The article also discusses the escalating threat landscape, with global cybercrime costs expected to reach $10.5 trillion USD annually by 2025. It suggests that industry practitioners and cybersecurity product providers need to collaborate more on research and development to invent new products, services, and techniques to combat cybercrime. The author concludes by emphasizing the importance of encryption and additional factors of authentication to protect data at rest.
Key takeaways:
- Traditional methods of IT security, such as firewalls and two-factor authentication, are failing to provide essential protection for digital assets and IT infrastructure.
- Security at the software application layer is becoming more important, with a need for secure coding practices and thorough testing during the initial unit testing stage.
- Incorporating AI and automation-driven self-defending mechanisms at the application layer, along with data encryption at rest and the implementation of three- or four-factor authentication, can provide a comprehensive security blanket for digital networks and assets.
- Cybercrime costs are estimated to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, highlighting the need for industry practitioners and cybersecurity product providers to collaborate on research and development to combat cybercrime.