When considering the implications of where cybersecurity will go in the future, I must consider the current factors that will help me look for further patterns and details on what could happen. The changes in cybersecurity will vastly impact the world, making every industry become on-edge about what problems are in store for them; they must realize the significance of staying on top of current news and trends to plan as much as possible. Remaining aware and getting individuals educated are the one ways our country and many others can decrease the $1 trillion in cybercrime globally, which is at a 50% increase.
Impact on Small Businesses
Many companies and individuals do not understand the fact that small businesses need to plan and take cybersecurity seriously; additionally, many small businesses do not necessarily have the capital or resources to put into cybersecurity as they should. It has become known that 43% of cyber-attacks were directed at small businesses, which makes it the largest target of all cyberattacks represented in the Verizon 2019 Data Breach Investigation Report. As we know the number of hacks and data breaches is growing in addition to the number of hackers; it is clear the 2022 statistics have only grown. Additionally, 60% of small businesses that were hacked ended up going out of business within six months. How will small businesses work toward preventing future cyber issues? How will they gain the resources, intelligence, and capital necessary? There has recently been a trend that involves small businesses competing in a cybersecurity competition in order to improve their perspective on cybersecurity for their company. If more of these competitions and contests become established along with the nonprofits to back them up, more small businesses will be able to keep their companies better protected from possible attacks in the future.
Impact on Government
The focus shifts to protecting the overall public, which many believe is the job of the government. While this might be true that the government holds the responsibility of looking out for the greater good of its citizens, it does not always happen, especially with cybersecurity. The Biden administration has spoken about how the importance of keeping our country, its industries, and its people are the administration’s number one priority. Concern has been growing eight months after signing the executive order and creating the Cyber Security Review Board which has not been set up yet. With no committee officially set, there is no actual American intelligence able to provide support as the current situation with Russia and Ukraine escalates. There needs to be individuals with backgrounds in cyber intelligence and knowledge of attacks put into power immediately if we want the United States to be safe from hackers, future cyber wars, political conflicts, and other attacks. With the future of war looking more digitally focused, our government needs to be prepared, just like Poland is with the new head of their Cyber Defense Force.
Impact on Market
How will the market and those participating in it stay safe from future attacks? It stands in the hands of our education system, which we must demand teach children and adults starting from a young age the importance of privacy and safety online. Until then, the market will continue to be impacted by phishing (found most through emails), fraud (found everywhere on the internet but mostly through social media), password attacks, and ransomware (especially in eCommerce). With these attacks at a 47% increase, the education system must start teaching immediately to prevent anything from happening further; the problem lies with the teachers not being taught themselves, as so many of them do not understand the topic of cybersecurity or the importance of learning about it. With more startups growing, there is hope that education on cybersecurity will grow.