Global expenditure on cybersecurity products and services are predicted to exceed $1 trillion over the next five years 15 , from 2017 to 2021. Ministry of Finance set up a working group to work closely with all financial-sector regulators and stakeholders on issues of cyber security. “The scale and sophistication of the cyber attacks we see today are increasing and will only continue to increase.” Below are four emerging trends in the cybersecurity field to be aware of. Use of social media to propagate fake news can impact banks’ reputations in an insidious manner. The attempt closely resembled the cyber theft of USD 81 million from the Bangladesh central bank’s account at the New York Federal Reserve. A lot can be done by taking a collaborative approach, which will reduce the cost of business without compromising quality, trust and reliability. Emerging Trends in Cybersecurity Related to Industry Beyond the sheer size of the threats and disruption to businesses, there several factors driving growth and innovation in cybersecurity. The cybersecurity skills gap continues to grow. Organizations need to be prepared in identifying such attacks and not only respond, but recover with the least damage. With data being available in different forms (structured /unstructured) and being stored on multiple devices and in the cloud it becomes imperative to change the paradigm. Deception technology is a promising new way to detect the stealthiest cyber-attacks. 3. It is prudent to classify the risk associated with each system and focus on the efforts accordingly. It is estimated 7 that noncash payment transactions, which today constitute 22 percent of all consumer payments, will overtake cash transactions by 2023. Reserve Bank and its regulated entities. Cybersecurity Maturity Model Working Group: ReBIT has engaged with the banking CISO community to build the maturity model. Due to recent breakthroughs in the field of AI, security experts and firms have been using neural networks, machine-learning models, and other AI technologies to detect and anticipate cyber … Move from security as a cost, to security as a plus: The mindset of seeing security as a cost needs an overhaul. For more on this topic, have a look at my conversation with cybersecurity expert Professor Kevin Curran, in which we discuss the biggest cybersecurity challenges and how to tackle them: Bernard Marr is an internationally best-selling author, popular keynote speaker, futurist, and a strategic business & technology advisor to governments and companies. CERT-Fin will offer policy suggestions for strengthening financial sector cyber security to all the stakeholders, including regulators and the government. Protect information: The traditional approach has been to protect systems which hold the data. AI-Enhanced Cyberthreats. The idea of hijacking autonomous cars and taking over their controls may seem far-fetched right now, but itâs a threat thatâs being taken seriously by the automotive industry as well as lawmakers. Ransomware on the Rise: The recent episodes of malware attacks, viz. Poor Identity and Access Management: Identity and access management is the fundamental element of cyber security. Emerging trends of cyber-crime law; Conclusion. Political interference increasingly common and increasingly sophisticated. Our attenti on is usually drawn on “Cyber Security” when we hear about “Cyber Crimes”. Organizations in India need to improve their response capability to mitigate DDoS risks. The 5 Cyber Security Challenges Facing Businesses Today. By Naomi Hodges, Cybersecurity Advisor at . Cybersecurity Assessment Framework Working Group:This working group will draft specifications and assessment model to strengthen the cybersecurity posture of the industry as a whole. In light of recent events and shifting industry dynamics, that forecast has been revised to a 1.8 million worker shortage by 2022. During 2020, weâre likely to see more debate over this aspect of the safety of self-driving vehicles, as the regulatory framework that will allow them to operate on our roads continues to take shape. With no end in sight to the âtrade warâ between the worldâs superpowers, talk of fracturing among international organizations like the UN or EU, and an ongoing tech-driven arms race among nations that are economic competitors, that illusory veneer is being stretched thinner and thinner. Both forms of digital electoral interference are likely to become a growing problem over the next 12 months, partly due to the fact that they have proven to be highly effective up until now. Spending on Cyber Security will Increase Cyber security spending is on the ascent. 2018 was an overall positive year for cybersecurity. Attackers will have the choice of targeting either the vehicles themselves, perhaps using them to access email accounts and then personal information, or the cloud services where our data is routinely sent for storage and analysis. Respond and Recover capabilities: It is not a question ‘if’ an organization would be attacked, it is a question ‘when’. This is because of the overwhelming evidence that these tactics are being increasingly adopted by state actors with the aim of causing political unrest. So far, cybercrime targeting elections has taken two forms. Modern cars are fitted with an array of GPS devices, sensors, and in-car communication and entertainment platforms that make them an increasingly profitable target for hackers and data thieves. Study of Latest Emerging Trends on Cyber. Following approach will help them to manage the risks better. Organisations need solutions that assess their own and their vendors’ vulnerabilities in real-time. Individuals are repeatedly sharing and transmitting their personal information for various activities. Many organisations and financial institutions are still exposed to various material risks. ReBIT will have the following four verticals to support its mission. Study of Latest Emerging Trends on Cyber Security and its challenges to Society Ravi Sharma Abstract— Cyber Security plays an important role in the development of information technology as well as Internet services. From data breaches to IT security staff shortages, to cloud technology and the future of AI and 5G, let’s take a look at the trends and threats that are bound to shape the cybersecurity industry in 2020. We saw the creation of the National Initiative for Cybersecurity Education (NICE) in 2017, which is a federally controlled body created for the purpose of improving awareness about cybersecurity across companies. 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