We have witnessed an unprecedented level of digitalization over the past few months. With the increasing dependence on remote work and other digital technologies, the cyber space is also becoming overwhelmed with cyber threats.
During the past year, and nearly three quarters of this current year 2021, we have seen a staggering rise in the number and effectiveness of cyber attacks. The overall costs of cyber incidents like ransomware is also touching astronomical proportions.
Industry watchdogs and regulators alike are also closely monitoring the situation. Although ransom payments to cyber criminals are discouraged by law enforcement agencies, most entities affected by ransomware attacks do end up paying the ransom amounts anyway.
A Proactive and Inclusive Approach to Security
With mass scale and rapid digitalization, the overall threat surface is also increasing by the minute. Then, the urgency of the situation has been further enhanced due to an increased reliance on Cloud Service Providers (CSP) like dinCloud.
When an organization, commercial or otherwise, migrates to a cloud infrastructure, it is essentially handing over a large part of its data security to the service provider. Then, there is also the added responsibility of meeting stringent regulatory standards in place.
Spending Trends Around Cyber Security
The urgency to make IT infrastructures in general and cloud environments in particular, secure from the wide range of cyber threats out there has drastically increased. This is also wide reflected in the following stats related to spending on cyber security.
- As per Gartner’s estimates, the total spend on Information Security during the year 2021 could be north of US $150 Billion.
- This translates into a Year on Year (YoY) growth of over 12%, nearly double that of what we clocked during the year 2020.
- During 2021, spending on Cloud security will rise by 41% to US $841 During 2020, this figure stood at US $595 Million.
- Spending on Data security is expected to rise by 5% during the year 2021.
- Infrastructure protection solutions are likely to witness a spending growth of 8%.
- The total spend on Identity and Access Management (IAM) solutions will rise by 6% during the year 2021.
All the above spending projections clearly point towards one thing, which is that spending on cyber security will continue to rise throughout 2021. The overall spend on cloud security will be much greater, when compared to the other elements of IT infrastructures.
Zero Trust Architecture
A very defining element of enhancing the security posture of IT infrastructures is the Zero Trust Architecture. This becomes even more important in the context of the mass scale remote work conditions prevalent across the globe.
Most enterprises are headed towards a hybrid workforce model, whereby some employees would come at the workplace, while others would work from the safety of their homes. So, most remote employees will be using insecure personal devices and home connections.
Endpoint Detection and Response
In the context of mass scale remote work, a strong Endpoint Detection and Response (EDR) mechanism will be very crucial for security. Cyber miscreants can use a compromised endpoint device of a remote employee to make further inroads into the network.
Whether its IT infrastructure or cloud security, the basics remain more or less the same. Enterprises need to adopt a proactive approach towards present day cyber threats. The visibility and security of endpoint devices is of paramount importance right now.
When it comes to security mechanisms like Zero Trust Architecture, Endpoint Detection and Response (EDR), intrusion detection and prevention, the binding factor among all of them is automation. Legacy detection, alert and response systems are no longer effective.
There need to be automated security mechanisms, though human oversight is always welcome, which proactively detect and respond to both existing as well as potential cyber security threats, whether it’s the Cloud or otherwise.
Contact dinCloud for highly reliable and secure Cloud Solutions for your enterprise needs.