefore, risk managers and security leaders must think outside the box to accomplish more with less, while never compromising. A minor security failure might have major ramifications.

 

Image Credit: Michael Burrows; Pexels; Thank you!

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