Global Cybersecurity Predictions for 2017 and Beyond…

By Vishal Gupta, Co-Founder and CEO, Seclore

The year 2016 has been an epic year for cyber security threats. Current projections published from a Cybersecurity Market Report indicate that cybercrimes will only continue grow to an enormous $6 trillion in annual losses to the world by the year 2021. Due in part to our hyper-connected world, advances in collaboration technologies, multiple devices, and increased use of outsourcing, hackers are seizing opportunities and becoming more sophisticated in their attack techniques. Their quest has gone beyond stealing data for a profit to leaking incriminating information to influence and expose individuals and governments. However, hackers are only part of the challenge faced. Third-parties partners also carry a potential threat to organizations as they often have authorized access to organizations’ information and systems with little oversight or monitoring.

Organizations that fail to increase their security budget and make security a top priority, are most likely to suffer the greatest financial losses. So what’s do we predict for 2017 besides building a better offense?

Here are Seclore’s Top Six Security Predictions for 2017: 

1. 2017 Will be a Historic Year for Cybersecurity Legislation Globally

Next year will be historic in terms cybersecurity legislation. We’ve already seen the beginnings of this in 2016, and high-profile incidents such as the breaches at the Democratic National Committee and Yahoo, and the Apple encryption debate have further increased public awareness around the importance of data security and privacy. The Chinese government was also recently implicated in buying stolen national defense research related to the F-22 and F-35 and C-17 fighter jets from a cybercriminal who hacked Lockheed Martin and Boeing.

In India the Key Data Leaks that have Taken Place in the Recent Past –

Privileged access breach cases

Several Indian banks blocked and recalled more than 3.2 million debit cards, fearing fraud due to data leakage caused by a malware infection at a third-party ATM switch used by one of the banks

Select leakage of boardroom conversation at India’s oldest conglomerate house

Recent corporate espionage data leak case

The growing awareness, coupled with the government’s willingness to acknowledge the national security risks posed by cyberattacks, makes us hopeful we’ll see meaningful progress made in the fight to create effective cyber-legislation by the end of 2017. This legislation will likely start with mandatory breach notifications, which initially eliminate undisclosed (or slowly disclosed) cyber incidents, but will eventually take the form of specific guidelines for how citizens’ data must be protected wherever it travels or is stored.  Europe is leading the way with the General Data Protection Regulation (GDPR) act and we expect countries to follow with similar legislation.

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About Manohar Sharma 152 Articles
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