Top 10 Fintech Cybersecurity Trends for 2021

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With the digital revolution sweeping the world, businesses of all sizes rely on computerized systems to manage their day-to-day operations.

They make Cybersecurity a primary objective to protect data from various online attacks or unauthorized access.

Continuous technological advancement implies a corresponding shift in Cybersecurity trends, as news of data breaches, ransomware attacks, and hacks the norm.

The following are the top 10 Cybersecurity trends to watch in 2021.

They make Cybersecurity a primary objective to protect data from various online attacks or unauthorized access.

Continuous technological advancement implies a corresponding shift in Cybersecurity trends, as news of data breaches, ransomware attacks, and hacks the norm.

Top 10 Cybersecurity trends to watch in 2021.

1. Growth of Automotive Hacking

In 2021, the rise of automotive hacking will be the first Cybersecurity trend to watch.

Modern vehicles will be equipped with automated software that enables drivers to enjoy seamless connectivity in cruise control, engine timing, door locking, airbags, and advanced driver assistance systems.

These vehicles communicate via Bluetooth and WiFi, which exposes them to various vulnerabilities and cyber threats.

Acquiring control of the vehicle or listening in on conversations is expected to increase in 2021 as more automated vehicles use.

Self-driving or autonomous vehicles employ an even more complicated mechanism that necessitates stringent Cybersecurity controls.

2. Integrating with Artificial Intelligence (AI)

With the adoption of Artificial Intelligence across all market segments, this technology, combined with machine learning, has resulted in significant advancements in Cybersecurity.

AI has played a critical role in developing automated security systems, natural language processing, facial recognition, and automated threat detection.
AI is used to develop intelligent malware and attacks that circumvent the most advanced data security protocols.

Artificial intelligence-enabled threat detection systems can predict new attacks and instantly notify administrators of any data breach, making them the next Cybersecurity trend to watch in 2021.

3. Vulnerability in Cloud

With an increasing number of businesses establishing them on cloud platforms, security measures must be constantly monitored and updated to prevent data leakage.

While cloud applications are secure, the user end is a significant source of errors, malicious software, and phishing attacks.

4. Data Breaches

Data management will remain to be a top priority for businesses worldwide.

Protecting digital data, whether for a person or an entity, is a primary objective now. Every small error or bug in your system’s browser or program creates an opportunity for hackers to access your personal information.
The General Data Protection Regulation (GDPR) adds new stringent measures to ensure data security and privacy.

5. IoT with 5G Network

The Internet of Things (IoT) with 5G networks is the next exploding Cybersecurity trend for 2021.
With the global rollout of 5G networks expected to begin in 2020, the IoT will usher in a new connectivity (IoT) era.

Additionally, this communication between multiple devices exposes them to external influence, attacks, or an unknown software bug.

5G architecture is still comparatively new in the industry and requires extensive research to identify security flaws and harden the system against external attack.
Each step of the 5G network could introduce a slew of network attacks that we are unaware of.
Manufacturers must exercise extreme caution when developing sophisticated 5G hardware and software to prevent data breaches.

6. Automation and Integration

As data grows daily, automation must integrate to provide more sophisticated control over the data.

Professionals and engineers are also under pressure to deliver quick and efficient solutions in today’s hectic work environment, making automation more valuable than ever.

Throughout the agile process, security measurements are incorporated to create more secure software in every aspect.

Large and complex web applications are even more challenging to secure, highlighting the importance of automation and Cybersecurity in the software development process.

7. Targeted Ransomware

Another significant Cybersecurity trend for 2021 that we cannot seem to ignore targeted ransomware.

Industries, particularly in developed nations, rely heavily on specialized software to conduct daily operations.

These ransomware attacks are more targeted;

Though ransomware generally threatens to publish the victim’s data unless a ransom is paid, it can also affect large organizations or entire countries.

8. Insider Threats

Human error remains a significant cause of data breaches.

With millions of stolen records, a single bad day or intentional loophole can bring an entire organization to a halt.

Data breach report provides a strategic insight into Cybersecurity trends, revealing that employees were responsible for 34% of total attacks, either directly or indirectly.
Therefore, ensure that you raise awareness among employees about the importance of data security in all possible ways.

9. Mobile malware attack

In 2020, Cybersecurity trends indicated a significant increase in mobile banking malware or attacks, making our handheld devices an attractive target for hackers.
Individuals are more at risk from all of our photographs, financial transactions, emails, and messages.

In 2021, the virus or malware on Smartphone may capture the attention of Cybersecurity trends.

10. Data Privacy as a Discipline

With an increasing number of high-profile cyberattacks exposing millions of records of personally identifiable information (PII), matters about data privacy, management, and security have risen to new heights.

By 2021, data privacy will no longer be a subset of a security program; it will become a stand-alone program.

Regulatory compliance requirements have increased and will continue to do so in 2021, and organizations will be required to focus their efforts on data privacy in the future.

Cybersecurity Hygiene in 2021 and Beyond:

According to what we’ve seen thus far, COVID-19 has accelerated several Cybersecurity trends over the last few years, and organizations should take these risks seriously.

Proactivity will be one of the most critical actions businesses can take in 2021—organizations that accept that security is no longer an optional expense will better equip themselves to deal with the Cybersecurity challenges they now face.

Prioritize Developing Your Cybersecurity

The Cybersecurity workforce shortage expects to persist into 2021, even though the security risks confronting businesses today continue to grow.

With 56% of organizations anticipating a Cybersecurity workforce shortage by 2020, organizations must prioritize growing their Cybersecurity workforce to secure the rapidly expanding digital world we live in today.

Advance in Security Automation

With the amount of data increasing daily, hyper-automation—the practice of businesses automating as many IT processes as possible—is more critical than ever.

Businesses should consider implementing automation tools to collect and analyze data in real-time, speed up incident response times, and save money in the process.

Educate Your Employee

Numerous businesses overlook a critical opportunity to bolster their data protection efforts, establishing a Cybersecurity awareness and education culture throughout their workforce.
A threat cannot be avoided unless it is recognized and empowering your employees to identify threats on their own significantly reduces the likelihood of a data breach.

Continuous training will be critical in the future, and leaders who believe that every role is accountable for understanding Cybersecurity risks will have tremendous success.

As businesses continue to navigate the new Cybersecurity challenges in 2021, those who approach their security strategies with a sense of urgency will differentiate themselves from those equipped to mitigate overall risk and those who will endure the increasing attacks we see today.

This is very true as businesses continue to use full-time or a hybrid model of remote work, and threat actors improve their ability to penetrate networks and compromise data.

The Bottom Line

These Cybersecurity trends for 2021 are sure to instil greater fear in businesses, compelling them to beef up their security measures.

As these trends continue to evolve, business leaders will look for novel ways to secure their data and defend against increasingly sophisticated cyberattacks properly.

The same is true for consumer Cybersecurity, and implementing a cross-platform antivirus program can help protect all your devices as we transition to the new normal of 2021.

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