The year we couldn’t wait to end has finally ended. With the clean slate 2021 has graciously brought us, the Penfield.AI team is highlighting what we consider to be the most 3 interesting trends in cybersecurity.
1. The cybercrime bill will become more crippling. CybersecurityVentures believes that the cost of global cybercrime will be equivalent to the world’s third-largest economy after the U.S. and China. It expects global cybercrime costs to grow by 15% per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015. Steve Morgan, the Editor-in-Chief of Cybercrime Magazine, helps us understand the scale in a different way:
“This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.”
2. What will hackers be eyeing next? Likely… Intellectual property. 2019 and 2020 saw an increase in healthcare breaches, with patient records being more lucrative than credit card data, yielding up to $1,000 each. Now, there is an increase of IP theft and espionage (read our article about how the Covid-19 vaccine supply chains are at risk), and the CEO of Centrify, Flint Brenton echoes the prediction.
3. Small & medium businesses (SMB) will invest in their cybersecurity in larger numbers — it’s a market to watch. Analysys Mason predicts that SMB will increase their cybersecurity spend worldwide, growing at a 10% CAGR until 2024, becoming an $80 billion market. The prediction is that SMB will spend more on cloud-based security solutions than on-premises hardware and software.
If you’re curious about how to make your company more resilient, read here about the resilience plans to keep your clients and assets safe.
Please let us know your thoughts in the comments section below.
