As Internet of Things (IoT) evolves to become more than just a buzzword and cloud storage replaces optical discs and USBs, everyone, including corporations, governments, and consumers will need to brace up their online security mechanisms to ensure their privacy is not compromised.
As more people use the internet to bank, shop, and stay connected with their loved ones, the necessity of having a robust cyber security system has become important. The information that we upload on our social media profiles can be abused by hackers to their advantage. Similarly, corporations can fall prey to a cyber-attack and confidential information can be compromised, as was witnessed in the data breach at Target in 2013 when financial data of over 40 million people was exposed in the data breach.
While emergence of new technologies is expected to change our life for the better, it is important to take preventative action and ensure that our online presence is safe and secure. Let’s take a look at some of the upcoming trends that will necessitate the need of a strong cyber security system and provide an impetus to the global cyber security market.
- Internet of Things
The IoT is expected to usher in a new era where a plethora of physical devices will be connected with each other. The evolution of IoT is expected to generate a massive amount of data, owing to which security will become of paramount importance. Vendors will focus on incorporating effective cyber security solutions to provide a seamless service to their clients. However, considering the forecast that nearly 50 billion devices will be connected to each other in the next five years, cyber security companies will need to come up with fool proof and innovative solutions to counter any challenge. Compromise with the security of one device can set off a chain of breaches that can engulf every connected device. Therefore, the challenge for online security vendors will increase manifold.
- Mobile Security
Searches on mobile are surpassing those on the desktop in many countries. Surging smartphone sales, combined with increasing internet proliferation has brought millions of people online. However, online security still remains a key concern, as many people lack awareness on its importance. Cyber security companies are raising awareness among people, however, it will take a much bigger effort to make mobile security a priority for every smartphone user.
- Ransomware and Data Destruction
The development of ransomware and other data destruction software has presented new challenges for cyber security vendors. According to FBI, cyber criminals have generated US$ 18 million (until June, 2015) through Cryptowall – a type of ransomware. Demand for cyber security software capable of preventing and removing ransomware attacks will grow in the near future.