SINGAPORE, 26th November 2019: 2020 is predicted to see an increasing number of state-sponsored cyber-attacks especially on utilities and public infrastructure. Cybersecurity will therefore become part of an important geopolitical conversation that will impact tech buyers, tech vendors, consumers and government organisations alike. This will play out against the backdrop of data compliance reforms that most countries have either embarked on or are actively contemplating.
This is according to a report released today by Singapore headquartered technology research and advisory platform, Ecosystm, and supported by SGInnovate. Titled Ecosystm Predicts: The Top 5 Cybersecurity & Compliance Trends for 2020, the report looks at the five key trends that will shape the cybersecurity landscape over the next 12 months. It highlights the areas of API vulnerabilities, Operational Technology Security, AI training and security compliance.
The top five Cybersecurity trends in 2020 will be:
- API Vulnerabilities will Become a Main Hacker Target
APIs grant access to and provide transparency for developers – providing access and insights from both internal and external data. But they are inherently insecure. We have already seen several high-profile API breaches and announced API bugs. For example, in October 2018, Google had to shut down Google+ after an API bug exposed details for over 500,000 users.
We believe the problem will get significantly worse in 2020, with API attacks quickly becoming one of – if not the most – frequent target for hackers.
- Operational Technology Security will Continue to Lag in 2020
Operational Technology (OT) refers to the hardware and software used to monitor and manage how devices that run on an organisation’s infrastructure perform. These devices have become smarter, remotely accessible and increasingly connected to networks. However, they were never designed with this in mind.
With organisations continuing to focus on data breaches – the investment in OT security will continue to lag. This will create a ‘security debt’ over coming years for those that do not invest in preventative controls now.
- AI Training will Receive Attention from Regulators and the Public as a Possible Infringement of Privacy
News that Amazon’s Alexa was eavesdropping on its users, and that Apple’s Siri and Google’s Assistant, also kept recordings to help train their AI raised many concerns about how data to train AI is collected and stored. Apart from the initial consternation in the press and on social media, nothing much seems to have happened from a regulatory perspective.
2020 will be the year when AI training relying on consumer data will start to become regulated.
- Major GDPR Fines in 2020 will Force MNCs to Invest in Security Compliance
GDPR came into effect in May 2018, but we still have not seen huge amounts of fines being issued in the EU. Only two fines were issued in 2018, while at least 17 were known to be issued in the first half of 2019, totalling about EUR 52 million. In the third quarter of 2019, at least 12 fines were issued totalling about EUR 328 million.
The trend is clear: Expect to see a magnitude of companies across EU be penalised in 2020. We also expect several fines above EUR 100 million and GDPR impacting countries outside the EU.
- Mergers & Acquisitions will Ratchet up Significantly in 2020
The fragmented global security market consists of thousands of vendors and consultancies. Every day a swathe of new start-ups announces their ground-breaking new technology. Coupled with significant investments in tertiary education and industry certifications for a growing workforce, the next generation of cybersecurity entrepreneurs are entering with force.
We believe that this creates both threats and opportunities for established cybersecurity providers that need to remain innovative and growing. Similarly, this presents smaller or more niche cybersecurity start-ups with an avenue for funding or acquisition.
The full findings and implications of the report are available for download from the Ecosystm and SGInnovate websites, and form part of a collaboration between Ecosystm and SGInnovate that will see the release of four reports covering areas of mutual interest: Cybersecurity, Artificial Intelligence, Cities of the Future and Healthtech.
Ecosystm and SGInnovate will also hold an event, titled “Looking into 2020: Opportunities in Deep Tech” at 32 Carpenter Street on the 16th December 2019 from 3.30pm to 7.00pm. The findings of these reports will be presented at an industry forum that will include members of the press, tech providers, tech buyers, start-ups and investors.
Registration for Looking into 2020: Opportunities in Deep Tech is now open, and you can register at: https://www.sginnovate.com/events/looking-2020-opportunities-deep-tech. Registration is complimentary.
Ecosystm is a new age Technology Research and Advisory Platform that brings together tech buyers, vendors and analysts into one integrated platform. The firm moves away from the highly inefficient business models of traditional research firms and instead focuses on data democratisation, with an emphasis on accessibility, transparency and autonomy.
With technology becoming the number one source for innovation and differentiation, and global annual spending on technology due to exceed US$5 trillion by 2020, Ecosystm aims to enable all companies to harness the power of real-time market data and insights from best in class analysts to make informed decisions. Offering data and research input, sourcing and subscription services, Ecosystm promises its users in-depth and relevant research by default.
For more information, please visit http://www.ecosystm360.com.
At SGInnovate, we build and scale Deep Tech startups into high potential companies with global impact. We believe that hard global problems can be solved using Deep Tech, and Singapore, where we are based, is uniquely positioned to realise Deep Tech innovations that can tackle these challenges. Our Deep Tech Nexus Strategy is focused on adding tangible value to the Deep Tech startup ecosystem in two key areas – development of Human Capital and deployment of Investment Capital. With the support of our partners and co-investors, we back entrepreneurial scientists through equity-based investments, access to talent and business-building advice. Our efforts are prioritised around emerging technologies such as Artificial Intelligence, Autonomous Tech, MedTech and Quantum Tech, which represent impactful and scalable answers to global challenges. SGInnovate is a private-limited company wholly owned by the Singapore Government. For more information, please visit www.sginnovate.com.
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Director, Tech Communities, Ecosystm