As we continue to shift towards an increasingly digital world, priorities for companies and individuals will change. Cybersecurity is more important now than ever before, with employees continuing to work from home, companies have become more vulnerable to cyber-attacks. Cybercriminals target sensitive personal information such as bank account access, email passwords, and medical records. Therefore, people working remotely will be in danger without the firewall they have in the office.
Digital security has become one of the top priorities for companies and the government. According to the National Conference of State Legislatures, 38 states, Washington, D.C., and Puerto Rico have introduced more than 280 bills that have affected cybersecurity in 2020. Keep track of these bills that will affect people at the local level with Agenda Discovery’s legislative tracking software.
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Out of the 280 bills that were introduced, the most prominent issues were:
- Requiring government agencies to have training in digital security policies as well as improving responses to digital security incidents
- Increasing security penalties for crimes such as ransomware, malware or phishing attacks
- Regulating cybersecurity in the insurance industry and address cybersecurity insurance in general
- Creating task forces, councils or commissions to advice on security issues
- Supporting and creating incentive programs for online security training and education
Rise in Cybersecurity Spending
Because of the significant threat cybersecurity presents, the government will increase spending to prevent data breaches. According to Forbes, the global cybersecurity market is set to increase to $270 billion by 2026. This is not to say that everyone will be spending more on security, that will vary depending on the industry. According to McKinsey and Company healthcare, banking and financial services along with the technology, media, and communications industries will see a rise in security spending.
How Businesses Are Affected
As stricter cybersecurity regulations come into effect, companies will need to stay up-to-date on how to keep customers and employees operating smoothly. Some of these new regulations will implement stricter measures than the two factor authentication systems. In the same article by Forbes, it is mentioned that biometric solutions such as fingerprint/thumbprint, retina, iris, voice and other facial recognition technologies will be used. Companies will also have to start looking at stepping up anti-phishing efforts, securing end users, and improving the security of remote users.
Agenda Discovery Can Help You Keep Up With Cybersecurity Regulations
As the online security industry continues to evolve and become more prominent in today’s digital world, it is imperative to be informed with all the regulations involved regarding protecting data, security, privacy. By making Agency Discovery your go-to resource, you can stay up-to-date regarding these policies and regulations. Request a demo of Agenda Discovery today.