Cybersixgill’s CEO, Sharon Wagner, shares his top tech and business predictions in light of the pandemic’s first birthday.
2020 is the year that blindsided humanity. COVID-19 reshuffled the deck and humanity got dealt a very challenging hand. We managed, however, to keep business going and each development held risks, challenges and opportunities. From WFH to shifts in security services, HR, insurance, education and trust, humanity quickly developed in SaaS technologies. Innovation was an important ace up our sleeve the past year, and will continue to be going forward into 2021.
The age of endpoint corporate culture
The global pandemic sent a lot of people home - to work. Surprisingly, a lot of companies successfully managed the shift to working remotely, and many employees adapted quickly even in the more conservative industries. This actually trickled up to enterprises that came with the right products to enable and empower employees to work even more effectively from home.
What happens when you’re dealing with sudden changes? Errors and mistakes.
Where do they happen? Usually outside the organization. COVID reduced risks on-prem, but increased risks on endpoints (WFH). Due to the transition, the exposure level jumped exponentially. So one prediction is that we’ll see a spike in data leaks/breaches on endpoints. IoT, remote/devices - we’ll see a lot of investment in VPN defense/protection technologies.
Disgruntled employee at home = a serious threat
The dark web is brimming with credentials leaked by disgruntled employees, which can have a serious impact on the ultimate success of your business. It has become increasingly important for businesses to identify these employees early on, and effectively manage them. Due to lack of personal intercommunication in COVID times, identifying disgruntled employees early on is extremely hard. Maybe one of the most challenging tasks for executives today is to assess the work health of an employee. I think we’ll see a dramatic increase in new sophisticated HR tools to evaluate and manage employees’ work health.
The rise in cyber exposure and cyber insurance
COVID-19 amplified certain cyber exposures as remote work became a major security consideration. We saw a spike in compromised remote desktop protocols (RDPs) and other leaked credentials offered for sale in the deep and dark web. Organizations’ cyber exposure grew exponentially almost overnight, and with it the need to underwrite those risks turned into a must. WFH bumped up the average cost of a breach to $137,000 . Cyber liability coverage can help offset the financial pain in case of such devastating incidents. Moreover, more companies are requiring their partners to carry stand-alone coverage to protect against third party threats. These policies also become more precise and clear regarding the risk and the coverage. I believe we’ll see some brilliant innovations in insurtech this year - it’s exciting to see where innovators will take the industry.