Cybercrime is becoming more complex with each passing day. The increased dependence of businesses and individuals on digital technology has made it easier for criminals to bypass even advanced cybersecurity measures and gain access to sensitive information and personal data. The pandemic has only made it worse for businesses that have needed to adopt remote working to keep functioning. According to the latest figures, around 4 in 10 businesses in the UK have reported cyber security breaches or attacks in the last 12 months. The fact that both small and large organisations are being targeted and successfully hacked indicates that current cyber security technology is ineffective and unreliable. Unless we can consistently keep coming up with advanced solutions to counter these advanced attacks, such security breaches continue to impact businesses and the larger economy by extension.
The only way we can hope to fight this growing menace and secure our personal and business environments is by seeking continuous innovation in the cybersecurity sector. The good news is, several companies across the UK and the world are already researching and developing innovative cybersecurity solutions that can counter the evolving cyber risks. Some of the areas that are most in need, and as a result, are seeing maximum innovation are:
Cloud has transformed the way data is stored and managed. However, the immense scale and accessibility of Cloud-based applications often make it hard to manage and secure the data at all times. This has led to increased demand for innovative security solutions that can help manage Cloud-based and Firewall applications more efficiently and securely.
AI Threat Detection
The rise of AI and Machine Learning has come as a boon for companies developing innovative cybersecurity solutions. Threat detection is a crucial cybersecurity area driven by AI and ML tools and innovative predictive software that identifies patterns and detects cyber threats.
Businesses that have multiple access points are particularly at risk of security breaches. To empower businesses to take control of their entire network infrastructure, companies are developing zero-trust environments. These software solutions provide users with secure remote networks where every action needs to be authorised, regardless of the IP address or network location. Such innovative software, along with endpoint protection technology is vital for securing remote and in-house access points.
Data Privacy and Regulations
The growing threat of security breaches and cyber-attacks made data privacy and compliance regulations more stringent. Several companies are developing innovative solutions that can help businesses effectively manage and meet all data privacy requirements and compliance regulations, both internally and with third parties.
Other Cybersecurity areas where innovation is being pursued actively include:
- IoT and Edge Computing
- Next-Generation Firewall
- Security Orchestration, Automation, and Response (SOAR)
- Blockchain and Data Protection
- Application Security
Technology is playing a significant role in driving innovation in cybersecurity. Companies conducting ground-breaking R&D using such innovative technology and software solutions are eligible for tax relief under the government’s R&D Tax Credits scheme. It’s one of the best funding sources for businesses in the cybersecurity sector that are constantly developing innovative solutions and products. You can gain more insight into claiming R&D Tax Credits for innovation in cybersecurity by visiting our website or calling us on 0800 035 2510.