As the world ventured further into the digitization of every viable aspect of society, and not just our devices, but our entire homes and cities got smarter, cybersecurity has evolved from a futuristic concept into a major industry. Keeping our belongings safe can no longer be left to high fences, security guards, and complicated locks, and the same can be said for corporations and private citizens alike.
One thing’s for certain – cybersecurity is not merely a passing trend. Last month, we’ve covered the ongoing development of the European Union-funded SISSDEN project, but when the stakes are this high, no one can afford to stay idle and let the international authorities figure things out. The leading players of the industry seem to agree with the sentiment – this year’s “Regional Risks for Doing Business” report published by the World Economic Forum, which posed its questionnaire to over 12 thousand entrepreneurs from 140 countries, marked cybersecurity as the leading concern for companies over the next decade.
“Cyber-attacks are seen as the number one risk for doing business in markets that account for 50 percent of global GDP,” said Lori Bailey, Global Head Of Cyber Risk at Zurich Insurance Group. “This strongly suggests that governments and businesses need to strengthen cyber security and resilience in order to maintain confidence in a highly connected digital economy.”
According to the report, there are three strategies companies should consider while taking a stand against potential threats to their data. Firstly, cybersecurity can no longer be left in the hands of the IT department – precautions need to be taken by each member of the team in order to be effective. Then, there’s the cyber resilience aspect – in an event where something does go wrong, it is crucial to have a back-up plan ready. Finally, the plan needs to be well-practiced, and versatile enough to fit a number of possible cyber threats.
While we’ve certainly got our work cut out for us, this very demand for cyber defense mechanisms poses some very good news for the global startup community. Over the past few years, cybersecurity has evolved into one of the most potent innovation sectors out there, and in 2018 alone has only seen it grow even further. According to CB Insights, VC fund investments in the field of cybersecurity will reach an extraordinary sum of 8 billion Dollars by the end of this year.
If you’d like to stay on top of the latest innovations and trends which have dominated the world of financial security, make sure to join us for the upcoming Impact fintech’18! In just a week’s time, on November 28th and 29th, Łódź will host the leaders names of the ongoing financial revolution for a two day event filled to the brim with everything from blockchain and big data, to artificial intelligence and online banking platforms. See you there!