Top Cybersecurity Risks in 2021 and What Lies in the Future

Introduction

It’s a new dawn of the tech revolution and the industrial transition has become inevitable through automated machines, smart devices, and digital transformation. According to Gartner, the IT security market will grow by over $170 billion in 2022. But despite the exponential growth of cyber systems and technologies like AI, drones, cloud, sensors, and IoT, there has been a significant increase in cybersecurity risks.

Today, cybersecurity has become essential for enterprises and federal government agencies. In fact, the IoT will alone account for $500 billion by 2025. Of course, the change of autonomous operations is here to stay but companies will have to spend more on cybersecurity solutions to mitigate or avoid threats.

Keeping that in mind, let’s look at the top cybersecurity threats enterprises face in 2021:

• Software Vulnerabilities

Software is bound to pose a vulnerability that creates an issue for the company later on. Typically, hackers execute types of cyberattacks on a big scale. With the continuous adoption of various digital services, there is more likelihood for organizations to compromise their existing programs.

For instance, unpatched software has become highly vulnerable to incur more cybersecurity issues. Also, outdated software (and hardware) invites more security vulnerabilities for organizations. Oftentimes, employees indirectly export or leak confidential business data.

These types of cybersecurity issues can also compromise outbound and inbound network traffic. In 2021, many companies have had to bear the burden of reputational and financial loss in the market due to software vulnerabilities.

• Phishing Attacks

With more user data in place, phishing attacks continue to increase in numbers. You may not be aware of it, but social engineered phishing attacks pose a serious threat to the financial, eCommerce, and healthcare industries.

Once attackers gain access to private user data, it is often too late to block it. Phishing attacks across the US, Europe, and Asia have become a serious cybersecurity issue. And forecasts suggest that the exploitation of phishing attacks will continue to persist.

• Cloud Attacks

Cloud-based solutions allow companies to cut the need to run in-house business operations. In fact, cloud migration has become a huge big leap for organizations in the digital era. Unfortunately, enterprises are not immune to cloud attacks.

Although cloud solutions come with a lot of security parameters, there’s always a chance to collapse. It is the main reason more organizations want to adopt a hybrid cloud solution with a disaster recovery solution to avoid any chance of data breach or loss.

• Ransomware Attacks

In the last few years, there’s been a significant increase in the number of ransomware attacks on organizations. In the first half of 2021, ransomware hits have increased at twice the rate. Ransomware attacks try to hack a specific user data to gain access and demand ransom.

But hackers now breach into valuable data of organizations to make massive ransomware demands. In layman’s terms, it is extortion of money through digital payments over sensitive company data. More organizations have to up their cybersecurity game to prevent data breaches.

• IoT Attacks

In the end, IoT revolves around mechanical, digital, and computing devices that transmit autonomous data through a network. The increasing number of IoT devices is not a bad thing but it will lead to more cybersecurity vulnerabilities.

In 2021, there will be millions of more IoT devices that cover mobile phones, laptops, desktops, and smart security gadgets. More devices mean more open doors for unexpected malicious attacks. Sure, a high number of interconnected IoT devices come more perks than pitfalls. Still, compromising sensitive user data through IoT devices is a major threat in the cybersecurity industry.

• Blockchain and Cryptocurrency Risks

Most internet users don’t have to worry about cryptocurrency and blockchain security issues. But businesses and investors that continue to adapt blockchain-based decentralized technologies are navigating in uncharted territories.

These types of attacks target blockchain frameworks that include business operations and customer data. Blockchain-powered cryptocurrencies are highly secure, but it still doesn’t change the fact that there have been several blockchains and cryptocurrency attacks like Sybil and Eclipse in the last few years. Organizations need to fill the gap to ensure these technologies are functional without any exploitation.

• AI and Machine Learning Risks

Predominantly, AI and machine learning have been a blessing to take a wide range of tech solutions to next level. In fact, AI and ML solutions are advantageous for different industries to automate tasks, eliminate inconsistencies, and make analytical judgments.

But AI and ML solutions are also vulnerable to unlawful exploitation. Attackers can also use AI and ML technologies to spot high-value business targets and extract large datasets. In some cases, major AI attacks were incredibly challenging to navigate due to lackluster cybersecurity solutions.

The Future of Cybersecurity Industry

In the coming years, the cybersecurity industry will tackle more conventional business practices through modern computing environments. With more interconnected IoT devices than ever, there will be more risks. Organizations will also prioritize security alerts and tracking tools for connected devices.

Limitless computing and cloud power will work in favor of organizations. But companies will have to be broadminded enough to embrace advanced automated, machine learning, and AI-based cybersecurity solutions.

The focus of most enterprises will revolve around creating a sophisticated and secure digital ecosystem. And there’s a good chance more companies will use ML and AI to build endpoint detection systems with processing power and behavior detection features. In fact, AI has the potential to strengthen the cybersecurity industry in 2021 and beyond.

Final Thoughts

From small businesses to large corporations, there is an urgent need to adopt comprehensive cybersecurity tools to protect valuable data and dangling cybersecurity threats. And how organizations adopt various measures to protect their existing software or hardware will make all the difference.

More organizations will have to be aware of the current cybersecurity market trends to move forward in the right direction. Although the globalization of digital space has had its benefits, it continues to invite hundreds and thousands of more cyber attacks throughout the year.

Through effective cybersecurity solutions, organizations have a solid chance to drive competitive growth. It is an opportunity for SMBs to thwart the onslaught of malicious cyber attacks and maintain growth to reach new heights of success.