Written by Rasmus Holst, Chief Revenue Officer at Wire.
Cybersecurity has quickly become a top priority for many organizations this year. This difficult time has shown us that even the largest corporations are not immune to vicious cyberattacks. Many organizations suffered breaches and lapses in security as they struggled to find the right solutions for staying connected while protecting valuable and sensitive information in the early days of remote work. As the months pass, the prospect of returning to full blown in-office operations anytime soon looks unlikely. Some companies are even looking to permanently transition to hybrid or full work-from-home structures.
Predictions are only as good as last year's results. A year ago, we had assessed what the market dynamics would look like for 2020 and although it turned out to be a year no one expected - our predictions were spot on.
While certain systems have always carried some security risk, the incredibly high numbers of remote workers and the ever-rising US$6 trillion+ threat of cybercrime have caused these vulnerabilities to be exploited en masse. In fact, large-scale breaches are reported to have increased by 273% in the first quarter of this year. Now, businesses are worried about updating their IT infrastructure and instituting safe digital work processes.
Meanwhile, it has also been a very big year for data privacy, with new laws and protections being enacted, even as recently as November 3rd. On election day this year, California enacted an even tougher data privacy rule, which will make it much harder for large corporations (like Google and Facebook) to utilize user data by giving users the option to not disclose their personal data. The passing of this stricter legislation in California, along with Europe’s GDPR shows us that we’re clearly on the road to prioritizing and enforcing much stricter data privacy guidelines. As companies think about how to navigate this new landscape of privacy laws and cybersecurity threats, here are a few major trends and predictions to consider:
The economy took an absolute major hit, sending the U.S. into a recession in February of this year. In 2021, the global economy will slow to single-digit growth, as countries minimize activity in order to slow the spread of COVID-19. Meanwhile, as remote work and insecure data practices persist, cyber breach costs are slated to hit double-digit growth across all industries. Unless corporations, government agencies and nation states figure out how to mitigate these cyber risks the global community will suffer catastrophic economic losses that will take years to rectify.
It’s no secret that the political uncertainty in the U.S. has created unrest both domestically and globally. Not only has trust between nation states been at an all-time low, the increase of cyber attacks have challenged the defenses of local and state governments with many resulting in ransomware situations. Furthermore, the spate of privacy concerns have led to the emergence of the EU’s GDPR regulation, and the decision to strike down the EU-U.S. Privacy Shield due to concerns of U.S. government overreach. In this uncertain political climate, nation states will prioritize data sovereignty and move all systems that exchange or host data to domestic cloud or on-premise environments.
The onset of the pandemic led to many enterprises embracing video calls with dozens, if not hundreds of participants - retrospectively a bad idea. We’ve seen time and time again that these open, large-scale video calls created opportunities for bad actors to gain access and disrupt meetings. As companies double down on cybersecurity and employees prioritize productivity and experience higher levels of online fatigue, the functionality of these all-hands calls will diminish. Instead people will prefer private, highly-focused video groups and breakout rooms centered around efficiency, specific goals and collaborative interactions.
As companies revise their work architectures to accommodate dispersed teams at scale, they will need to invest in diverse, future-proof tech stacks. The rising tide of mobile workforces and cyberthreats will result in several competing priorities such as convenience, security, high integration and privacy. To solve this problem companies will invest in tools that are most appropriate even if they are in similar categories.
It’s safe to say that work culture has changed dramatically, and no one can really predict what the workforce will look like a year or two from now. What we know already is that major tech companies are pioneering the move towards permanent remote work structures - paving the way for organizations of all sizes to consider the same where possible. To meet the rising challenges of remote work and cybercriminals, communication platforms will need to be built with security-first architecture from the onset. While a number of tech vendors have only just started to incorporate some form of end-to-end encryption in their solutions this year (primarily as a knee jerk response to the rise of remote work, and customer demand for greater privacy and security), by the end of next year, companies will expect and incorporate end-to-end encryption across all tools used to communicate and collaborate with co-workers, prospects, customers and all external stakeholders. The drive for this will come directly from CEOs and non-security executives, as personal liability for cybersecurity incidents reaches an all-time high.
Next year will undoubtedly continue to throw new hurdles at organizations both big and small, so being prepared for a worst-case scenario will be crucial for the protection of both companies and employees. As cyberattacks continue to rise, data privacy becomes a key (enforceable) concern for businesses and governments, remote work becomes a permanent fixture in operations, and the economy slows under the weight of change, it’s crucial that we reassess the way cybersecurity is fundamentally approached.
Throughout his career, Rasmus Holst has delivered growth, exits, restructuring, strategic direction and customer retention across start-ups and established multi-million-dollar businesses. He joins Wire from Huddle, where he served as the company’s Chief Operating Officer. Rasmus has served in senior leadership roles at Syniverse, Oracle, Intec, Digiquant, and Nokia.
Wire is the most secure collaboration platform, transforming the way businesses communicate at the same speed that our founders disrupted telephony with Skype. Headquartered in Berlin with offices in Switzerland and San Francisco, Wire’s award-winning collaboration and communications platform counts over 1,800 enterprise customers worldwide. Recognized by IDC, Forrester, and Gartner as one of the most secure collaboration platforms, Wire offers messaging, audio/video conferencing, file-sharing, and external collaboration - all protected by the strongest end-to-end encryption.
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