Given the shift toward social distancing and remote work conditions for many industries, cybersecurity has become a top priority for businesses. Let’s take a look at the numbers. According to Fintech News, COVID-19 is blamed for a 238% increase in cyberattacks in FinTech, with 80% of firms worldwide increasing their digital security infrastructures.
The pandemic we face in 2020 has effectively become a catalyst for cybersecurity threats to rise exponentially, and your business is as susceptible as others. What are the most common attack vectors in 2020 so far? Based on CSO Online, 94% of malware is delivered via email, with phishing attacks accounting for more than 80% of reported corporate security breaches.
While eCommerce platforms face a constant threat of credit card fraud and fraudulent ID use, hackers and malware are slowly learning to adapt their strategies. Now more than ever, the B2B sectors are under pressure to lock down their cybersecurity systems and prepare for disruptive, malicious new attack vectors. Let’s take a closer look at the most common and threatening cybersecurity trends you should keep track of in 2020-2021, especially in the B2B industry.
Ransomware Cyberattack Threats
The sad reality of COVID-19 is the continuously-growing unemployment around the world. This has created concern over the distribution of wealth, and hackers are doing their utmost to harm corporate entities through cyberattacks.
Data by 99 Firms indicates that 71% of breaches in 2020 are financially motivated, with 52% involving hands-on hacking, not autonomous malware. This means that an individual on the other end might actively attempt to breach your servers and database in order to cause financial harm.
Ransomware attacks which involve holding a business’ database hostage in exchange for cryptocurrency or some other form of compensation are far too common in 2020. The best way to avoid them going forward is to educate your staff on how to treat email and files coming from unverified sources. A single mishandled file downloaded to your business’ intranet can cause severe harm not only to your internal communication but the business’ financial wellbeing.
FinTech Industry under Pressure
The financial industry is among one of the most threatened by cybersecurity trends in 2020-2021 and for obvious reasons. Whether it is a disgruntled employee or a vigilante hacker, one individual is enough to harm the stability of a financial industry business.
According to Fortunly, cybersecurity investments in Fintech have grown to $646.2 million in 2020, more than double of what businesses spent on IT in 2019. While large international banking institutions are doing their best to improve their data management for a new digital landscape, what about small businesses and startups?
If your business operates in the B2B industry and lacks adequate cybersecurity in the wake of increased cyberattacks and malware in 2020, don’t wait. Reinforce your business’ intranet, firewall and antivirus, and malware solutions sooner rather than later. It’s also good practice to have a dedicated real-world cybersecurity expert or third-party agency on standby in case of malicious access to your business’ data.
Worldwide 5G Implementation
We live in an increasingly cloud-based world when it comes to data transfers, storage, and SAAS. Both B2B and B2C sectors will soon have the opportunity, and later be mandated, to shift toward 5G data management technology. According to Leftronic, 5G is expected to cover almost 40% of the world by 2024 with data transfer speeds of up to 10GB/s.
5G technology is undoubtedly a shining example of progressive tech being available to users worldwide. While the technology will certainly make life easier, it will also open the door for new cybersecurity threats to emerge.
With high-speed data transfers, hackers will have the ability to infect data packets and conduct corporate espionage unnoticed. That is until companies shift their focus to keep a close eye out for such malicious breach attempts. Much higher levels of security and monitoring will be required once 5G becomes the standard form of cloud-based data transfer and communication.
Growing IT Expert Skill Gaps
Even though AI is becoming a prominent addition in cyberspace, we are slowly turning to professional IT experts for advice on how to protect data. Viruses, ransomware, and malware packets are more often than not created by individuals and groups with malicious intent.
Who better than educated professionals to protect important corporate data from espionage, blackmail, and other forms of cybersecurity intrusions? B2B businesses with large volumes of data transfers should take hiring a professional IT expert (or a small team) into consideration in 2020. This is a proactive move which can ensure that the business’ data remains safe and under constant surveillance by a professional trained to do that.
Estelle Liotard, Technology Writer and Editor at Essay Supply, spoke on the topic recently: “No anti-malware software solution or an OS firewall is a good exchange for an IT professional on your team. If a targeted malware attack or a DDoS attempt is made, a piece of software won’t be able to help protect your data as efficiently. Having a professional in charge of your data protection and staff education is the only surefire way of circumventing malicious access to your data packets.”
Why Following Cybersecurity Trends in 2020-2021 Matters
We’ve addressed the major points of contempt with cybersecurity in 2020-2021, but what does your business stand to gain from following them? Depending on the industry, your B2B business operates in, your staff might not be as tech-savvy as employees in data science or other IT niches. While their expertise lies elsewhere, a single mishandled email correspondence or suspicious file opened on your network can handicap your business for weeks or months.
Based on Tech Jury, companies faced 22 cybersecurity threats on average in 2020, with the cost of online crime expected to reach $6 trillion by 2021. There is no reason to risk the loss of revenue and reputation over a lack of attention to cybersecurity threats which escalated as a result of COVID-19. Going the opposite route and maintaining cybersecurity safety of your company’s data can yield several important benefits:
- Protect the data of your staff, clients, and projects
- Maintain a professional B2B corporate reputation
- Better staff data management procedures and working culture
- Improved internal business communication and data sharing
- Proactive response and activity in case of an actual cyberattack
Constant Cyber Vigilance (Conclusion)
Dedicated software solutions designed with malware protection in mind will always work in your favor. However, they are not omnipotent, and IT experts with human intuition will always be the best option for active cybersecurity implementation in 2020-2021.
The best way to stay on top of potential threats in cyberspace is to keep a close eye on the latest news and trends. Do your best to practice safe B2B data management in your company without risking your information’s security outside the company’s intranet. Communicate with your partners and stakeholders through secure peer-to-peer platforms and certified cloud-based solutions without unencrypted messaging or email applications.
Bio: Angela Baker is a professional essay writer, editor, and business expert with extensive knowledge of business development, digital marketing, and data science industries. Her career’s focus lies in writing and publishing articles and papers on a variety of topics pertaining to her fields of interest. In her spare time, Angela is an avid bookworm and enjoys taking trips into nature as much as possible.