Network security has the spotlight on it after the recent ransomware attacks all over the world. In this age of IoT and with the emergence of clever hackers, network security is of utmost importance and also a challenge for all organisations in the world. Hackers getting into secure networks through creative ways has made expenses on network security and firewalls go through the ceiling.
Expenses on Internet Security
IDC has forecasted the worldwide revenues behind security related software, hardware and services to reach $101.6 billion by 2020. Security-related services accounted for almost 45 percent and had the largest investment last year while security software was the second largest. The worldwide expenses on network security in 2017 is being expected to climb as high as $90 billion, which will see an increase from 2016 of about 7.6 percent. Preventive approaches are no longer a solution for the security buyers and more focus will be on detecting threats and responding to them.
Expansion of Internet Security
IoT has brought in thousands of new devices and technologies to corporate networks. These devices are designed with mainly their features and costs taken into consideration, usually leaving out security. Hence the enterprises require a clear understanding of handling the IoT devices which join the network. Currently, threats are detected after they have entered the network. Prevention mode allows enterprises to completely stop any threat from breaching the network. With more information being accessible through the internet, it is important to secure cloud-based applications and also mobile apps which are used by the workers in order to collaborate.
Ransomware and its threat
Ransomware proved to be an easy means of making quick money for hackers. Ransomware is now the most profit earning malware and it will be developed further until it is more profitable compared to trojan viruses. Earlier, ransomware was used to target businesses for large ransoms. With the increase in IoT devices and the decline of security measures, ransomware may be used to target customers in the future as well. Hackers will take advantage of the bugs and security mistakes embedded in their network by engineers with less security expertise.
Manufacturers of IoT devices need to come together and develop an universal, secure architecture and raise their standards of code management. This cooperation seems to be a farfetched idea at the moment unfortunately. Security breaches are not just more prevalent, but their impact proves to be more serious with every other attack. A company could be driven out of business and its reputation will be destroyed if a major breach of security occurs. Customers, partners and vendors will lose all trust in the company’s ability to operate securely.
Organizations in future will be incorporating their IT assets which include machine-to-machine, cloud, mobility, IoT, and legacy infrastructure into one management platform. This will be done in most cases through a third-party. Hence IoT, like mobile security, will be driven by third party partners who have experience in handling security protocols and management of portfolios.
More focus on the network security rather than applications?
Pundits are of the opinion that security is neither an application nor a network problem, it’s risk management. Both networks and applications presents threat and enable hackers to have access to all sensitive information inside the applications which have means of entry in the network. One can’t be picked over the other. Solutions need to be found where both applications and network security coexist.
IT in order to accomplish secure networks have to involve every organisational decision-makers from procurement, purchasing and telecom departments. With all departments being brought together, businesses can create IoT standards which will minimize the threat of breach of security and allow them to survive and compete in this Internet of Everything era.