Insufficient cybersecurity is often seen as one of the biggest barriers of trust between consumers and organizations both large and small. And it’s a fair sentiment, considering that the annual cost of cybercrime damages is expected to hit $5 trillion by 2020 (Galov).
As such, it’s valuable for IT admins to understand where trends for cybersecurity are headed, and where people are expected to spend their time and capital in regards to keeping their IT infrastructure secure from the near-constant onslaught of hackers and phishing.
2020 Cybersecurity Trends
Cybersecurity should be a concern for companies of all sizes. The type of attacks that hackers enlist range from phishing to credential theft to social engineering, all of which aim to trick users into sacrificing personal information, often their username and password.
Of these attacks, which have progressed exponentially in both complexity and creativity, 43% were aimed at small businesses (Galov).
Here, we’re going to explore a selection of cybersecurity trends expected to affect organizations in 2020 so that IT admins can better prepare themselves for the possibilities that lie ahead.
Organizations are looking to combine and analyze disparate data stored on legacy servers by moving it to cloud-based data centers to better organize and protect information (Novinson).
The goal here is to alleviate financial pressure on IT departments by removing legacy infrastructure that requires time and money to maintain. Organizations aim to do more with an organized set of data while also requiring less manpower.
Additionally, on-prem data infrastructure is often vulnerable to attack from an unauthorized user. By moving confidential information to the cloud, organizations can strategically arm themselves against internal threats.
Endpoint Security Vendor Consolidation
In addition to consolidation, organizations are projected to begin the acquisition of endpoint security companies, reflecting the rising public outcry for more secure databases and networks.
In 2017, 87% of organizations considered an endpoint security suite rather than disparate endpoint security products (Crane). By 2020, broad technology vendors are expected to begin acquiring the vast array of endpoint security companies that have come about in response to the dramatic increase in cyberattacks over the last five years (Novinson).
As IT admins choose endpoint security suites that offer one-off functionality to combat persistent cyber threats, late-stage endpoint security startups are going to look attractive to potential buyers and investors.
Hackers Pursuing Misconfigurations
In the summer of 2019, a software engineer single-handedly caused a data breach that compromised more than 100 million customers’ personal data (Dickson). This was the result of an accidental firewall misconfiguration, which left the door open for the engineer to extract and post scores of confidential information on file-sharing website GitHub.
The art of hacking has advanced in just a few years, allowing hackers to readily exploit weaknesses like security misconfigurations within organizations. With 95% of all firewall breaches occurring because of a misconfiguration, it’s important for IT admins to ensure that all firewalls are calibrated for their environment, either through manual monitoring or automated tools (Wickert).
MSPs Under Attack
Managed service providers (MSPs) are great vendors for organizations looking to alleviate the financial and human resource pressures associated with managing IT resources. However, MSP attacks have been on the rise since early 2019, with hackers leveraging thousands of thwarted ambush attempts daily (Novinson).
Although some are wary, MSPs should not be abandoned. Leveraging MSPs in conjunction with a secure, domainless directory service protects end user information, thwarts increasing hacking attempts, and allows organizations to better track user traffic and group authorization.
The silver lining to the constant threat of hacking is that cybersecurity, as a profession, is projected to be in high demand in 2020, with the number of unfilled cybersecurity jobs expected to rise to 3.5 million in 2021 (Crane).
Companies are seeking security experts to combat the rising anxiety associated with cyberattacks. Additionally, cybersecurity expenditures are projected to reach $1 trillion by 2024, further reinforcing companies’ understanding that they need to implement a way to combat the evolving methods of cyberattacks (Galov).
How to Reinforce Your Organization Against An Attack
No matter the trend, identity theft is still the number one threat to an organization, and it’s vitally important for IT organizations to educate and prepare their users for the possibility of phishing or brute force attacks. Be sure to check out our Security Training 101 series to know how you and your users can best defend your organization against the devastating effects of compromised credentials.
Interested in protecting your identities against the persistency of malicious cyberattacks? Consider utilizing a secure, cloud-based directory service that values safe identities above all else.
JumpCloud® offers a host of cloud-based solutions to keep organizations safer, including muti-factor authentication, RADIUS and SAML, and password and SSH key management. Have questions? Feel free to reach out to us.
- Galov, Nick. “Cyber Security Statistics for 2019.” Cyber Defense Magazine. March 21, 2019. https://www.cyberdefensemagazine.com/cyber-security-statistics-for-2019/
- Novinson, Michael. “5 Emerging Cybersecurity Trends to Watch in 2020.” The Channel Company. October 25, 2019. https://www.crn.com/news/security/5-emerging-cybersecurity-trends-to-watch-in-2020
- Crane, Casey. “The Top Cybersecurity Trends of 2019.” Hashed Out. August 23, 2019. https://www.thesslstore.com/blog/the-top-cyber-security-trends-in-2019-and-what-to-expect-in-2020/
- Dickson, EJ. “Who’s Paige Thompson. Meet the Woman Allegedly Behind the Capital One Data Breach.” The Rolling Stones. July 30, 2019. https://www.rollingstone.com/culture/culture-news/paige-thompson-capitol-one-data-breach-hacker-865224/
- Wickert, Kyle. “5 Most Common Firewall Configuration Mistakes.” InformationWeek IT Network. September 17, 2015. https://www.darkreading.com/operations/5-most-common-firewall-configuration-mistakes-/a/d-id/1322225