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The Top Technology and Business-related Cybersecurity Trends for 2020

Technology & Business Services February 21, 2020
Technology & Business Services February 21, 2020

 

If there is one problem business executives (and consumers) wish they could do away with its cybersecurity. It’s been shown over and over again that an impending cyberattack like phishing or ransomware can have devastating consequences on revenues, customers and reputation (and extortion, angst and privacy for consumers), and no one, not even Jeff Bezos, who recently had his WhatsApp account hacked, is immune.

Research firm Cybersecurity Ventures estimates that cybercrime will cost the global economy $6 trillion in 2021, up from $3 trillion in 2015. 

The threat landscape, and the ecosystem, continues to change dramatically... it has an impact on the market landscape of vendors, where investors make investments and what happens on the M&A front.

It’s also affecting the way companies budget, who they decide to do business with, what kinds of technologies they buy, products and services they launch and much more, says Yogesh Amle, Managing Director of Technology & Business Services Investment & Corporate Banking for BMO Capital Markets. “The threat landscape, and the ecosystem, continues to change dramatically,” he notes. “It has an impact on the market landscape of vendors, where investors make investments and what happens on the M&A front.”

The most pressing issue for companies is keeping up. Hackers are constantly finding new ways to attack, and that’s frustrating enterprises. “It’s always a kind of cat and mouse game between the bad and good actors trying to protect the cyber landscape,” says Amle.

Amle, who is moderating a panel on cybersecurity trends says there are four big technology and business-related trends everyone will be paying attention to at RSA Conference in 2020. 

1. New technologies coming to market

As the volume and velocity of cybersecurity threats increases, companies need to adapt rapidly. They can do that by using artificial intelligence (AI) and machine learning (ML) to improve the speed and accuracy of anti-malware efforts and response. Newer technologies providing password-less authentication improves both user experience and enhances security. Data classification and privacy-related topics like GDPR and CCPA is another critical area of interest – information must be identified and grouped in order to support continuing migration to the cloud in a compliant way. Quantum computing technologies such as quantum key distribution (QKD) and fully homomorphic encryption (FHE) now becoming mainstream especially for high valued transactions in sectors like financial services.

2. Taking an end-to-end approach 

One of the reasons for the increase in attacks is that there are many more ways for hackers to break into a system. It could be through a laptop, a mobile device, or even a connected thermostat or WiFi-enabled lighting. Companies need to be mindful of the “perimeter” around an enterprise, explains Amle. “Companies want to protect the end-point, but it can’t be done in a vacuum,” he says. “You have to think about protecting the network and data center, and be able to authenticate users at the edge – there are so many factors and dependencies coming together.” AI may be able to help as it can uncover hard-to-find pain points or even predict when attacks might occur. “This technology brings all this to bear in terms of being more proactive and being able to mitigate cyber threats and breaches,” he says. 

3. Simplification of the security posture

With many enterprises concerned about cybersecurity, they tend to purchase numerous products that may or may not work the way they need them to, explains Amle. They might have email protection software, a tool to protect their router, something else to stop hackers from breaking into their computers and more. “A large enterprise typically buys and implements at least 50 security technologies for their protection,” he says. In 2020 and beyond, companies will need to simplify their security infrastructure as it can be difficult to manage so many different technologies. “Simplification was an important theme on our panel last year, but it’s still an important trend,” he notes. 

4. Changing the vendor landscape because of M&A and investments

Technology impacted M&A in the sector in 2019 and that will continue in 2020. Investors, such as private equity and venture, are investing behind the tailwinds associated with this sector. Innovative companies are getting bought by legacy vendors, which have had some trouble keeping up with the ever-changing security landscape, while private equity operators are taking underperforming public companies – even recent IPOs – private. At the same time, some of the more disruptor businesses are going public to a lot of fanfare. All of this activity, which will continue, is good for the industry, says Amle. “It’s going to positively impact the industry in that it’s encouraging innovation and investment,” he says.

While there are plenty of other issues to worry about, these are some of the big ones that enterprises and security companies are thinking about regularly. “When it comes to this fast pace sector like security,” says Amle, “you are either the cat or the mouse”

 

 

 

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Yogesh Amle, CFA Managing Director, Technology & Business Services

Yogesh Amle is a Managing Director in the BMO Capital Markets Technology and Business Services Group where he leads software banking. Based in San Francisco, he h...

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Yogesh Amle, CFA March 25, 2020

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