As technology continues to evolve and becomes an even more integrated part of our daily lives, it has also ushered in an increase in cyber risks and attacks – and their severity. In the last few years companies spanning industries from retail to government have fallen victim to attacks on their systems, resulting in unfavorable circumstances and often costing millions of dollars.
Following up a year full of cyberattacks, it’s important for businesses to evaluate their cybersecurity efforts and be prepared for both IT security challenges and opportunities in the upcoming year. Outlined below are key trends expected in 2016.
IT security budgets will grow
Although companies are now aware of cybersecurity threats and have worked to make data and network protection a top business priority, many lack the funds to appropriately carry out the best IT security practices. In 2016, this will change. A recent survey found that 81 percent of small and medium-sized businesses (SMBs) polled plan on increasing cybersecurity spending in the next year by an average of 22 percent. SMBs aren’t alone in wanting to improve their cybersecurity efforts. In his 2016 budget, President Obama proposed allocating $14 billion on cybersecurity spending – an 11 percent increase from the previous year.
Ransomware threats will likely increase
In terms of cybercrime, ransomware is a relatively newer threat, but experts expect it to become more prominent – with worse consequences – in 2016. Ransomware refers to attacks where cybercriminals take control of a company’s data and require them to pay a ransom before giving the data back. An FBI report from January 2015 affirmed that ransomware attacks were already on the rise from previous years. Although typically used as a tactic for minor offenses against small businesses, this scheme is expected to escalate to new heights in 2016, encompassing enterprise ransomware for the first time.
New and connected devices will increase system risks, complexity
Technology is already developing at such a rapid pace that it is often difficult to foresee some of its drawbacks. The rise and implementation of mobile devices such as smartphones and tablets have already blurred the lines between devices intended for personal and professional use, causing difficulties ensuring that company data is accessed via secure networks. As our devices, data, and world become more interconnected through cloud computing and the Internet of Things (IoT), the surface area where cybercriminals are able to attack increases, leaving business data more vulnerable.
What can you do?
To make sure your company doesn’t fall victim to increased cyber risks next year, enlist software solutions that will help keep your data, your network, and your company safe. HOB offers a plethora of IT security tools designed to offer enterprises the best security solutions without compromising data access or flexibility. To find out which solution is right for your business, contact us or check out our products page.
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