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  /  Tech   /  Unravelling the Macroeconomic Trends of Cybersecurity

Unravelling the Macroeconomic Trends of Cybersecurity

It is estimated that cybercrime will cost US$6 trillion annually by 2021.

As organizations are getting more towards building an artificial intelligence platform, one of the biggest challenges that have been observed is maintaining cyber security. Over the recent years, the world has witnessed a surge in cyber-security attacks. As the technology is evolving, so are the risks of cybersecurity infringement.  Despite the many measures taken, the permeability of cyber malware across network is very evident. The reports suggests that a single malware in 2018, costed more than US$2.6 million, while ransomware costs from 2017-2018, increased 21% from US$533,00 to US$646,000. It is estimated that cybercrime will cost US$6 trillion annually by 2021.

Especially at a time, when organizations have opted to work remotely, owing to the pandemic. Here are the identified macroeconomic trends by Global Data, which are impacting the cyber security industry

Election security

With the involvement of Cambridge Analytica during 2016 US presidential elections, and Facebook’s role in the UK’s Brexit Referendum, the authorities have been sceptical about the unwarranted cyber attack on democracy. A loophole in cybersecurity would mean, tampering the election results, propagation of fake speech, and a racial and communal divide that threatens the democracy of any nation. It has been observed enough that loophole in the cybersecurity network, can fiddle with the voters registeration database, influence the public opinion, as well as alter the election results. With social networking sites flooding with fake accounts, and pages, authorities are spending humongous amount of money to retain the cybersecurity in elections. The USA has already spent US$380 million in 2018, to scrutinize the cyber-security practices, and training the staff with best security practices.

COVID 19

Owing to the COVID 19 pandemic, organizations are rendered remotely, without any surveillance to the cloud security or cyber-security network. Until a vaccine is being discovered for COVID 19, the remote working has higher probability. Since, the workers are not rendered with having a secured network, they often fall prey to emails and messages, fake requests to reset the VPN accounts, faked sign-in pages video conferencing accounts, or fake incoming chat requests from colleagues on corporate messaging system. In order to combat the possibilities of cyber-attack in the corporate messaging system, organization are spending money to provide cybersecurity training to their employees, so that education can be delivered regarding the possible cyber security attack.

Dearth of Cyber Security Professionals

Even though the organizations are upscaling their cyber-security, one of the major challenges that is yet to be conquered by organizations is the lack of professionals in the cybersecurity team. Even when organizations, retain enough people to be part of the cybersecurity workforce, many of them lack necessary credentials to qualify for the role. As per the statistics given by the International Cybersecurity Organisation, a cybersecurity workforce gap of nearly five lakh employees have been observed in the United States Of America (USA), with the gap surging to over four million jobs in 2019. According to the job postings at the GlobalData Database, forensics, cyber-automation engineering, Security Operations Center (SOC), cloud network architecture, consulting in advanced threat solutions, and cybersecurity analysis, are some of the areas with high demands of jobs.

Psychology with the Security Assessment

Organizations are now spending a huge amount of money to get oriented with the psychology of the hackers and fraudsters. Staffing psychological experts in the cybersecurity team, organizations are trying to identify the psychological process behind the cyber attacks and malwares, This will help the organization to plan out a strategy that can identify the pattern behind the cyber attack, and will put the organizations a step ahead in countering such attacks.

Psychology within the Cyber Security Team

Apart from spending money to understand the psychological processes, and behaviour of fraudsters, organizations are also investing money, to understand the perspective of employees towards cybersecurity. By deploying this approach, the organizations can recognize the areas where the employees reckon of installing cyber security network. This will not only motivate the employees towards cyber security, but will also help the organizations in identify the patterns and designs, that can upscale the infrastructure of cybersecurity.

Government Stepping Up their Cyber Offense

Just like organizations, Government departments are at an increased risk of cybersecurity attack. The USA has already formulated a cyber force for preventing the cyber attacks in the government, and UK is just following suit. The UK National Cyber Force is expected for having more than 500 cyber specialists, and are likely to join force between the Ministry of Defense, and the Governments Communications Headquarters.