Cyber Security – What does the future hold for us?

Cyber Security – What does the future hold for us?

“How do we ensure that our consumers are not physically harmed by fraudsters?” This is the question that security and risk leaders ask each single day. This is also the biggest problem faced by companies across all industries. The emphasis on data privacy laws, ransomware attacks, cyber-physical systems, and board-level audits drives the priorities of security and risk leaders. The proliferation of cyber-physical systems, which include systems that combine the cyber and physical worlds for technologies such as autonomous cars or digital twins, poses another security risk for organizations, and how cyber-attackers can target these systems is one of the most pressing issues for the coming years.

Organizations of all sizes and industries must remain proactive and stay vigilant regarding future cyber security threats, by monitoring industry cyber threat predictions. Fortunately, cyber training and upskilling can be an effective barrier against these threats; decreasing the risk of cyber-attacks through human error (the most common cause) and arming staff to take effective action against attacks.

What is the Future of Cyber Security?

• Increased Budgets for Cyber Security: As cyber threats continue to become sophisticated, so too will cyber security spending. With breaches becoming increasingly disruptive, businesses are already honing a focus on cyber security investment. To conform to ever-changing legislation and prevent breaches, ransomware attacks and inevitable sophisticated threats, all industries may have no option but to invest heavily in their cyber security divisions. For fintech’s, this is likely to result in increased operational budgets for cyber security.
• Cyber Training: Human error in cyber security and lack of cyber awareness are two of the most detrimental risks, with many breaches easily preventable. Providing employee cyber security training is key in mitigating the role of human error at every level. Therefore, it is likely to see organizations heavily investing in cyber security training. Business cyber security training is arguably key to the future of cyber security.
• Advanced Automation: Automation in cyber security is vital in reducing the volume of threats and enabling faster prevention. To mitigate risks before they are presented to cyber security professionals, there is a growing need to use machine learning, artificial intelligence, and cyber security automation tools. These tools should intend to provide a greater focus on vital prevention and preparation while expanding protection for remote workers.
• Increased Reliance on AI: The future of artificial intelligence (AI) will change how businesses work with a focus on revealing weak points so they can be patched. AI in cyber security is invaluable in analyzing vast volumes of data much more quickly and detecting unauthorized or suspicious activity. The use of artificial intelligence in cyber security is becoming increasingly vital in addressing vulnerabilities, detecting security issues, and repelling cyber-attacks. As a result, we may also expect to see AI embedded into user interfaces to warn users of potential risks. For fintech professionals, AI can strengthen the security of fintech transactions and existing systems.

Trends in Cyber Security

Currently , organisations take the help of both internal procedures (such as changing passwords every 90 days) as well as 3^rd party tools in order to guard themselves against the threat of cyber attacks. ForgeRock is one such service provider , which assists large multinationals in building a first line of defense against any attacks . They do this by offering services such as Digital Identity Cloud , which provides maximum security with complete customer isolation in a modern , multi-tenant cloud structure.

The Path Ahead

Digital disruption is inevitable and will lead to rapid technology-driven change. As organizations make large-scale investments in technology—whether in the spirit of innovation or from necessity—they must be aware of the associated cyber risks. Attackers are exploiting the vulnerabilities that new technologies introduce, and even the best cyber controls rapidly become obsolete in this accelerating digital world. Organizations that seek to position themselves most effectively for the next five years will need to take a relentless and proactive approach to building over-the-horizon defensive capabilities.

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