While everyone in social media is all hyped up and hooked onto the #10yearchallenge, we at AOPG decided to have a look at another 10-year challenge, cybersecurity.
The IT world was a lot different a decade ago. Blockchain was a term still relatively unheard of in most industries and cryptocurrencies were still in their infancy stages. Amazon Web Services was only 3 years old and Alibaba Cloud was born. There was no Netflix or Uber while messaging service Whatsapp just had its initial release. The biggest hack in the US was a hacker stealing millions of credit card details in Miami. And in China, Google China was hit by a cyberattack which changed the course of their future in the country.
Today, cybercrime continues to be the biggest concerns of most organisations and individuals everywhere. The types of cybercrime over the years have evolved as well with cyber criminals becoming more efficient in executing their malicious activities. While hacking continues to still be the biggest cyber crime today, malware and ransomware are now the most used techniques for hacking into systems.
According to Cybersecurity Ventures, cyberattacks are the fastest growing crime and is predicted to cost the world $6 trillion annually by 2021. If we were to tell someone ten years ago this, they would probably think we’re out of our minds. But today, the figures show are showing it.
In the last decade alone, we have seen more and more organisations become victims of cybercrime. Facebook, the Marriott Group, Under Armour are just some of the big organisations attacked last year. If we were to look at smaller organisations, they are more vulnerable, and many are often not even aware they have been attacked.
So are we the victims of our own technology breakthrough?
Just over a decade ago, the world awed when we saw what smart phones can do for us. Little did we all know about data and how much insights they will be provide organisations. Today, that same data can give us so much information about almost everything we do.
Data today is worth millions. This is why data protection and data security have become the most important aspect for organisations everywhere. While data can provide a lot of information to businesses on how they improve themselves, generate profit and become more efficient, that very same data if fallen into the wrong hands can lead to a lot of unpleasant situations.
This has led to the formation of regulatory bodies like the European Union’s General Data Protection Regulation (GDPR) have been established to ensure data privacy and protection of users. More countries are beginning to create their own compliance and regulatory rules to ensure the protection of data of their citizens.
What’s the challenge for the next 10 years?
While cybersecurity companies continue to improve their services in providing stronger and better solutions for organisations, it will be interesting to see how these issues will be tackled in the future. Artificial Intelligence is now becoming the biggest game changer in tech. Some cybersecurity providers are using AI to deal with cybercriminals. Threats can nowadays be detected and avoided even before it happens.
But the concern here would be, will cybercriminals adapt and end up using AI to their own gains in the near future as well? One thing is for certain, cybercrime won’t be going away so soon. Only time will tell.