This is Where Business Cybersecurity is Heading – Stats Your Strategy Can’t Ignore

Gartner’s analysts have released a report on where cybersecurity is heading through to 2024. In this article, we’re looking at how these stats will impact your business cybersecurity strategy and ensure a forward-thinking approach to handling the threat landscape.

Data privacy laws 

By the start of 2024, 75% of the global population will be covered by data privacy laws.

From GDPR legislation to today, data privacy laws are becoming a key area of compliance for every business handling personal and financial data – which is essentially every business! After the Optus breach, the Australian government is getting stricter on data privacy, and changes to the laws as well as the penalties for breaking them means compliance is critical.

Putting cybersecurity in the hands of a single partner organisation

30% of organisations will put all their data security needs into the hands of a single provider

Centralising your cybersecurity and outsourcing it to experts is the most viable way to streamline and optimise data protection, make it affordable, and overcome the challenges of hiring and running your own cybersecurity team. Things like Secure Web Gateway (SWG), Cloud Access Security Brokers (CASB), Zero Trust Network Access (ZTNA), and Firewall as a Service (FWaaS) all work best when you have one team managing them all – especially when that team can work seamlessly with your IT team or become your own IT department.

Cybersecurity network architecture takes centre stage

Using cybersecurity network architecture will reduce breach costs by 90%

For Australian companies, the average cost of a cyberattack is US$2.92 million per breach. That’s the kind of money that closes doors. And keep in mind that that’s not including costs to your reputation, penalties from government or suppliers, and lost productivity. It is crucial for the survival of any organisation – especially local government and small to medium sized businesses – that data breaches are avoided at any cost. And the holistic and integrated approach of cybersecurity network architecture is the answer.

Operational environmental awareness of real-world hazards

By 2025,cyber attackers will be able to weaponizeoperational technology environments to harm or kill humans

You did read that correctly. But read it again – we’ll wait! So, with the rise of cyber-physical systems and the IoT, there are increasingly high risks of a cyberattack. But these won’t just be about stealing data, especially as these systems pull data from operation equipment, not that juicy financial and personal data hackers typically target. Instead, it will be used to disrupt operations to cause damage and disruption that can put lives at risk

We’ve seen this trend already in the Colonial Pipeline attack, where critical infrastructure was targeted to prevent necessary access to fuel. Gartner predicts that the next step will be more dangerous, causing events with physical assets that are designed to cause harm.

The cybersecurity threat landscape is a scary one – but we have your back

At Otto, we help businesses to protect data effectively while allowing you to use it efficiently, protecting your cyber-connected assets, shielding client data and sensitive information from hackers and malware, and more. At the same time, our solutions ensure that you can collect operational data to improve processes, customer service, and more. Chat to our Melbourne-based team today for cybersecurity solutions that are innovative, geared to the current and future threat landscape, and work with your business.