Cybersecurity can cause organizational migraines. In 2016, breaches cost businesses nearly $4 billion and exposed an average of 24,000 records per incident. In 2017, the number of breaches is anticipated to rise by 36%. The constant drumbeat of threats and attacks is becoming so mainstream that businesses are expected to invest more than $93 billion in cyber defenses by 2018. Even Congress is acting more quickly to pass laws that will — hopefully — improve the situation.
Despite increased spending and innovation in the cybersecurity market, there is every indication that the situation will only worsen. The number of unmanaged devices being introduced onto networks daily is increasing by orders of magnitude, with Gartner predicting there will be 20 billion in use by 2020. Traditional security solutions will not be effective in addressing these devices or in protecting them from hackers, which should be a red flag, as attacks on IoT devices were up 280% in the first part of 2017. In fact, Gartner anticipates a third of all attacks will target shadow IT and IoT by 2020.
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This article was submitted by Jonathan T. Armiger, Armiger Law. If you would like to submit content or write an article for the E-Discovery, Information Governance & Cybersecurity Section, please email Kara Sikorski at firstname.lastname@example.org.