2020 is coming to a close and technology has evolved rapidly to make way for changing market conditions. Cloud computing, Artificial Intelligence (AI), automation, and the Internet of Things (IoT) are evolving technologies that create unparalleled opportunities for companies to unlock new value. When technology advances, so does the landscape of cyber threats that companies have to navigate. Cyber threats are expected to slow the rate of technology innovation globally by as much as USD 3 trillion in lost economic value in 2020.
The most prominent ongoing cybersecurity issues continue to be the lack of trained security professionals, complicated enforcement standards, continuously changing cyber attacks, and serious insider threats.
For global security organizations, however, navigating the coronavirus pandemic remains the greatest obstacle in 2020. Little wonder then that data breaches have risen in volume and complexity in 2020, with the number of breaches growing by 273 percent compared to 2019.
As businesses look to adapt to a new normal in 2021 and beyond, here are some key trends in cybersecurity SIEM that security teams need to know to navigate the crisis:
Cloud SIEM adoption has emerged as an ally for companies to ensure business continuity as remote work and online communication escalated during the coronavirus pandemic. Though global corporations moved to cloud SIEM before the crisis, the pandemic served as a trigger.
Spending by the Global cloud services industry is expected to hit USD 1 trillion in 2024, according to IDC, at a CAGR of 15.7 percent during the 2020-24 forecast period.
Rapid cloud SIEM migration, however, is expected to bring a host of new threats and challenges to security.
In the future, cloud-based security risks, including misconfigured cloud storage, decreased visibility and control, insecurely deleted data, and cloud applications, will continue to disrupt companies.
Artificial Intelligence (AI) is set to assist under-resourced security teams to stay ahead of the threats as cyber attacks continue to rise in severity and frequency.
AI provides threat intelligence by processing vast amounts of risk data from organized and unstructured tools, reducing the time it takes for the security team to make important decisions and respond to reduce or eliminate the threat.
Integration of Artificial intelligence in the cybersecurity software tools industry is expected to rise from USD 8.8 billion in 2019 to USD 38.2 billion by 2026 at a CAGR of 23.3 percent, according to market estimates.
With increasing data breaches, security teams have to go through endless emails, endpoints, networks, servers, cloud workloads, and applications to achieve visibility of enterprise and customer data.
Extended Detection and Response (XDR) is expected to gain traction as it can automatically capture and compare data from multiple end-points to allow faster detection of threats and respond to incidents.
For example, it is possible to combine and compare a cyber incident that triggered alarms on a server, network, and application to allow insights and background into the incident.
The cybersecurity talent crunch is projected to generate 3.5 million unfilled cybersecurity jobs by 2021, up 350 percent from 1 million vacancies in 2014, according to Cybersecurity Projects.
The shortage of experienced security personnel will convince organizations to focus increasingly on the automation of security processes. By automating them based on pre-established rules and procedures, security automation tools remove repetitive safety operations. As a result, security tasks can be performed quickly, effectively, and with fewer errors.
Cybersecurity incidents, threats, and vulnerabilities have skyrocketed in recent years, forcing companies to revamp their security strategy through cyber and physical environments outside conventional enterprise IT frameworks.
The cyber-physical world continues to be threatened by cyber incidents such as Siegeware attacks on infrastructure management systems, increasing OT/OT system vulnerabilities, and GPS spoofing attacks. Thus, businesses that relied on the IT security-centric approach proved incapable of dealing with the effect of security risks on physical safety.
Organizations that incorporate cyber-physical structures are often set up to deploy Chief Security Officers (CSOs) at the enterprise level to cooperate with various security-oriented silos.
In a centralized governance model, the CSO can carry physical security, IT security, malware analysis, OT security, inventory management security, and supply chain security.
The pandemic has created a remote working community, cloud SIEM adoption, and the shift to online communication. This trend is set to expand in the future.
Network security for organizations is shifting from LAN-based appliance models to cloud-native security service models, including Secure Access Service Edge (SASE).
By routing the network traffic via a cloud-based security stack, SASE technology helps organizations robustly protect remote employees and cloud applications.
Data privacy, from being part of enforcement requirements, is set to become an increasingly relevant, stated discipline of its own with rising concerns about data management and security.
Data privacy affects almost all facets of an enterprise as a stand-alone discipline, from co-directing the organizational strategy to closely aligning it with security, HR, governance and procurement.
As cybersecurity trends continue to evolve, companies must adopt a proactive, rather than reactive, IT security posture to keep businesses secure. As they aim to protect their vital properties, they must become more nimble, more agile, and more collaborative.