Cybersecurity strategies being shaken up globally as new European regulation looms

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The security landscape has evolved at a rapid rate with global attacks like WannaCry and Petya hitting global headlines within weeks of each other. No companies are immune, from global advertising agency WPP to Deutsche Bahn. And it’s not just the big fish who are being targeted by cyber criminals. SMEs (small and medium-sized enterprises) are equally at risk and are suffering losses as a result, with ransomware attacks doubling last year.

Headline spinning cyber-attacks don’t just happen overnight; it’s a combination of factors that is leading to a changing cyber security landscape across Europe and globally. From the rise of cloud, to the disruption of IoT, protecting businesses has become more complex. Coupled with the upcoming General Data Protection Regulation (GDPR) and the widening IT skills gap, a traditional approach to cyber security no longer is robust enough to fight the rapidly evolving cyber threat landscape.

Here we explore the challenges and emerging trends that are shaking up global cyber security strategies…

Preparing for GDPR

The upcoming GDPR is set to dramatically alter the way that cyber security is handled in Europe. With less than a year until the regulations take effect, the clock is ticking for businesses to ensure their data is adequately protected. But despite this, many businesses are failing to take the regulations and associated penalties seriously. In fact, a recent report from Spiceworks highlighted that only 28% of European companies and 5% of American businesses have started preparing for GDPR.

A spectrum of responses, from Security Operation Centers and encryption to identity management are being explored to better defend organizations against attacks. With encryption, GDPR fines will be greatly reduced as it offers another layer of protection across the data journey.

As a last resort, companies are also investing heavily in cyber security insurance. FICO and Ovum recently highlighted that the industry will also need to better prepare the market for the rising cost of insurance pricing and damage control.

The rise of cloud

The typical data journey has changed as data is now being pushed through the cloud. Enterprises are having to readdress security operations as the cloud has become the new endpoint. In recent years, security efforts focused on the data center, but now protection will need to be shifted more heavily towards the cloud. To readdress this, big data technology, including machine learning and business intelligence at all levels will be required for added protection, from the endpoint to the data center and the cloud. This includes next generation Prescriptive Security Operation Centers and threat monitoring across the dark web, IT, OT and connected devices.

Read the source article at ascent.atos.net.