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Technology moves at a seemingly impossible pace, which makes staying up to date a challenge. To help you and your company stay apprised of what to expect in cybersecurity next year, we’ve summarized the top five trends you can look forward to in 2021.
AI FILLING UNFILLED POSITIONS
CRN predicts that over 3.5 million cybersecurity jobs will remain unfilled by 2021, which means many companies will be looking to artificial intelligence to fill the employee gaps. Despite the novelty of AI, it could be a very realistic solution to keep the cybersecurity industry functioning.
In a matter of seconds, AI can complete daily tasks that would take the average worker a few days to complete. The cybersecurity industry is massive and therefore difficult to oversee by humans alone — enter AI. With the option to automate daily repetitive tasks, employees in the industry can dedicate their time to targeting abnormalities and sizable threats.
THE RISING THREAT OF CYBERCRIME
Cybercrime is the most potent threat to companies in the coming years, with experts predicting an annual $6 trillion loss worldwide by 2021 due to cybercrime. This massive monetary cost of cybercrime is the largest transfer of economic wealth in history and the threat will be more profitable than the global trade of all major illegal drugs combined. Information of this magnitude calls for a dire need for innovation and investment across all technology platforms to combat the threat.
A survey of nearly 4,000 business leaders from more than 80 countries found that less than half of companies globally are adequately prepared for cybersecurity attacks. As technology intelligence advances, so does cybercrime, and criminals are diversifying their attacks. Without professional development and knowledge in this field, cyber professionals are increasingly experiencing challenges addressing IT threats.
WOMEN IN CYBERSECURITY
Women constitute 24% of the global cybersecurity workforce, and with programs like Girls Who Code and Girls in Tech gaining popularity and business conferences like Reset with a speaking lineup of all women, gender equality in the workforce is increasing.
Diverse workforces don’t just decrease inequality — research shows that businesses with a more diverse workforce perform better financially. Companies in the top quartile for gender and racial diversity achieve above-average financial returns in their national industry. Diversity is also a compelling differentiator, which could shift market share toward more inclusive companies over time. Companies are seeking to engage like-minded and forward-thinking partners.
NEW DATA PROTECTION LEGISLATION IN THE US
Unlike Europe’s General Data Protection Regulation (GDPR), which legislates data privacy and security for organizations, the US doesn’t have a central federal level privacy law. Instead, the US has several vertically-focused federal privacy laws and a new generation of consumer-focused privacy laws, including the US Privacy Act of 1974, HIPAA, COPPA and GLBA.
After continual scandals like the Facebook data privacy scandal of 2018, when millions of people’s personal data was collected without consent for political advertising, Americans began pushing for better data protection. In 2021, you can expect to see more conversations around data protection legislation.
WIDER ACCEPTANCE OF CLOUD COMPUTING
Cloud computing is exponentially increasing in popularity due to ease of use and scalability, with 81% of companies with 1,000 employees or more using a multi-platform strategy, which calls for the need for intensive data protection measures.
Worldwide spending on public cloud services is predicted to grow 73% by 2021, from $160 billion to $277 billion. One major benefit of cloud computing is that companies can remain relevant in a digitally-driven market, while the unfortunate downside is the security concerns that accompany shifting to a third-party vendor that stores data on external platforms. Innovative solutions to this problem include hybrid cloud platforms that incorporate on-premise, private and third-party cloud services. With that said, know where your data is, who can access it and what security measures third party vendors put in place to protect your company’s data. Store sensitive data on-premise and other data on your cloud platform of choice.
With these five cybersecurity trends now on your radar, we hope you take measures to choose safe platforms, protect your company’s data, use the tech you do have to its fullest extent and continue to push for a more equal workplace.