2021 Predictions: Cyber Risk, Global Attacks, and Regulatory Change

2020 came with a lot of unforeseen circumstances. There was a giant uptick in cyber threats in the digital landscape as the COVID-19 pandemic surged on. Proceeding into 2021, we will begin to see the result of the transformative year that 2020 has been. We will dive deeper into these results in our webinar with CyberSaint Co-Founder and Chief Product Officer Padraic O’Reilly. The main categories in the risk and compliance space that we anticipate to see the most significant change are regulation, cyber-attacks and events, and business-side discussions.

Predictions for 2021

Changes to the Regulatory Landscape

We expect cybersecurity regulation to become more strict with heavier fines and shorter implementation time. As we’ve seen in compliance frameworks like the CMMC and NIST SP 800 53, these regulations are becoming more strict and broader in scope to cover new technologies organizations have begun to utilize. Additionally, we can expect many frameworks to be reworked over the next few years to meet market demands as they become necessary to safeguard organizations’ information and assets.

The need for organizations to undergo digital transformation will drive much of these changes. Using an integrated risk management solution like CyberStrong can help with these efforts by giving enterprise-wide visibility into organizational cyber posture. Advancements in AI, automation, and the simplification of compliance processes can enable cybersecurity teams to adjust to these changes proactively.

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Increase in Cyber Attacks

As we’ve seen since the pandemic’s rise, cyber-attacks across every industry have increased exponentially. With the cost of cybersecurity attacks projected to be over $10 billion in the coming year and ransomware attacks occurring on businesses every 11 seconds, protecting organizations from cyber threats is now more critical than ever, but it is also becoming more difficult. In 2020 multiple organizations fell victim to breaches and attacks from bad actors. We can only expect these trends to continue. Check out our 2020 Recap: Top Cyber Events of the Year webinar to dive deeper into the events we saw this year.

Cybersecurity as a Business Function

Cybersecurity as a business function can only be expected to become more critical as organizations face more significant cyber attacks and regulatory fines. Companies’ ability to protect consumers and their industry from cyber-attacks lie in their ability to identify vulnerabilities and measure organizational cyber posture as a whole.

For more information on why we predict these areas will drastically change the cybersecurity landscape in 2021, be sure to register for our webinar with Padraic O’Reilly, ‘2021 Predictions: Cyber Risk Management, Global Attacks, and Regulatory Change’.