2020 was a record year for cybersecurity-related incidents. Cybercrime was up 600% due to the COVID-19 pandemic. Billions of personal records were exposed in data breaches, and there was an attack every 39 seconds last year.
Organizations are reprioritizing budgets in 2021 to have a stronger emphasis on cybersecurity practices to protect their business. Even due to COVID-19 budget constraints, it is estimated that $6 trillion will be spent globally on cybersecurity in 2021. Here are the main threat areas and top concerns for cybersecurity and budget this year.
Growing Frequency of Cyberattacks: There are currently over 4,000 attacks per day, a 400% increase year over year. Not only are cyberattacks increasing in frequency, but they are becoming more costly as well.
Continued Rise of Remote Work: Remote work has become the new normal since March 2020 and many organizations are continuing to stay remote or use a hybrid work model in the coming year. As companies continue their commitment to remote work, cybersecurity teams have new risks to mitigate.
Talent Shortage: There are currently over 4 million unfilled cybersecurity jobs worldwide, and job postings are up 74% over the past five years. There is a massive demand for IT security professionals; however, there is a shortage in skillset. Companies may need to look to spend money internally to train their current staff to meet talent needs. Finding top security talent will remain a top concern throughout 2021.
Human Error: 99% of all data breaches are caused by human error. From downloading a malware-infected attachment or failing to use a strong password, employees are the top source of cybersecurity-related incidents. It is vital that companies spend the time and money needed to properly train their staff.
Budget Constraints: The average cost of a data breach across SMBs is nearly $4 million, yet IT teams don’t always get the budget they need to properly protect the business. Organizations need to make a fundamental change in their approach to cybersecurity including budget, planning, and allocation of other resources.