While cybersecurity has long been an important topic, in 2018 it was really brought to the forefront with the Facebook-Cambridge Analytica scandal and the EU enforcement of the General Data Protection Regulation (GDPR). And 2019 will likely see an increasing interest in cybersecurity matters as newer technologies are harnessed for better risk assessment and mitigation.
By Adrian LAI – CEO at Liquefy
One of the most pressing concerns for 2019 lies in the area of Internet of Things (IoT). While IoT has immense potential in improving the monitoring and control of non-communicative devices, there are systemic weaknesses that are susceptible to attacks. Industrial Internet of Things (IIoT) is at even greater risk given how lucrative the attack could be.
Cloud-level attacks are expected to increase as well as more businesses decide to migrate to cloud computing both for the reasons of convenience and improved security. The period of transition between physical data storage and cloud storage is notably vulnerable, and it’s crucial for firms to have proper security measures in place before they start the process. Even post-transition, businesses need to be aware of the idiosyncrasies of their cloud provider and whether these will require any procedural changes to ensure proper handling of data.
A disregard for cybersecurity can cause a company major reputational and financial loss. According to an IBM study the tangible cost for an average global data breach can amount to $4m USD. 2019 will certainly see a large number of businesses undergo risk assessments for cybersecurity across their whole operations to make sure that they do not leave themselves vulnerable to breaches.
When it comes to combating these threats, blockchain is seen as a possible solution. The underlying Distributed Ledger Technology (DLT) allows data to be stored non-centrally and securely. By removing the human element from data storage, the potential for human error is narrow. That’s why blockchain is being explored as a solution to existing cybersecurity issues and is expected to tackle existing problems in edge computing and secure messaging.
Edge computing is a technology where processing power and memory is delivered close (geographically) to where it is required, rather than at a data centre cloud. While this improves energy and computing efficiency, the hardware that is used does not have a sophisticated security infrastructure or receive security updates. Blockchain can be used for better authentication and record management in Edge computing, solving many of the issues.
Internal messaging has also been an area of concern as it can be hacked as part of corporate espionage or for malicious reasons. Several blockchain projects, such as Telegram Open Network, are based on the idea of using blockchain for messaging to make data records impregnable to external actors.
Overall, it is now seemingly clear that cybersecurity is of paramount importance in an increasingly digital world. The year 2019 will undoubtedly see new cybersecurity challenges, and it is up to the ingenuity of those in this field and newly developed technologies to combat these threats.
theDesk invited influential leaders in the cybersecurity industry on the topic of “Cyber Security for SMEs”. If you would like to learn more about the existing trends on Cybersecurity and gain actionable advice, RSVP here.
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