Enterprise operations are evolving in a huge way right now, and digital technologies are acting as a key enabler to this end. With the rising influence and implementation of digital technologies within enterprise operations, security relates stakes are also rapidly rising.
In a broader context, the role of cyber security risks is elevating from just operational disruption to cause something as extreme as the loss of precious human lives. The most relatable example of this sort of risk is self driving automobiles.
Now, taking stock of an organization’s cyber security risks, and how it plans to tackle those risks is becoming a strategic level priority, involving no less than the top management. Here is a glimpse of how Gartner perceives cyber security and privacy in 2022, and beyond.
Tightening Privacy Laws
Gartner anticipates that by the year 2023, data privacy laws will be covering the security of personal information of nearly 75% of the world’s total population. The process that kicked off with EU’s General Data Protection Regulation (GDPR) will only proliferate.
So, enterprises having any sort of interface with personal or sensitive data will have to re-visit their privacy and security postures from the ground-up. Further, organizations will have to comply with different data privacy regulations across various jurisdictions.
It is expected that by the year 2024, organizations that adopt a cyber security mesh architecture will be able to reduce the financial impact arising from security related incidents by as much as 90%, on average.
Cybersecurity mesh architectures assume a more contextual approach towards data security and privacy. Such architectures also go beyond the core enterprise resources to include the other key stakeholders of an enterprise.
Consolidation of Security Frameworks
Garner expects that by the year 2024, almost 30% of enterprises will have optimized their security and privacy postures with a consolidation approach. This will entail organizations relying on a single vendor for managing their cyber security and privacy risk postures.
The core areas that will move towards consolidation into a single vendor include Firewall as a Service (FWaaS), Cloud Access Security Brokers (CASB), Secure Web Gateway (SWG) and Zero Trust Network Access (ZTNA).
Impact of Security Risks on 3rd Party Transactions
As per Gartner’s expectations, almost 60% of enterprises will be considering cyber security risks as a deciding factor when undertaking 3rd party transactions and / or business engagements. This is expected to take a more formal shape by the year 2025.
Therefore, as a natural consequence, enterprises will have to up their game when it comes to managing cyber security and data privacy risks, as these factors will directly impact the ability of any enterprise to attract revenue as well as market growth.
Regulation of Ransomware Payments
By the year 2025, Gartner expects that nearly 30% of nation states would have formal legislations in place to regulate issues like ransomware payments, non-compliance fines related to cyber or security breaches, and negotiations around ransomware attacks.
During the preceding year 2021, this figure stood at a modest 1%. Going forward, decisions like paying out, or not paying ransom to cyber attackers will have regulatory ramifications for organizations, and they will have to factor in regulatory risks as well, when doing so.
Gartner expects that by the year 2025, nearly 40% of the Board of Directors (BOD) will have a dedicated cybersecurity committee that will be reporting to less than one of the board members with the requisite credentials.
This in turn will drastically increase the level of oversight and scrutiny on the internal procedures related to managing cyber security as well as data privacy risks. Security related risks will now also be part of the periodic reporting mechanisms of enterprises in vogue.
During the next couple of years or so, we expect to see major shifts in how enterprises view and manage their cyber security and data privacy risk postures. The above stats and forecasts by Gartner make this apparently daunting task a whole lot easier.
With the right skillset and full on support from the top management, enterprises will not only be able to improve their risk postures, but also avoid regulatory and financial implications for non-compliances related to the above risks.
Please feel free to contact dinCloud for leading cloud solutions that amply meet your productivity needs, without impacting your security posture in any detrimental way.