Cybersecurity is such a volatile industry in so many aspects. In 2016, breaches cost businesses nearly $4 billion in 2017 the number will be roughly 6 billion. The constant number of threats and attacks is becoming so mainstream that businesses are investing more than $93 billion in cyber defenses by 2018. Congress is attempting to quickly to pass laws that will hope to improve the situation.
Despite increased spending and innovation in the cybersecurity market, there is every indication that the situation will only worsen. The number of unmanaged devices being introduced onto networks daily is increasing towards 20 billion in a few years. Attacks on Internet of Things (IOT) devices were up 280% in 2017. Traditional security solutions have not be effective in addressing these devices or in protecting them from hackers. Moving toward 2020 most attacks will be toward IOT devices.
The article explained that this IOT issue is changing the security game. Executives who are preparing to handle future cybersecurity challenges with the same mindset and tools that they’ve been using all along are setting themselves up for continued failure.