The global pandemic accelerated digital transformation, fundamentally changing how people live and work. Enterprises made an overnight shift to work-from-anywhere (“WFX”) environment, supported by a massive migration to cloud-based applications requiring robust security frameworks. Cyber threats accelerated to an unprecedented level, with over 90% of enterprises reporting an increase in cyber-attacks during the pandemic. As a result, cybersecurity companies did relatively well during the pandemic, as enterprises scrambled to implement security frameworks to adequately support remote work.
As if the global pandemic did not wreak enough havoc in 2020, the year concluded with the SolarWinds breach, one of the most complex and potentially far-reaching cyber-attacks in history. SolarWinds is a cybersecurity software company serving global enterprises and governments. The software updates that SolarWinds released to its clients to protect their data were compromised at the code level. Preliminary estimates indicate at least 18,000 organizations could be affected, with the origin of the breach potentially dating back several years. The fallout from the breach will continue for years to come and have significant implications for how enterprises address security in the software supply chain and development process.
Q Advisors expects the global pandemic and SolarWinds breach to have lasting implications on how organizations approach enterprise security.
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