5 enterprise password trends for 2021 that you must know
If you were to read this article in 2021 (and if you are currently doing exactly that), by the time you will make through half of it, cybercrime will already cost more than $11 million globally. That’s $190,000 in a second.
Each year the enterprise cybersecurity landscape changes, and we must all adjust to it. Although the predictions are alarming, hopefully, 2021 won’t be an exception.
So, what should you expect and get prepared for? What are the predicted cybersecurity and enterprise password trends for 2021?
1. Cybercrime cost will increase to $6 trillion a year
Coming back to that alarming fact, global cybercrime costs are predicted to grow by 15% in 2021. According to Kami Periman, a Financial Services Subject Matter Expert at Cisco, cybercrime in 2021 will be more profitable than “the global trade of all major illegal drugs combined.” Hence, a rapid adaptation to the changing environment is what the enterprise will need to thrive in 2021.
2. Remote workers will be the main target for cybercriminals
Because of the Covid-19, happening throughout 2020, the majority of companies ( including tech giants as Google, Microsoft, and Facebook) sent their employees to work from home. Consequently, the number of cyberattacks targeted at people working remotely grew.
Enterprise password trends for 2021 forecast a similar, pessimistic scenario. With most companies continuing working from home, remote workers will remain the main target for cybercriminals. For this reason, 2021 will be the year when investing in employee education will strongly correlate with lower chances of a successful cyberattack.
3. Demand for enterprise password managers will continue to grow
New research conducted by PassCamp shows that, on average, a single organization stores around 553 passwords in their password manager account. Cybersecurity experts claim that according to enterprise password trends for 2021, this number is expected to grow further.
Increasing demand for encrypted enterprise password managers indicates that large companies are shifting to secure vault solutions, and therefore, mitigate password-related risks.
4. Automated password processes will eliminate human error
In 2021, the majority of password-related processes will occur in the backgroun d. This will be done to reduce the probability of human mistakes. Enterprise password trends for 2021 show that such features as Autosave, Autofill, and Two-factor authentication will become highly important. According to StealthLabs, such automated security processes will allow employees to perform tasks “quickly, effectively, and with fewer errors.”
5. Budgets for cloud solutions will increase
The pandemic accelerated cloud adoption in 2020. In the next few years, we are likely to see even greater growth of cloud solutions in the enterprise. As Richard L. Villars, vice president at Worldwide Research at IDC stated, “By the end of 2021, based on lessons learned in the pandemic, most enterprises will put a mechanism in place to accelerate their shift to cloud-centric digital infrastructure and application services twice as fast as before the pandemic.” This will boost remote work efficiency and will provide a means to strengthen business protection and accessibility.
Cybersecurity and enterprise password trends for 2021 indicate some awaiting challenges. Yet, as the number of cybercrime will increase, so should your vigilance. What we know for sure, it is undoubtedly better to start preparing later than never at all.
Make sure to respond to 2021 predictions today. Educate remotely working employees, provide them a reliable password manager, shift to cloud solutions and make sure they are properly secured. The steps you take today will lead to a more stable, financially successful upcoming year.
