The Cybersecurity market has taken many twists and turns this year. From major unexpected events to the very expected events, everything would be taking place by the year 2020. More risks towards Cybersecurity are being posed than advancements. Companies ought to know the Cybersecurity market scenario to prepare them beforehand in order to stand strong against intruders. But it is difficult to get ahead of Cybersecurity breaches as it is hard to predict the moves of Cybercriminals. This requires companies to strengthen their own security systems for all the departments as it is very unpredictable where the attack can be aimed at.
The California Consumer Protection Act (CCPA) would change data privacy methods:
The CCPA is a rule aimed to be used by organizations of California who deal with holding and processing data. It is expected to be coming to effect in January 2020. It is similar to the GDPR (General Data Protection Regulation) for European Residents of the European Union (EU). This has penalties set forth for intentional and non-intentional security violations in California. If a company doesn’t comply with the client’s information and violates the security intentionally, it has to pay $7,500 as the penalty amount, and if the violation is done unintentionally, the fine to be paid is $2,500.
However, the amount to be paid changes as per the customer’s right to sue. If the customer claims that the data which is leaked was crucial, there is a chance that the amount to be fined would increase exponentially. But some criteria are to be satisfied in order to implement this penalty. These include, a minimum of personal information of 50,000 users should be processed by the company, and it should have gross annual revenue of more than $25 million. This also includes the criteria for generating 50% revenue by selling the personal information of users.
Cryptojacking is the new earning method for Cyber Criminals:
Malware has been jacking the devices of many individuals since the evolution of the internet. Cryptojacking is also called malicious crypto mining as the cybercriminals use this trick to mine on and extract Cryptocurrency. They do it by sending malicious links and codes through emails, by infecting websites or with malicious links of online advertisements. This is an emerging case of cybercrimes which is growing and needs special attention.
Cryptocurrency is digital money like Bitcoin. It is acquired by mining on data farms which need a specific payment to operate and allow the users to mine there. Then CPU cycles help the generation of Bitcoins. Cybercriminals don’t pay for the data farms and acquire Bitcoins by stealing the CPU cycles of many users. Using browser extensions like Miner Block and No Coin is a common way used to block the basic mining procedure of cybercriminals. The reported cases are low after the decline of the value of Bitcoins after 2017 from $20,000 to half as low.
The price paid to prevent Data Breaches:
Data breaches and data leakages are so common nowadays that it feels awkward if there is no data leak news surfacing. But, it’s quite normal for people who haven’t gone through this data leakage problem. But, the one who has been through this problem knows how it feels. Things like credit card numbers, passwords and social security numbers could be circulating among cybercriminals who can deal a lot of damage to a person’s identity, money or even life if exposed. If proper threat detection and monitoring tools are not used in established companies, it can lead to very crucial classified data being leaked that can put the company as well as the customer in trouble.
It is advisable to use theft prevention and credit monitoring services at least for free. This would drop the chances of getting breached significantly. Companies should have a good Incident Response Plan, which should be intelligent enough to tackle any future breach situations.
The current state of Cybersecurity is not quite overwhelming. The prospect of protecting data is being raised, but, proper importance is not given to the following scenario. Though the cybercrime laws are intact and functioning, their implementation is still very scarce. A number of cases happening each day regarding the cybercrime are not the same as the number of people getting tried for cybercrime. When execution is the problem, it is best to maintain safety for yourself from your own side.
