Top 3 Security Trends to Watch Out For

By CIOReview | Wednesday, September 30, 2020

FREMONT, CA: Personal and corporate privacy continues to erode as cyberattacks and data breaches become more common. The average cost of data breaches for the affected companies is at present nearly $4 million per business. Standing guard while the society is coming to be even more dependent on technology is the $120 billion cybersecurity industry, and it is expected to grow to $300-plus billion by 2024. With the era of AI and IoT, the world stands to benefit from having an internet-connected home, vehicle or a daily schedule to automate further and organize daily lives.

Here are three security trends for the future.

The Growth of “Passwordless” Authentication

Password privacy and protection is a significant security issue plaguing businesses since the dawn of AOL. But recently, a new authentication method has sought to take the replace passwords. Passwordless authentication tools can include hardware tokens or one-time password generators, biometric authentication, and knowledge-based authentication. As passwords are one of the most significant attack points for hacking, it is effortless to see why identification via any other means is top of mind for numerous businesses.

Expansion of Cloud-Based Security

As businesses are moving a lot of technology infrastructure into the cloud, they are witnessing cloud-based security platforms and services are following as well. Cloud computing has significantly transformed over the last two decades and now is continuously used to support critical operations of everyday businesses. From cloud-based data-storage services to an all-in-one CRM clouds, consumers and businesses have grown to be dependent on storing sensitive data in cloud environments.

Advancements in Data Encryption

With cyberattacks becoming more sophisticated over the recent years, a growing number of data-encryption advancements have followed suit. A recent study unearthed that 45 percent of surveyed companies have an encryption strategy, which is applied consistently throughout their enterprise. But when a particular encryption technology or strategy becomes outdated and vulnerable to cyberattacks, all the data can be compromised.

Many encryption advancements help to stay ahead of the security threats. These include leading privacy technologies, ring signature and zero-knowledge proof, and distributed ledger technologies. When these technologies are utilized coupled with one another, is not only full or partial data anonymization achievable, but also data and identity verification is automated.