Over the last decade, technology has completely reshaped the transportation industry. Drivers have unprecedented insight and ownership of their data, fleets are more efficient, and customers are getting exactly what they need – faster. But as the solutions that drive this change evolve, as does the need to protect them from those who would do harm. In fact, research firm IDC has projected that global cybersecurity spending will reach $133.8 billion by 2022.
As online attacks can cause irreparable harm to a business and its customers – estimates put the cost of a data breach at a whopping $3.29 million – security is top of mind for business leaders across every industry. With 2020 planning season kicking into high gear, we recently spoke with cybersecurity expert and Omnitracs Chief Information Security Officer Sharon Reynolds for her perspective on the major trends that will impact cybersecurity in the next year. Here’s what she sees topping the list:
- Growth of API attacks. Currently, the most common forms of online attacks are ransomware and phishing – or holding sensitive information hostage in exchange for a fee. While the volume of these types of attacks are likely to increase, Reynolds warns of a different tactic: exploiting application programming interface (API) vulnerabilities. Cybersecurity experts will need to take a keen look at the APIs deployed within the organization and ensure that adequate protections are implemented. At Omnitracs, we prioritize cybersecurity and have taken great strides to further emphasize that priority in Omnitracs One — our solutions-integrated, cloud-native platform.
- Widening the talent gap. While there is an ever-growing need for cybersecurity expertise, Reynolds noted that there is a glaring deficit of professionals to help organizations navigate the future. To combat this, businesses must take a more active role in education and awareness in 2020, partnering with colleges and high schools to demystify what a career in cybersecurity looks like. Omnitracs is a proud supporter and recurrent sponsor of the CyberTruck Challenge, which helps power new opportunities for next-gen professionals.
- Changing security business models. In a similar vein, the need-gap within security is having a direct impact on the very business model of security firms themselves. Managed security providers are seeing an explosion of demand, which is enabling them to pick and choose their clients and partners. This supply-and-demand dynamic is going to have major consequences in 2020, as more organizations will have to fight for the external security support they need.
With the new year just around the corner, stay tuned for further 2020 predictions from our team of experts here at Omnitracs. In the meantime, check out more from our insightful chat with Sharon.