Cyber Security Threats Enterprises Should Watch Out For In 2020

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This year has seen explosive growth in technology and its numerous applications for enterprises around the globe. With exciting developments in Artificial Intelligence (AI), the Internet of Things (IoT), and cloud technology, companies are reaping benefits like efficiency, connectivity, and cost-effectiveness. However, as these technologies expand, the threats and vulnerabilities that come with them grow as well. Here, we have listed some of the most prominent cyber threats that enterprises should be aware of next year.

IoT-based Hacks

The IoT continues to dominate global enterprises, with Gartner predicting that there will be a whopping 25 billion IoT devices by 2021. Paired with the growth of 5G, these devices will start communicating with a central network instead of a local router. Enterprises that use this tech will then become open to a whole host of attacks that can compromise data while it’s in transit. Similarly, threat actors can covertly implant malware before the data reaches its destination. As it grows, it becomes more difficult to keep an eye on security for every single IoT device. This is bad news for companies who use multiple connected devices because one compromised gadget can bring down the whole system.

AI-Driven Attacksf

Our post on how ‘Enterprises Must Re-Think About Their Cybersecurity notes that companies are set to raise their budget for AI-powered cybersecurity by 29% in the next year. This is a necessary response to parallel growth. And, it can be expected from threat actors who are using AI for more effective attacks. Indeed, as more individuals have access to AI technology, more sophisticated threats will emerge. Enterprises can expect more realistic phishing scams, targeted hacking, and even widespread disinformation campaigns.

Supply Chain Malware

Threat actors will be taking advantage of software and hardware from the inception point in the supply chain. Malware that finds itself in company computers will come from the factories where the components are built and subsequently compromised. These components are attached to legitimate products, which are then unwittingly utilised and incorporated into an enterprise’s system. This then opens up the target for a larger attack that can permeate an entire network, often going undetected until it is too late.

Point-of-Sale Malware

Cashless transactions are on the rise. But with the convenience and efficiency, they bring come risks in the form of Point-of-Sale (PoS) malware. PoS systems are what store customer payment information, which malware then finds, steals, and sends back to a remote server. This is why FIS highlights the importance of the Payment Card Industry Security Standard compliance across all card readers, servers, and even paper files, as it can ensure safer payments. Compliance also lowers the risk of data breaches while providing businesses with guidelines for everything related to credit card payments. This must go hand-in-hand with constant vigilance. So companies should also keep their payment methods up-to-date and secure. They will also closely monitor accounts and PoS systems.

Cloud Security

As more companies migrate their systems to the cloud, there is an increasing urgency to address emerging security concerns. The cloud continues to be an attractive target for hackers who can compromise data as they transmit. What’s more, employees themselves could unknowingly exploit vulnerabilities in the cloud through misuse. Next year, ZD Net explains that the responsibility to uphold cloud security will also be on the company and not just the cloud service provider. This means that enterprises should start providing training to educate workers on the proper and safe use of the cloud.

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