Cyber Security: Factors Enabling Growth And Key Challenges

cyber security market

Prevailing Trends of IoT and BYOD Will Promote Cybersecurity Adoption

The surge in malware and phishing threats along with the increasing adoption of IoT and BYOD among organizations is accelerating the adoption of cybersecurity solutions. Furthermore, the increasing demand for cloud-based cybersecurity solution is one of the major factor boosting the cybersecurity requirement. In addition, cybersecurity solutions are often deployed on a priority basis by strategic business organizations to minimalize IT threats and loss of resources. This factor will further augment the growth of cybersecurity solutions. However, complexities of cybersecurity and industry regulations are factors hampering the cybersecurity growth.

Internet of Things (IoT) Brings Transformation in Cybersecurity Landscape

Privacy has always been a major concern for organizations, as they look for viable technologies to secure their information. There are precautions taken, however, computer programmers are now able to hack with unmatched uniqueness and accessibility. Hackers can now gain access to not just from unrestricted networks but also from private sources such as smartphones, home, cars, refrigerators and automation systems. According to a report by cisco 50 billion devices are expected to connect by 2020. IoT is defined as a world with connection and communication with almost every automation in a “smart mode”. IoT is certainly improving the quality of life and empowering new business models. However, this also specifies that more business information and personal data will be present in the cloud distributed back and forth through various devices can be misused and exploited. A frail link in the security chain can offer attackers with endless possibilities to unlock and extract data. A recent study showed that 70 percent of IoT devices have severe vulnerabilities. The undeniable evidence of unwanted threats and data hacks through the Internet of Things (IoT) has compelled companies to focus on strengthening their cybersecurity plan.

Aggravation in Software Supply Chains Due to Chain-Based Attacks

These days, third-party software tools have become more ubiquitous. Several organizations are hiring third party services to curb their vulnerability to cyber theft and strengthen their cybersecurity. Organizations are adopting best practices in cybersecurity to prevent unconventional supply chain-based attacks. When there is an attack on the software supply chain, legitimate software code is tarnished, thus resulting in the exploitation of the trusted end users. Nowadays, the attack trajectories are effective enough to circumvent the traditional cyber protection methods hence, compromising the distribution channels and software development. For instance, in 2018, Microsoft revealed that it was compromised by Multi-Tier Supply Chain Attack, the hacker had generated a replica of the software and copied and hosted all MSI files, including font packages. Such attacks have urged organizations to implement effective cybersecurity for the avoidance of forcible hacks.

Extensive Use of Pirated Software: A Challenge for Cybersecurity

Software is utilized for different purposes and tasks by millions of people around the world consisting of, government, businesses, academia, organization, and others. In various low and middle-income nations, acquiring and installing pirated software is very common. Factors such as lack of repercussions caused by limited regulation, high cost of original software as well lack of awareness are encouraging people to utilize pirated software. Pirated software is majorly infected with malware that can corrupt and infect computers with a directive to share information to third-parties, basically creating vulnerabilities that can be exploited by a range of methods. The criminal organization is involved in creating malware software with an objective to steal data or gain access to money. Likewise, it can also be used by external agencies to reconnaissance or damage the country’s structure.

Furthermore, the installation of pirated the software can have severe consequences that can destroy a nation’s reputation. Pirated software also draws vulnerabilities across the country’s network, which can then be exploited to conduct a cyber-attack. The use of pirated software to an extent is restricting cybersecurity approaches but drawing attention towards defeating the problem with innovative cybersecurity solutions. Nonetheless eliminating pirated software from government systems has become essential, which will further restrain cybersecurity risks.