Securing the internet’s future

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
Likelihood: 90%
Regions affected: Global

Most affected sectors: Security, Transport, Internet, Manufacturing, Health, Banking, Insurance, Police, Intelligence services, Telecommunications, Software

Questions

Add your answers in the Forums inside these links and ask your associates for their views too.

What is changing?

Growth

  • 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.

Risks

  • 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.

Responses

  • 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.
Implications

Defenses

  • 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.

Threats

  • 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.

Tags

Cyber Security

Drivers

Cyber risk
Security
Governments
ISPs

 

Find more sources and resources on Shaping Tomorrow , some of which were used in this Trend Alert, or ask us for our ready-made and free, in-depth PowerPoint report or more detailed GIST briefing on this or any other topic of interest to you.

Also, click here to find out how ShapingTomorrow can help your organization rapidly assess and respond to these and other key issues affecting your business.

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