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2018: Cyber Security trends on the horizon

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Cybersecurity

  • Increased cost from cybercrime damage

Just last year the cost of cybercrime damage was $3 trillion, a telling sign that cyber criminals are flocking to the lucrative opportunities hacking presents. In 2018 that number is expected to hit $4 trillion, and by 2021 that figure will reach $6 trillion.

To put that in perspective, $6 trillion is more money than the combined profits of all illegal drugs on the global market. With that much money and risk on the line for companies, finding an experienced technology manager should be the focus in boardrooms across the country.

  •  Increased exploitation of IoT devices

Households and enterprises alike are increasing their usage of IoT devices at a rapid pace, and this means an increase in exposure to hacks. Smart appliances, assistants like Amazon’s Cortana, and smart vehicles have opened the cyber equivalent of Pandora’s box to hackers. Using these devices as backdoor entry ways into a network is a strategy hackers have deployed to great effect, especially in recent months.

  • Ransomware will have new targets & objectives

Traditional ransomware campaigns will see a decline in profits resulting in a new set of targets. Why you ask? With increased user education, more resilient cyber defenses, and improved industry strategies, hackers will begin to target less traditional avenues such as high net-worth individuals and connected devices.

  • Your smart home is watching you

The buying behavior of a consumer is the single most valuable piece of information a company can obtain. It allows them to market their product in very specific and targeted ways. This means smart home device makers will do everything in their power to gather more of our personal information – turning our homes into corporate store fronts.

In addition, marketers have powerful incentives to turn consumer behavior into profit, leading corporations to frequently alter privacy agreements to gather even more information about our buying habits.

  • New skills are needed to tackle cyber security

In a sector with a 0% unemployment rate, cyber security professionals with the requisite skills are in high demand. Such high demand in fact, that within the next two years the need for qualified CS workers will exceed 6 million.

Skills in data governance and security are important, but this playing field is a whole new ball game where the necessary set of skills is constantly evolving to keep up with and stay ahead of hackers. An adaptive skill set will be the most sought after in CS professionals in the coming years.

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