CEO INSIGHTS: Cybersecurity Predictions for 2020

December 31, 2019

In the first half of 2019, data breaches increased by 54 percent compared to the first six months of 2018, according to a study by Risk Based Security. The amount of data breaches in the headlines has only increased in recent months, and as we look ahead to 2020 I expect to see more of the same.

The question is, are hackers really getting that much better at cyber-attacks, or is it that organizations still just aren’t taking the steps needed to reduce their risk and exposure to the threats they are facing?

I think it’s a mixture of both, but certainly seeing stats that 3 out of 4 organizations aren’t providing basic cybersecurity training to their employees isn’t helping things. The easier that people make it for cyber-attackers to exploit weak cyber practices, the more we’re going to see hackers take the easiest way into the enterprise.

So yes, my prediction is that data breaches will continue to increase not only in terms of volume, but also in terms of severity in 2020. Remember, it only takes one compromised credential to impact millions: millions of dollars, millions of customers, millions of lost opportunities, etc.

That said, here are a few more cybersecurity predictions for 2020:

SUCCESSFUL RANSOMWARE ATTACKS WILL DOUBLE IN 2020

The annual FBI Internet Crime Complaint Center Internet Crime Report for 2018 reported that the number of ransomware complaints decreased but the total amount of losses caused by the malware increased. This trend will continue in 2020, and as the FBI softens its stance on business paying the ransom, the number of “successful” ransomware attacks (aka those where the ransom is paid) will more than double, with total losses of all reported attacks increasing tenfold.

Read the rest of Tim Steinkopf's cybersecurity predictions for 2020 on Forbes: https://www.forbes.com/sites/forbesfinancecouncil/2019/12/11/six-cybersecurity-predictions-for-2020/#55ddcb284422