With many businesses going digital, companies must invest in cybersecurity to protect their data and assets from threats. A report from CNET on data breaches notes how the average cost of a data breach averages out to $4.4 million in 2022 for large companies. Many of the highest-cost breaches often fall within financial services, industrial, technology, and healthcare industries — with the latter having the highest average breach cost at $10.1 million. With 2023 just rolling in, businesses must keep aware of cybersecurity trends that may affect their business processes and profits. In this article, we will cover the top cybersecurity trends businesses should know for the following year:
Shifting to privacy-first security solutions
Despite the risks, not all businesses secure data appropriately. Some failures are caused by cyber-attacks, breaches, or even intrusive policies that take and sell customer data. With rising consumer awareness of how data is transferred, more countries are working towards better data management and security through privacy-first legislation. In the EU, companies looking to work within the region must show that they adequately follow the General Data Protection Regulation law. Otherwise, they can suffer penalties of up to €20 million (US$21.1 million) or 4% of global revenue. As noted in a report by New York Times on privacy laws, the US has no national law on standardized data protection. However, states California, Virginia, and Colorado already have comprehensive data privacy laws, so it's only a matter of time before all businesses have to implement similar privacy-first approaches.
Addressing labor shortage in cybersecurity
CRN's report on the cybersecurity labor shortage notes that the number of needed cybersecurity personnel worldwide increased by 26.2% to 3.4 million. There are as many as 410,000 unfilled cybersecurity jobs in the US, leaving as much as 54% of organizations at "moderate risk" of cyber threats. This shortage has worsened as cybersecurity professionals continue moving towards even more specialized fields, such as information security analysts, creating a lot of competition between companies as they look to hire the best possible staff. Maryville University's insights on information security analysts note how these professionals are among the most knowledgeable on building and managing programs, such as firewalls and encryption software. Employment in this field is expected to increase by 32% from 2018 to 2028. Given this demand, businesses looking to retain their staff should consider improving their position's competitiveness through increased salary, additional benefits, and technical training programs, to name a few.
Increasing passwordless authentication
Many people have become victims of phishing — attacks that steal account access. Businesses can also be affected by these phishing scams, with breaches often leading to reputational damage, loss of customers, and even regulatory fines. Aside from boosting cybersecurity awareness amongst staff and consumers, companies are turning to either two-factor authentication (2FA) or passwordless authentication to secure their data. 2FA has become a standard feature across digital platforms to provide an extra layer of security. Although passwordless authentication is not new, it's deemed a more sustainable solution to phishing scams. Passwordless authentications happen through the user's device, leveraging secure biometrics like face or fingerprint recognition technology to serve as a login. Aside from a frictionless user experience, this enables companies to ensure only authorized users can access sensitive data. To protect businesses against costly losses, companies must stay updated with cybersecurity trends to keep their data and assets safe. If you're interested to learn more about cybersecurity, make sure to visit our Network Security category page for more information.
Written exclusively for Networkdatapedia.com
Agnes Christopher is a freelance writer and editor. She enjoys writing for various topics but is particularly passionate about tech and education. In her spare time, she spends time with her two cats and participates in dance classes.
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