12.12.2022 Executive Data Bytes – Is a hack-free world only a dream?

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! Cybersecurity has become a top concern for all companies, and its impact on the future is immeasurable. Now, before it’s too late, is the time to look further ahead to the future of cybersecurity and how companies need to improve their data protection. 

Focus piece: “The Future of Cybersecurity: What Will it Look Like in 2031?”

Executive Summary

Cybersecurity is evolving at a fast pace. Chief information officers and chief security officers should prepare for future challenges now; Otherwise, they may look back 10 years from now and wish they had acted earlier. Start your preparation with this Security Intelligence article that predicts the future of cybersecurity in 2031.

Key Takeaways

• As more data and devices appear online, data breaches are expected to grow more prevalent in 2031 than they were in 2021.
• The use of cloud has experienced the most growth in the last 10 years, making it faster, cheaper and easier to leave services online and collect huge amounts of data. In 2031, cloud it’s likely to keep blazing forward. However, that growth means it’s easier to leave data exposed.
• Artificial Intelligence plays a key role in cybersecurity and will be even more critical in the future. Down the road, it may even be illegal for some industries not to use AI.
• Tyler Cohen Wood CISSP, a former senior intelligence officer with the Defense Intelligence Agency, predicts that the future of cloud computing might be short: the cloud might evaporate in 2031.
• The same attacks used to steal passwords today will still be used in 10 years. So, the password we know and love (or hate) will still be around for at least another 10 years.

Focus piece: “Cybersecurity trends: Looking over the horizon”

Executive Summary

Cybersecurity is a never-ending race as companies invest more in technology to run their businesses, and adversaries become more sophisticated. In this article, McKinsey examines three of the latest cybersecurity trends and their implications for organizations facing new and emerging cyber risks and threats.

Key Takeaways

• Digital disruption is inevitable and will lead to rapid technology-driven change. Organizations must be aware of the associated cyber risks and build over-the-horizon defensive capabilities.
• In 2020, on average, every person on Earth created 1.7 megabytes of data each second, relying more than ever on high-speed access to large data sets. As a result, the marketplace for web-hosting services is expected to generate $183.18 billion by 2026.
• Cyber attacks are using advanced tools, such as artificial intelligence, machine learning, and automation, and cyber-hacking is now a multibillion-dollar enterprise, complete with institutional hierarchies and R&D budgets. 
• Many organizations lack sufficient cybersecurity talent, knowledge, and expertise, and the shortfall is growing. Compounding the challenge, regulators are working to increase their guidance of corporate cybersecurity capabilities.

Focus piece: “A Boiling Cauldron: Cybersecurity Trends, Threats, And Predictions For 2023”

Executive Summary

2022 has been another year of high-profile data breaches, with phishing, insider threats, business email compromise, lack of skilled cybersecurity workers, and misconfigurations of code continuing to be common trends. This Forbes article explores the trends and threats to look out for in 2023. 

Key Takeaways

• The cyber-attacks have significantly worsened in 2022 because of the growth of connectivity. Threat actors and criminal enterprises are becoming more sophisticated by adapting machine learning, deep learning, artificial intelligence, and other analytic tools.
• Admiral Mike Rogers, former head of the National Security Agency and U.S. Cyber Command, has stated that at least two or three countries could launch a cyber-attack that could shut down the entire U.S. power grid and other critical infrastructure.
• According to IDC, a research firm, global spending in AI is forecasted to grow to more than $110 billion by 2024.
• 2023 will face a volatile concoction of new and old cyber-threats. It will be an especially challenging year for all those involved trying to protect their data and for geopolitical stability.
• In 2023, you should look out for the expansion of the Software Bill of Materials (SBOM), 5G networks, Deep Fakes, low code, and quantum technologies.

Protect your Data!

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