Ninety-percent of the human population, aged 6 and above, will be online by 2030 according to a forecast by Cybercrime magazine. In this ever increasingly digital world, we are witnessing an explosion of devices, the pervasiveness of software, the threat of adversarial capability and the dependence of national capabilities on the cyber domain. Decision-makers in all sectors need to anticipate and address cyber security challenges in the future if they want to stay ahead of the curve.
The Software Engineering Institute of the Carnegie Mellon University forecasts that the cyber security industry will grow by 44% up to 2025 from 2020. Meanwhile, the cyber insurance market is expected to grow from approximately $8.5 billion in 2021 to $14.8 billion in 2025, according to Cybersecurity Ventures, creating 3.5 million unfilled cyber security jobs by the end of 2023.
Juniper Research, a market research company, estimates that cybercriminals will steal a total of 33 billion records in 2023, adding that the U.S. will increasingly be the target of data breaches, with more than half of all worldwide data breaches expected to take place in the country this year. Ransomware related damages alone are forecasted to top $30 billion (TechWire Asia).
To protect people from this “serious national security concerns,” the U.S. Government announced it will start a cybersecurity labeling scheme for consumer Internet of Things (IoT) devices this year. Moreover, $2.5 billion will be allocated in the budget to the Cybersecurity and Infrastructure Security Agency (CISA) to “maintain essential cybersecurity capabilities”. However, PWC found that 38% of business leaders expect more serious attacks via the cloud this year alone.
With stakeholders paying increasing attention to and colossal amounts of money invested in cybersecurity, the future of cyber security will be shaped by a number of factors, including emerging technologies, evolving threats and changing regulations.
Here are 5 key trends that will shape the future of cyber security in the coming years:
1. Artificial Intelligence and Machine Learning
AI and machine learning are likely to play an increasingly important role in detecting and responding to attacks as cyber security threats become more sophisticated. These technologies can help identify patterns and anomalies in large data sets, enabling faster and more accurate threat detection.
2. Internet of Things (IoT) Security
With the proliferation of connected devices, securing IoT is becoming increasingly important, a development that has also been recognized by the U.S. government. As more devices become connected to the internet, these can create new vulnerabilities that can be exploited by cybercriminals. Ensuring that these devices are secure will require new approaches to authentication, encryption and network segmentation.
3. Quantum Computing
The rapidly developing field of quantum computing could have a major impact on cyber security. Recent examples have shown that these machines are capable of breaking many of the encryption algorithms that are currently used to protect sensitive data. As a result, new encryption techniques and security protocols will need to be developed to protect against quantum-based attacks.
4. Cyber Security Regulations
As governments around the world realize the importance of protecting digital assets, they are introducing new regulations to improve cyber security. These regulations are put in place to ensure companies are taking appropriate measures to protect their systems and data. Companies, especially those in the U.S., will need to invest in new technologies and processes to comply with these laws as these regulations become more widespread.
5. Cyber Security Skills Gap
According to technological research and consulting firm Gartner Inc., spending on goods and services related to information security and risk management will increase 11.3% in 2023 and surpass $188.3 billion. However, there is a growing shortage of skilled cyber security professionals. This skills gap is likely to continue in the coming years or even decades, as the demand for cyber security expertise continues to outstrip supply. To address this, companies will need to invest in training and development programs to build a pipeline of cybersecurity talent.
Cybersecurity is expected to undergo tremendous development and evolution in the next years. Companies will need to be nimble and adaptable to stay ahead of the curve as new technology and risks surface. Organizations can make sure they are well-positioned to safeguard their systems and data in an increasingly complicated and difficult cyber security landscape by investing in the appropriate technologies, processes and people.
Meanwhile, cyber security professionals must adopt a holistic perspective on the development of digital technology. As the World Economic Forum, in its Global Cybersecurity Outlook 2023, states, securing the digital ecosystem will be extremely complex as governments and private entities adopt a varied range of new technologies. To ensure organizational resilience, it is crucial to keep an eye on how these technologies develop as well as their social, economic and political environments.