Are we prepared for the next wave of cybersecurity risks?

Last year was a year of massive hardware vulnerabilities and breaches. What does 2019 have in store for us?

First, let’s examine what the World Economic survey respondents have to say about the future. In 2019, 82% of them believe that cybercriminals will be after our money and data. Of those surveyed, 80% believe their goal will have something to do with disrupting operations.

With 5G technology almost being deployed everywhere around us, we are on the verge of a new digital era. On the flipside, however, this opens the doors to a slew of cybersecurity attacks just waiting to happen.

To make matters even more challenging, we have little data to work with, since there is no incentive for firms to report risks. In 2017, only 49 cyberattacks were reported to the financial authorities in UK, indicating a state of severe under-reporting.

In terms of who the cybercriminals like to target most frequently, the list goes as follows:

– Banks (91%)

– Insurance companies (7%)

Moreover, we are entering an era of quantum computers. They are generally a good thing, but what if the technology falls into the wrong hands? They could easily be used to bypass encryption. While a typical computer doesn’t have enough processing power to solve these, the same does not hold true for quantum computers. Scientists estimate that quantum computers could break encryption in mere minutes.

With so little time to think, we must lead the way and start thinking about the possible solutions.