Top Security and Risk Management Trends to Watch in 2020

As we enter 2020, its time to learn from past years’ mistakes. And, when it comes to data security, trust us overcoming the past year blunders is extremely important. Every year data analysts explore new trends in data security, privacy, and risk management that have a significant impact on the growth of a business. According to data experts, top trends are the ongoing strategic shifts in the security ecosystem that often go unnoticed. But, in reality, these security trends have a significant impact on business growth and, at the same time, have considerable potential for disruption.

One thing data analysts and decision-makers within the firm must address is the convergence of external factors and security-specific threats. This convergence will influence the overall security and risk landscape. This means top leaders must develop an effective security mechanism to improve risk resilience and support business objectives. One thing common in global companies is the growing role of IT strategists in attaining business goals. From this, one thing is clear that security and risk management leaders must effectively present the security matters to key business decision-makers. And, for doing so, they must carefully watch the latest trends taking place in the security and risk management sector. Going by statistics, personal and corporate privacy is becoming the soft target for hackers who make use of innovative techniques to snoop in your personal information. In the first half of 2019, 4.1 billion data records suffered because of security data breaches. And, talking about the cost of security breaches it was estimated to nearly $ 4 million per business.

Top security trends to watch out for in 2020

Threat detection investment, aligning security to business goals, and passwordless authentication are the top trends that firms must watch out in 2020. Without any further ado, let’s talk about these trends in detail.

Linking risk appetite with the business outcomes: At present, IT strategists are responsible for attaining business goals. This means security and risk management leaders must develop an effective mechanism to give an outline of key security matters to top management. By doing so, top leaders will get a better idea of the security scenario and the need for identifying and eliminating security loopholes. According to top data analysts, firms need to focus on the issues related to IT decision making, create simple, practical, and risk appetite statements that you can easily link with the business goals and are relevant to business decisions. By doing so, there will be no room left for any misunderstanding related to the importance of creating a security mechanism within the firm.

Implementation of security operations centers: Over the past years, there has been a shift in the security investments from threat prevention to threat detection. And this shift requires considerable investment in security operations centers (SOCs). The reason being the increase in the complexity and frequency of security alerts. According to top tech experts, by 2020, 50 % of the security operation centers will be converted into modern SOCs. The unique feature of modern SOCS will be the integrated response, higher threat intelligence, and threat-hunting capabilities. It’s essential for security and risk management leaders to understand the importance of creating or outsourcing a well-built SOC with threat intelligence, automatic response capability.

Need for developing security governance mechanism: Can you address the complex issue of data security without having a strong understanding of data? Without addressing the context in which data is created and put to use, you will never be able to understand how data security works. Instead of using data protection products and aligning them with business needs, firms need to address data security from a different perspective. And, by a different perspective, we are referring to the need for developing the right data security framework. The data security framework offers a data-centric blueprint that will help firms in identifying and classifying data assets. By doing so, firms will be in a better position to develop effective data security policies. After developing the security policy, the next step is to select the right technology to minimize the risk. To identify and address data security risks, it essential to start from the business risk. But, many companies are guilty of making the mistake of acquiring technology first and then look at the business risks that data security addresses.

Passwordless authentication: The biggest trend gaining attention from all corners is the passwordless authentication. Passwordless authentication like touch ID is used in many large scale organizations for both the consumers as well as employees. The reason for the popularity of this security trend is the ability of passwordless authentication to combat hackers who target passwords to access personal data of users. With passwordless authentication, users get extra layers of security and usability, thus giving rise to a win-win situation for both firms and consumers in terms of security.
Premium skills and training services: Another data security trend to watch out for is the premium skills and training services offered by security product vendors. The reason for the increase in cyber-attacks is the innovative skills used by hackers to up their game. On the other users, even large firms lack the needed cybersecurity skills to battle security attacks. According to a recent study, the unfilled cybersecurity role is going to increase from 1m in 2018 to 1.5 m by the end of 2020. The advancements in artificial intelligence and automation will reduce the task of manually analyzing the standard security alerts. But, being said that for sensitive and complex alerts keen human eye is required. At present, vendors offer solutions that are a fusion of products and operational services to accelerate product adoption. Services that vendor offers range from full management to partial support to improve the administrator’s skill levels and to reduce the day to day work.

Investments in the cloud security platform: The move to the cloud is responsible for stretching the security teams thin. The reason being by using cloud security competencies as a mainstream computing platform, talent becomes unavailable, and sometimes the organization is not ready for the transformation. According to a recent study, the majority of the cloud security failures by 2023 will be because of the fault of customers. Although the cloud is a secure platform and a viable option for large firms, keeping it secure is a daunting task to perform. Firms have to invest in the essential security skills and governance tools to build the necessary knowledge base to stay in line with the rapid growth of cloud development and innovation.
Automation and integration in cybersecurity: The top concern for security professionals and developers is to do more with less. This is where automation and integration come into the picture. Firms have to integrate security into agile processes such as CI The growing importance of cybersecurity: As digital transformations are at its peak, creating awareness about the cybersecurity challenges has become more critical than ever. Businesses have to realize the need for developing an effective cybersecurity strategy and cyber incident response plan. To ensure the entire team is on the same page, firms have to provide information security training to staff. Firms have to maintain a solid security framework for the entire organization. Also, at present, security has found a permanent place in the software development lifecycle. Firms are now integrating SecDevOps/ DevSecOps processes with the security at all the stages of software development.

Advancements in data encryption: One thing firms need to understand is that cyber-attacks have become more sophisticated than before. More and more cases of data loss cases are coming to the forefront. This means it’s essential for firms to develop a well-planned encryption strategy that firms can use throughout the length and breadth of the organization. But, when encryption technology becomes outdated, it becomes essential for firms to modify it to prevent loss of data. With the advancement in data encryption methods, firms will be able to stay ahead of security threats. These advancements include the use of leading privacy technologies, ring signature, and zero-knowledge proof and distributed ledger technologies. If the firms use technology in combination, they will be able to achieve full or partial data anonymization. At the same, they will be able to automate data and identity verification.

Cyber insurance: With the increase in cybersecurity attacks, it has become essential for firms to adopt cyber insurance. In 2019, cyber hacks and extortion estimated at $11.5 million. The data shows the importance of raking preventive security measures like buying insurance. The market of cyber insurance is going to increase in the coming years owing to the increase in cybersecurity threats.

With the increasing dependence on technology, firms come under the risk of security threats. Trust us; there are hidden costs of being more connected. With the increase in hacking activities, it has become essential for firms to adopt the latest data security and risk management trends.