Global cyber-crime is reaching truly epidemic proportions with Juniper Research predicting that it will cost businesses over $2 trillion by 2019. Many organizations are still not equipped to manage IoT devices and identify potential threats. Only 1 in 3 organizations are actively preparing for the impact IoT could have on their business. Are you ready?
Athena’s forecast (robot generated from verbatim forecasts)
Start year: 2010
Likely Tipping point: 2025
Likely End year: 2040
Likely Impact $: Millions
Regions affected: Global
Most affected sectors: Security, Transport, Internet, Manufacturing, Health, Banking, Insurance, Police, Intelligence services, Telecommunications, Software
- What are the biggest threats to endpoint security in your organization?
- Where are you seeing the greatest rise of potential IT security risk within your IT environment?
- How would a virtualization technology with embedded, real-time endpoint sensor impact your security strategy?
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What is changing?
- Worldwide spending on IoT security will initially be “moderate”, increasing by 23.7 percent to $348 million this year, before rising to $547m in 2018.
- Security analytics, threat intelligence, mobile security and cloud security are expected to see the most significant growth.
- Internet of Things (IoT) security will account for 20 percent of annual security budgets by 2020.
- North America is expected to have the largest cybersecurity spending and adoption.
- The emergence of integrated security solutions will open new opportunities for the IoT security market in the near future.
- High total cost of ownership of IoT security solutions will negatively impact the growth of the IoT security market during the forecast period.
- Rising demand for safety and security will propel growth of the smart home M2M market.
- Annual cyber insurance premiums will more than double over the next four years.
- Security practitioners are overwhelmed with a flood of alerts about possible threats to their networks.
- Malware and hacking are now recognised daily global threats to every kind of infrastructure.
- Malware that encrypts key data and demands a ransom for its release has emerged as a top threat to business.
- Despite implementation of a broad range of security measures, wireless LAN infrastructure and access are considered to be at the greatest risk to security breaches.
- News of vulnerabilities in high-profile IoT products will end up making consumers feel their products are opening them up to more security risks instead of protecting them.
- The security of connected devices and threats to them will soon take a central place within the minds of individuals and the priorities of governments around the world.
- Utilities will be among the sectors rushing to keep their fast-growing Internet of Things (IoT) systems safe from hackers and will drive growth in the IoT security market by 55% between 2016 and 2020.
- Online crime gangs are trying to hack newsfeeds in order to affect stock prices for their benefit. Algorithmic news will certainly be targeted by similar attacks.
- Cybercriminals will move from “card present” to the “card not present” space.
- Online transaction fraud will more than double by 2020 as point-of-sale system security and chip and PIN card use increases.
- Intangible digital assets are at risk from economic espionage.
- Shadow IT is emerging as a serious threat to creating a secure IAM system as companies digitally transform.
- IBM Security have declared a cognitive war against cyber security threats with the world’s first solution offering mass-cognition of structured and unstructured security data.
- IBM’s respected X-Force research library will be a central part of the materials fed into Watson for Cyber Security and includes 20 years of security knowledge.
- EU data protection regulations will be implemented across all European nations and will offer security and storage re-sellers a $ billion (€ billion) sales opportunity.
- Russia’s data localization policies will reduce its GDP by 0.27 percent and reduce investment by $2.6 billion.
- All phones in India will have to have some form of panic button to improve the security of women in the country.
- Identity and access management will move centre stage as the main defence against cyber-attacks in the digital age.
- Big Data will allow banks to make sure that no unauthorized transactions will be made.
- The Department of Homeland Security wants private-sector companies to get under the agency’s information-sharing umbrella in order to manage and mitigate cyber risks to critical infrastructure in a better way.
- IBM’s new Watson for Cyber Security could very well become a valuable resource for cities that want their systems to be more secure.
- Aftermarket security could become important soon.
- While behavior analysis and AI are smart ways to tackle the challenges of security, they require significant computation power to effectively protect the user while simultaneously providing a positive user experience.
- Semi-autonomous vehicles could lure people into a false sense of security.
- Security is only just beginning to explore the potential of voice authentication.
- Social learning for AIs introduces the risk that malicious teachers could trick the AI or even subvert it into helping attackers.
- Customers should expect to see audit information relating to any cloud service provider they plan to use.
- The sheer number of new threats that are being identified on a daily basis is slowly convincing vendors that sharing threat intelligence may prove to be the only way they can protect their interests.
- Facial recognition technology could lead to more effective security and access control systems.
- Changes to Net Neutrality rules may well see new risks emerge.
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