Cyber ​​Security – An industry estimated at $ 250 billion

If 2019 has demonstrated anything about cyber security, it’s that cyber attacks are multiplying, hardware is still vulnerable, and data leaks are becoming scary.

Recent data from Markets and Markets reveals that cybersecurity investments can reach $ 250 billion by 2023. This is one of the fastest growing sectors, motivated by ever more stringent legislation.

In addition, IT crime is estimated to cause up to $ 6 trillion damage annually by 2021. 90% of all data available online has been generated in recent years and cloud, mobile, API and other services are increasingly most integrated within the corporations. This data treasure will not be ignored by hackers.

The conclusion: cyber security solutions are needed at both the individual and corporate levels.

The growing demand for confidentiality caused by data leaks, as well as the needs of companies and organizations to comply with the new GDPR rules, are attracting entrepreneurs and investors to next-generation solutions. They are based on blockchain, data management using artificial intelligence and advanced cryptography.

Cyber ​​security as a service

Companies are no longer willing to pay excessively for ready-made instruments. Many of them adopt the sharing economy model and prefer to use the services needed for specific periods.

IT startups that started offering the “cyber security as a service” model have already become unicorns. Such companies include McAfee Inc. and NortonLifeLock. Other alternative endpoint security providers include Black Carbon, Cylance, Palo Alto Networks, FireEye and others.

New and promising suppliers with viable innovative solutions are also emerging. An example of this is Cloudstrike, which offers Falcon – the first Software-as-a-Service platform that offers smart cloud security. Another competitor is Infoblox, which offers security along with simplicity and automation via SD-WAN, hybrid cloud and IoT. Its solutions reduce manual tasks by 70% and increase productivity by 300%. For example, BloxOne Threat Defense allows traffic monitoring, proactive threat identification, network compromise protection, and automation.

Blockchain

Routing all business and personal data through a centralized server with a main point of contact has proved to be an extremely risky system for information security.

A promising new category of solutions is based on blockchain technology, which offers data immutability and end-to-end decentralized encryption.

For example, Debrief is a decentralized storage system and secure authentication on the blockchain, making it almost impossible to compromise. Debrief DApp, which operates on the network to showcase its extended functional capabilities, offers HD Video Conferencing, P2P audio and video calls, messaging, decentralized file storage, ensuring all data confidentiality. It is also a means for other blockchains and traditional communication applications to use and activate blockchain communication functions.

In addition, the demand for solutions capable of tracking vulnerabilities and suspicious transactions on the blockchain will continue to grow. Solutions like CipherTrace and Chainalysis are used not only by large organizations, but also by governmental organizations, even Interpol.

In Romania, Concorde Security activates. A Romanian company for users of blockchain technology established in 2010.

Artificial Intelligence and Machine Learning

Artificial intelligence (AI) and machine learning (ML) are the most popular cyber security trends in 2020. A Capgemini study shows that 69% of company directors believe that AI and ML are inseparable from cyber security.

An example is Kount’s Omniscore, which uses AI and ML to provide fraud analysts with the data they need to improve customer experiences and reduce fraud.

SECURITI.ai is another company that offers new solutions – it allows companies to issue copyright for data and complies with global privacy regulations to improve the brand image. Tel Aviv-based Deep Instinct, which uses AI and deep learning to protect enterprise objectives, both mobile and stationary. Deep Instinct is revolutionary in that it offers real-time cyberthreat identification and blocking.

It is worth noting, however, that these tools are not only used for protection, hackers also rely on AI and ML technologies to identify the weaknesses of security systems.

A study by the World Economic Forum says that by 2022, 50% of servers will encrypt all data. Over 50% of security alerts will be managed by automated AI-based mechanisms. And 150 million people will receive blockchain-based digital identifiers.

Cloud

The concept of cloud data storage is gaining more and more popularity. Companies choose to turn their operations into cloud computing, such as the services provided by Amazon Web Services. The company will compete with other newcomers such as Fortinet, Palo Alto Networks and others, as software-defined broadband (SD-WAN) technologies offer more security than cloud storage. Netskope and Menlo Security are among the cloud security startups that will be listed on the stock exchange in 2020, to take advantage of investor interest in the field.

ID Management

Identity management is another key area of ​​cyber security. Forrester Research indicates that 80% of all security breaches are caused by compromised credentials.

The main victims of such attacks were Quest Diagnostics, Marriott International, Equifax, Yahoo Anthem, Target and others.

A number of companies such as Proofpoint, Okta, Qualys, Mimecast, Rapid7 offer e-mail services and data loss protection. Hackers know that directing emails to employees or managers is the easiest way to gain access to corporate data management and storage systems.

Cyberark offers privileged accounts. Okta offers advanced identity management, while other companies focus on Zero Trust approaches. Cisco Systems, which recently acquired Duo Security for $ 2.35 billion, is fully committed to the Zero Trust sector as it performs complete identity checks of all users and device health analysis before granting access to the device.

Regardless of the technical solution adopted, the need for proper staff training will increase. Employees will need to understand concepts such as social engineering, phishing schemes, malware, ransomware and more. Adequate investments in personnel education regarding security systems and procedures will reduce the risks.