Cyber security is not a problem you can ignore. As technology advances, so do the threats to your company and data. It’s no longer just about preventing viruses, it’s about patching software as soon as an exploit is discovered. And with more IoT devices coming online all the time, companies need to be prepared for bigger breaches than ever before. Fortunately, awareness of hacking is on the rise and cybersecurity professionals are responding with new innovations in technology to help safeguard critical assets from cyber attacks. Bob’s business has helped bring awareness training about cyber security.
This article will outline 12 reasons why cyber security awareness will be essential in 2023 and how we can prepare for it now before it becomes a major issue that could potentially result in severe consequences for companies around the world.
1. There will be more attacks than ever before
According to the Center for Strategic and International Studies (CSIS), there were over 7,500 cyber security breaches in 2017, with each one resulting in an average cost of $3.62 million. Cybercrime is a multi-billion dollar industry and as technology continues to advance, so do the capabilities of hackers. As a result, people have become more aware of the potential threats that exist online. In 2018, PCMag reported that 46% of Americans were concerned about cyber security compared to just 33% in 2014. This trend is expected to continue as hackers continue to grow their arsenal of tools and methods available to them.
2. There will be more breaches than ever before
Another major reason why cyber security awareness will be on the rise is because of the number of cyber attacks. This year, it’s expected that over 300 billion records will be breached. The International Data Corporation (IDC) predicts that ransomware attacks will continue to rise by about 80% in 2019 and occur in nearly 90% of business enterprises. The IDC predicts that by 2023 breaches will cost businesses an average of $9 million each and affect more than 18 million records across all industries.
3. Earlier breaches will have greater consequences
The increase in cyber attacks and the growing sophistication of hackers will result in more data breaches hitting the news. Companies that have been breached before now know what to expect when an attack happens and so are more equipped to deal with it.
4. Gamers will be the first to test systems
Gamers are always looking for ways to cheat online, especially when dealing with battle royale games. It’s not uncommon for gamers to use a compromised computer as a tool for cheating and stealing sensitive information, including credit card details. In October 2018, a video game developer discovered that “Fortnite” players were connecting malware-infected consoles with known botnet infrastructure. The hacker used the consoles to mine Bitcoin, infect other players’ computers, and perform Distributed Denial-of-Service (DDoS) attacks on unsuspecting gamers.
5. Data will be even more valuable than before
The value of data will continue to rise in line with the sophistication of hackers who play an increasingly important role in obtaining it. Cybercrime is a multi-billion dollar global industry and, according to Interpol, cyber criminals already have access to more funds than ever before.
6. Cybercrime will continue to grow
The number of cyber attacks will continue to rise in line with the growing sophistication of hackers. In 2015, it was estimated that cybercrime could cost as much as $6 trillion per year by 2023. The reason for this is that more devices are being connected to the internet, from toys to cars and power plants. This creates a huge vulnerability for hackers and means that there’s more data than ever to be stolen.
7. IoT devices will continue to increase the threat
The Internet of Things (IoT) is expected to grow from 5 billion devices in 2017 to an estimated 20 billion by 2023. The growth of IoT has brought with it the problems that come with an increased number of connected devices, including appliances, refrigerators, and even light bulbs. Companies are investing in new security solutions to help protect their IoT systems but hackers are also improving their techniques to get around them.
8. More will be spent on cyber security than ever before
It’s estimated that by 2023 companies will spend close to $100 billion on cybersecurity. This amount is expected to keep growing as more attacks are reported and the cost of data breaches continue to increase.
9. Cyber security awareness will be a skill designed into education systems
The growing popularity of cybercrime will lead to an increased focus on cyber security awareness in schools and online. Companies that want to attract the best talent will need to take steps now to provide training and information about how they protect themselves from hackers. This could be a way for companies with strong security programs (and who can demonstrate their success) stand out against their competitors in a crowded marketplace.
10. Cyber security awareness will be required on the job
Companies will expect their employees to be online at all times, checking in and connected to their work email accounts. In line with this, companies will likely require employees to have a cyber security awareness program that they can show they’ve completed. This is expected to become standard practice by 2023 and will impact how much training companies need to provide.
11. Cyber Security Awareness will be mandatory for public sector
Governments around the world are investing heavily in cybersecurity and this trend is expected to continue until 2023. This focus is aimed at protecting government facilities from cyber attacks. It’s estimated that there are nearly four million records stolen every year in the US alone.
12. The cost to breaches will continue to rise
As more companies become connected and more devices become connected, so too do the risks of being hacked or facing a data breach. It’s estimated that each breach costs $3.62 million on average, although this can vary depending on what type of data was stolen.