In our last post, we reviewed some of the best security techniques being used to keep our data protected and that we are grateful for in honor of Thanksgiving. Today, we will shed some light on what the team at BOHH Labs believes will be the hot topics in 2018 and share our predictions.
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 2017 repeat themselves or we will see new ones develop in 2018? Below our experts from BOHH Labs weigh in on the discussion and offer their predictions for what’s ahead.
Blockchain will be the Heart of The Finance Industry:
It’s no secret that blockchain is the hot new technology, and we will see this technology be embraced predominantly by the financial industry. Because of its decentralized and distributed nature, more financial services institutions are looking at blockchain to replace the centralized business model. As an example, KPMG, one of the “Big Four” accounting firms, recently just joined the Blockchain Advocacy Group.
As Bitcoin is based around blockchain technology, and it has seen significant growth in value during 2017 event though it’s an unregulated currency, will continue to increase when security is a potential issue or will it fall off the tracks?
NASDAQ Advising People to Jump on Security Boards:
We all know security breaches are a big deal, so why aren’t more board of directors versed in the area? As the oversight of an organization’s value and growth, it’s critical for security to become a business priority and an integral part of their organizations’ daily operations. This means a companies’ cybersecurity activities must hold as much weight in decision-making in the same way as they do in the financial ones. As such, in 2018, we will see NASDAQ advise more security expert to join companies’ boards, so they can help companies navigate to better long-term performance and success.
Website Attacks Become a Bigger Target:
One of the type of attacks that we will see gain more traction this year is the website attack. With the growing use of online services (checking accounts, merchant accounts and Point-of-Sale (POS) systems, etc. now going through the web) the risk of attacks is large and has the potential to affect any institution using these services, as it opens access to institutions’ backend databases, document stores and applications all within easy reach.
Because an attacker gains access to the website through a hijack of a user’s requests and then makes a simple change of code to redirect payment information their way, while NOT stopping the requests correct path, this type of attack is very hard to find, but incredibly easy for attackers to undertake.
The website is no longer just a marketing tool. It has become a business tool, and as such, it now needs to be properly protected from attacks and placed inside a firewall, and preferably completely encrypted, so that attackers are unable to change, manipulate and delete code to their advantage.
Continued Chat Bot Growth:
The growth in the business use of chat bots will continue to increase based on their interactive nature and their capabilities to complement existing call center activities by taking away mundane tasks. However, with their interactive capabilities and the ability to use location services to reserve a table in your proximity and even order an item such as a coffee, it is becomingly increasingly important that all chat bot transports are secure. Similar to website data breaches, should intrusion attacks penetrate the chat bots, user trust will be lost as well as the possible loss of confidential data.
Public Cloud Adoption will Continue to Challenge Enterprise Companies:
While Cloud adoption is the goal of most global enterprise companies to help improve their IT speed, business agility, and modernize existing on-premise applications such as ERP, Finance and HR, adoption will be limited due to the time and money needed to implement cloud security standards that emulate enterprise on premise infrastructures.
By using a secure gateway to a Public cloud provider, enterprise accounts could accelerate their cloud deployments and benefit from the economics of cloud, plus have the ability of choice and move Cloud providers as the business sees fit.
IoT Attacks Will Keep Growing:
We will continue to see companies scramble to implement security for IoT devices and applications. We’ve already seen the significant and expansive impact that hacks on IoT devices can have and it will only continue as we move in to 2018.
General Data Protection Regulation:
Effective from 25th May 2018 companies will need to comply with the General Data Protection Regulation (GDPR) which applies to all companies that use or process data in the European Union. As several analyst articles suggest, only 25% of companies are expected to be in full GDPR compliance in May 2018, and as a consequence of this, the initial fine or penalties imposed on a none compliant company will be significant to warn other companies of its importance.
Now that we’ve highlighted some of the major security themes we predict will take center stage in 2018, come back next Tuesday when we will share some tips to stay cyber safe in the holiday shopping season.
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