What Is The Future Of Cybersecurity?

As consumers, many of us love the convenience of shopping, paying our bills, or communicating online. 

Yet, all these activities come with a risk; cyberattacks!

And as more and more companies shift online to cater to consumers’ need for convenience, society’s digitalisation means that cybersecurity threats have never been higher.

Fortunately, there are ways to protect your business and customers from cyberattacks. And one of the best strategies is to keep up to date with the latest cybersecurity trends and adjust your security policies and practices accordingly. 

So, to help you better understand the future of cybersecurity and stay cyber-safe, we’ve shared five cybersecurity trends below. This way, you can keep abreast of the ever-changing cybersecurity industry landscape and keep your operations running no matter what. 

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Remote Working Will Become A Permanent Fixture For Many Companies

We couldn’t start an article about the future of cybersecurity without first mentioning remote working.

Between June and December 2021, cybersecurity attacks have increased by 30%. That’s because, as companies continue to shift to remote working, cybercriminals seek to exploit cybersecurity weaknesses. Now, the reality is that as a small business, you’re particularly exposed. Research shows that 43% of cyberattacks in Australia target small businesses, and only 5% of them have strengthened their data protection!

Now, the latest data suggests that 41% of Australians regularly work from home, and the trend is here to stay. That’s because employers have implemented digital tools to allow efficient remote working, and employees are now prioritising a better work-life balance.

The reality is that when COVID hit, many organisations had to focus on functionality over security when implementing a new work architecture to allow employees to work from home. They shifted to a temporary architecture that would enable their business to keep running even with employees working remotely. 

But because remote working has become a key feature of many companies’ working culture, it’s now critical for businesses to update their security policies and adopt new technologies to ensure enhanced cybersecurity protection in the long run.

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Automation Will Become Crucial

While companies’ increasing reliance on digital technology and the shift to remote working have significantly increased cybersecurity risks, the shortage of cybersecurity experts has never been more problematic. That’s why automation is now at the heart of cybersecurity discussions and strategies. The current demand for cybersecurity professionals is so high that companies have to find other efficient ways to protect their data, systems, and networks. 

And that’s where automation comes into play.

For instance, businesses can rely on security technologies that leverage the power of artificial intelligence and machine learning to detect vulnerabilities, threats, and patterns of malicious activity. In fact, some monitoring tools can do it much better and faster than a cybersecurity expert would!

Yet, businesses need to address the cybersecurity shortage as the future of cybersecurity automation will likely revolve around using technologies that augment people instead of replacing them. You could, for instance, focus on upskilling your existing employees and providing on-the-job training instead of trying to hire experts.

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You’ll Need To Improve Your Response Capabilities

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80%. That’s the staggering number of Aussie businesses hit by a ransomware attack in 2021! And while there are many steps you can take as a precaution to try and prevent a ransomware attack, the reality is that you should be prepared to deal with ransom demands way before they’re made.

And to prepare as best as possible, we recommend ensuring you work with a wide range of professionals to ensure a fast and effective incident response.

Some of these professionals include:

• Incident responders
• Public Affairs
• Legal teams
• Cyber insurance experts

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You’ll Have To Consider Cybersecurity Risks In Your Supply Chain

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For many businesses, assessing cyber risks from vendors and other third-party providers isn’t top of mind. After all, we often trust our suppliers to implement appropriate cybersecurity policies and processes. 

Yet, the recent SolarWinds hack highlights the importance of requiring full transparency into your suppliers’ cybersecurity policies and holding them accountable for poor security practices. 

In early 2020, cybercriminals hacked major American IT company SolarWinds’ system to silently add malicious code into its software systems. Now, as one of the biggest IT companies in the US, SolarWinds has tens of thousands of prominent clients, including Microsoft and government agencies. When the company unintentionally sent software updates containing the hacked code to its clients, the hackers were able to infiltrate the customers’ software systems and spy on them, creating a major data breach and costing each of these companies an average of $12 million!

Some of the key things you can do to reduce cyber risks from your supply chain include:

• Before renewing every contract with your vendor, review their security policies and processes.
• Add strict requirements to future supplier contracts.
• Hold your vendors accountable for poor security practices and put pressure on them to do better.

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Cybersecurity Insurance Will Become A No-Brainer

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Even after implementing the critical steps listed above to keep up with the latest cybersecurity threats, you could still be exposed to cyberattacks. That’s why, no matter what, the best protection remains cyber insurance.

And the 23% increase in Australian companies purchasing cyber insurance in 2021 shows how crucial this tool has become for companies looking to protect their business in the event of a cyberattack.

At upcover, we’re all about protecting small businesses like yours, and that’s why we thought it was important to put together this quick guide on the future of the cybersecurity industry in Australia. 

We know how devastating the effects of a cyberattack can be on small companies. That’s why we provide highly tailored policies to ensure your business survives and continues to run in the event of a cyber incident.

Some of the things the cyber & privacy liability insurance upcover offers include:

• Cyber incident response
• Cyber extortion
• Data and application restoration costs
• Cyber crime
• Business interruption

So, if you’re looking for cyber security insurance tailored to your needs, don’t hesitate to jump on our instant quote generator now.

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