How do you see the future of the cybersecurity industry?

How do you see the future of the cybersecurity industry?

Almost since the day the first computer virus appeared in 1971, there has been a cybersecurity industry. And, as the threats grew and became more widespread, it continued to grow along with them.

In purely financial terms, this means that the future looks very good. According to figures From Fortune Business Insights, in 2021 the industry was valued at just under $140 billion. By 2029 it is estimated to be worth more than $376 billion a year, a CAGR for the period of 13.4%

Some even feel that this may be a conservative estimate as the rise in cyberattacks is difficult to accurately predict. But the more there are and the greater the damage they cause, the faster the industry will need to grow to counter them.

Key areas of concern

Looking ahead, there are some specific areas of concern for the industry. The first of these is the now fully integrated trend towards cloud computing.

While convenient and inexpensive for many businesses, it presents a significant security risk. To some extent, this is mitigated by using firewall as a service only allow access to the data to authorized users. But hackers are nothing but inventive and persistent. Therefore, constant vigilance and improvement is needed.

Another area that is focusing the sharpest minds in the cybersecurity industry is the risk posed by the amount of data that is now being recorded, stored, and used. The total volume of this seems to be increasing almost exponentially.

Therefore, the more data that needs to be protected, the greater the challenge of keeping it out of the hands of those who would want to exploit it for personal gain.

It is also increasingly emerging that state-sponsored cybercrime is indeed on the rise and is being used to do everything from disrupt economies to wage online wars. It’s not always about one-way traffic, as the recent shoot down of RuTube, but it all helps create a distinctly feverish online environment.

But dealing with hackers with such large and officially sanctioned resources certainly takes the issues that arise into a whole different league, necessitating a completely different approach to countering them.

Finally, we must take into account the Internet of things. As more and more devices, from refrigerators to door entry systems, come online, this introduces a whole new number of ways for hackers to get in through the virtual back door.

Neither of these devices lends itself very well to more traditional forms of protection. This means that alternatives will need to be found, a considerable problem facing the industry.

So obviously there are a lot of challenges and threats to overcome. But the ingenuity of the cybersecurity industry should be more than capable of addressing them.

Some possible solutions

Arguably the hottest topic right now is exactly how the power of artificial intelligence can be harnessed and harnessed.

Many leading cyber security companies are devoting a considerable amount of staff and resources to this field. It is about creating algorithms that are capable of identifying and neutralizing potential threats with increasing precision before they become a reality.

It is by no means easy as hackers for their part are also hard at work creating their own bots to evade detection. Many experts believe that the result will be a virtual war of bot against bot with the best programmed destined to prevail.

Another key area that will become even more important is password protection. It is estimated that a large proportion of cyber attacks are made possible by hackers cracking passwords and thereby gaining access to systems.

While passwords are, and will continue to be, the primary form of protection, the use of biometrics in industry is set to expand into entirely new areas.

Today, most of us are used to using fingerprints or facial recognition to unlock our phones or do online banking. But other biometric techniques they are ready to be presented. These range from vein mapping to gait analysis and it seems very likely that two-factor verification, or more, will become standard before long.

This means that the industry must also do educational work that explains the importance of these additional measures and what the options are.

The changing face of work

An added complication for the cyber security industry will be the change many of us have seen in our work patterns and practices.

This is because most employers of any size now allow employees the option to work remotely for at least part of the time.

This exposes your systems to additional risk, whether it’s from the use of unsecured networks or data loss through hardware like laptops and memory cards falling into the wrong hands.

Various solutions are already being proposed, including the issuance of single-use devices, for example laptops that do not have access to points of contact with the wider world, such as emails and social networks. When access is needed, VPN usage is sure to increase.

final thoughts

As for the broader issues facing the industry, gender equality is key. It is clearly male-dominated right now, so there is a strong awareness that more women are needed to restore the balance. It’s an issue across STEM fields in general, but this offers an opportunity for cybersecurity to lead the way, an opportunity you should be ready and willing to seize.

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