What will come out as the top data security trends in 2020? By analysing our recent research, Alice Marchant, Senior Research Executive at Loudhouse, has identified 5 key trends for businesses to watch out for.
1.Cyber security is a business issue
Cybersecurity is taking centre stage in board rooms across the globe.
Business leaders historically lacked full awareness and understanding of the risks posed by cybersecurity, leading to a lack of funding for much-needed data security programmes.
However, that’s changing. This year we’ve seen greater awareness around cybersecurity among board members and the IT community, leading to an increase in funding for this vital area. Research carried out by Loudhouse for Optiv in July 2019 found that as many as 9 in 10 businesses have access to more funding for their cybersecurity programmes because the board has a better understanding of the problem at hand.
The tide is turning. Businesses are beginning to prioritise cybersecurity, and it’s moving from an IT issue to a wider business issue that can’t be ignored.
2. Technology alone cannot protect against insider threat
Data breaches due to accidental or non-malicious actions of employees have been the most common type of data breach for the past few years, and it’s likely that won’t change in the near future. Half of data breaches in 2017 were employee-related, and it’s likely that even more suffered a breach due to employee access last year.
One wrong click by an employee could have detrimental effects on the security of the data they’re handling. Therefore, it may not come as a shock that only one-third of businesses have complete trust in their employees.
Educating employees is key for businesses to be able to prevent cyber-attacks, and leaders know and believe in the importance of employee education programmes. With the ever-increasing cyber security hacks that take place via external sources, businesses can’t afford to ignore the risk their own employees pose to their security networks.
3. Internet of Things (IoT) is the new threat to cyber security
It was estimated by Gartner in 2017 that the number of connected devices across the globe will reach 20.4bn in 2020. But as this number grows, so do the pathways that give hackers the ability to conduct cyber-attacks. The introduction of 5G brings tremendous capabilities, but there is concern around the impact it will have on data security. In fact, our research for Accenture showed that one-third of business decision makers are hesitant towards 5G because of fears over security.
It’s not just in the business world where we see new innovations in IoT. The introduction of smart fridges that automatically reorder groceries for you, and automated cars that allow you to drive without needing to use the steering wheel, offer people speed and convenience. But in order for consumers to feel comfortable using these devices, they need reassurance about how secure they are.
4. GDPR continues to impact businesses
As May 25, 2018 loomed, businesses were under a lot of pressure to make sure they were fully compliant with the new data protection laws. And although many businesses breathed a huge sigh of relief once they met the standards, the work didn’t end there.
It goes without saying that GDPR has had a tremendous impact on the ways in which businesses handle their data. Keeping on top of GDPR, as well as other external standards, means that data protection now drives the policies and procedures businesses have in place.
Meeting GDPR standards is an ongoing process. Two-thirds of businesses say that GDPR compliance continues to affect them, and it’s very likely that it will continue to do so.
5. More people embrace voice technology, but security fears remain a barrier
Voice technology is fast becoming a staple in people’s lives. Nearly two-thirds of consumers use it – whether in their home, at work, or out-and-about – and this number is expected to grow over the next 12 months.
However, many still do not believe that voice-controlled devices are secure, so it is hardly surprising that one-third of consumers will not use voice-activated technology to make payments.
Regardless, it is likely that the number of people using voice technology will increase in 2020, mainly due to its speed and convenience. For more consumers to feel comfortable using it to make or confirm payments, the security problem needs to be solved.
The introduction of 3DS2.0 in 2019 means that two-step authentication has become an industry standard for banks authenticating online payments. As well as biometrics, you’ll need to enter a password or confirm the payment via a code on your mobile device. Could this extra layer of security be the answer to the worries surrounding voice tech and payment? Only time will tell.
Optiv (2019): The State of the CISO Report
Paysafe (2019): Lost in Transaction Report
Balabit (2018): IT Out of Control Report
Beyond Trust (2019): Privileged Access Threat Report
Accenture (2019): Business and Technology Executives Underestimate the Disruptive Prospects of 5G Technology
PinDrop (2018): Voice Intelligence Report