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The number, magnitude and costs of data breaches are all set to continue on their upward trajectories in the coming year, according to a forecast by the Information Security Forum (ISF).
This prediction is included in their Global Security Threat Outlook for 2018 and comes with a warning that the stakes are now “higher than ever before”.
The increased pervasiveness of data breaches and the higher volume of impacted records are expected to result in far higher costs for organizations of all sizes, notes the ISF, an independent and not-for-profit association of leading organizations from around the world.
The association expects the increased costs incurred in security breaches to come both from traditional areas, such as network cleanup and customer notification, and newer areas such as litigation.
As if in a chain reaction, the data breaches will spur “angry customers” to mount pressure on governments to tighten up data protection laws, which in turn will translate into additional and unforeseen costs. “The resulting mess of international regulations” will trigger new compliance headaches while doing little to deter cybercrime.
“In 2018, we will see increased sophistication in the threat landscape with threats being personalized to their target’s weak spots or metamorphosing to take account of defenses that have already been put in place … These days, the stakes are higher than ever before. High level corporate secrets and critical infrastructure are regularly under attack and organizations of all sizes need to be aware of the significant trends that we forecast in the year to come,” ISF Managing Director Steve Durbin is quoted as saying.
These trends will be underpinned by these five most prevalent threats that the ISF expects to loom large on businesses next year:
The ISF was quick to note that the key five threats “are not mutually exclusive and can combine to create even greater threat profiles”.
Author Tomáš Foltýn, ESET