As the world prepares to exit the pandemic, many businesses are still grappling with the uncertainty of how technology will play a role in the new normal. Due to the complexity of today’s infrastructures, many businesses are also vulnerable to new threats.
As a result, CSOs must help their organizations keep up with the regulations. The recent uptick in attacks and network vulnerability has caused many CSOs to face significant challenges in the year ahead. Below are some cybersecurity predictions for the coming year.
1. Companies To Prioritize Responsible Sourcing and Supply Chain Resiliency
Threat actors are becoming more focused on breaching the supply chain, which is almost inevitable. According to a survey conducted by Gartner, 60% of organizations will use security risk as a primary factor when it comes to conducting business engagements.
Before they renew contracts or add new suppliers, companies should draft policies that explicitly state that their vendor will be responsible for any third-party attacks.
2. Privacy Legislation Will Pick Up Around the Globe
Modern privacy laws will cover the personal information of about 75% of the world’s population by 2020, according to a prediction report by Gartner. As privacy regulations are enforced, organizations should also consider their data collection and storage locations.
3. Increase in Hiring of In-House Compliance Officers
As companies comply with the new regulations, they will need to hire more compliance officers to help them navigate through the complex regulations. The right people can help companies navigate the complexity of the regulations and translate it into real business value. This is exactly what we need in today’s world.
4. Insider Threats and Employee Engagement Will Be Affected by Bossware
Due to the rise of remote working, especially since the pandemic, the use of tools that allow supervisors to monitor employees has raised concerns of employee distress and decreased employee engagement.
The rise of employee backlash will cause firms to overreach and reduce the scope of their insider threat programs, which could lead to increased risks.
5. Cybersecurity Costs Will Soar
Cybersecurity insurance will continue to be more expensive due to the increasing number of attacks and the rising cost of providing security. According to Constellation’s Miller, the rising prices are partly due to the increased number of attacks and the fear of losing all of their coverage.