Every year experts turn to their magic crystal ball and share their thoughts on predictions they have for the upcoming year. Will we see the same trends from 2016 repeat themselves or we will see new ones develop in 2017? Below our experts from BOHH Labs weigh in on the discussion and offer their predictions for what’s ahead next year.
- People will start to take their own security seriously
Currently, we are seeing companies continuing to ignore security threats and taking a lazy, lip service approach to them. Moving in to 2017, we will see individuals starting to take their security online more seriously and demand that their organizations do so too when housing their data. People will start to realize their data is important and worth a lot of money for them, and they will start to demand that companies take better measures when housing their data and want it to be secure exactly in the way they look after their purses, wallets and tangible possession in the real world. However, only time will tell how companies will respond to this demand from their users.
- More legislation calls for banks to tighten in-house procedures
In 2017 we will see an increase in government security regulations for banks. Up until now, cybersecurity protection efforts have largely fallen on private sector institutions, but many government officials and security experts believe not enough is being done and more standard regulations are needed, especially for banks. The current federal regulations in place don’t specify what cybersecurity measures must be implemented and require only a “reasonable” level of security, which leaves room for interpretation. However, as the number of security breaches and threats continue to rise, government will start making more concrete standards of regulations banks should have in place to keep their customers’ data safe.
- We will find out the true state of security flaws in banks
Hacking of banks is booming. As the bank industry continues to be a target to hackers, we will start learning more about the true state of banks’ security flaws. Many banks have failed to adopt many of the industry accepted security standards that are not specifically enforced. Additionally, as banks are moving more operations to the cloud to meet customers’ mobile demands, we will start seeing what security standards they are lacking. For example, are they using two-factor authentication, encryption standards, etc.? As more breaches come out, we will find out just how much prevention measures banks have in place to keep their customers information safe.
- More security startups will come out of the woodwork
It is quite obvious that cybersecurity has been the most talked about issue for the last couple of years and there is no end sight. As people are looking to ramp up their security strategies, this market is hot to make a lot of money. As such, we will see more and more startups continuing to enter the market to capitalize on these profits and selling “new” and “innovative” solutions. According to the Cybersecurity Market Report from Cybersecurity Ventures, projections show $1 trillion will be spent globally on cybersecurity from 2017-2021. With lots of money still flowing in this market, 2017 will bring even more security startups out of the woodwork trying to outcompete one another for the game-changing solution.
- Yahoo will be sold in Q3 missing many zeros they were hoping for following the data breaches
Doubts of Verizon purchasing Yahoo have been circulating ever since news of Yahoo’s 2014 hack of 500 million users’ accounts. With a new hack revealed last week on Yahoo compromising 1 billion of its users, we predict Verizon will officially take its offer off the table. And that won’t be the only thing leaving Yahoo – we predict much of their advertising revenues will too. Due to the hacks, we predict Yahoo will move forward with getting bought by someone, but it will include a lot less zeros than Yahoo was looking for.
There you have it, our predictions on the trends for 2017. Let’s see how it all plays out.
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