Don’t Expect Cyber Threats To Slow Down in 2022
The start of 2022 calls for a deep re-examination of your business’s cyber risk management practices. An assessment of your cybersecurity measures will ensure you are following the best security practices available to prevent cyber threats.
Most importantly, you will learn to recognize the top cyber threats that will pose the biggest threats to your business in 2022. Major advancements in technology have seen businesses and organizations in different sectors integrate technology into their day-to-day operations to clear the way for productivity and consistent revenue generation.
However, this has exposed these businesses and organizations to various cyber threats that could jeopardize data, especially if the data is not properly accounted for. With that in mind, it’s time for business leaders to fine-tune their cybersecurity practices and forecast what cyber threats will pose the biggest risks to businesses in 2022.
Cybersecurity Budget Increases
According to recent reports from Gartner, spending on information security and risk management will reach an estimated total of $172 billion, up from $155 billion in 2021 and $137 billion in 2020. Studies show that nearly all CISOs are getting a budget increase, with only a few security seeing their budgets decrease. Despite the continuous flow of funding, security leaders are not going to have an infinite amount of cash. Security leaders and executives advise cybersecurity teams to continue to show that they are delivering the ultimate value for the money spent, enhancing their operations, and improving their organization’s cyber hygiene.
Many security leaders and executives are willing to spend whatever is needed to prevent them from becoming the latest victim of a cyberattack. However, many of these leaders and executives would rather not spend more than is necessary. Businesses and organizations must understand cybersecurity measures so they can have a better understanding of what the right level of protection is. Investing in cybersecurity is not just about purchasing and implementing the latest technology; it is about understanding where the vulnerabilities are and prioritizing investments based on the vulnerabilities.
What’s in Store for 2022?
Bad actors are using more advanced and sophisticated techniques to gather personal identifying information, but they’re not using this information to target consumers as often as they used to. Instead, the bad actors are using this information to their advantage by attacking the businesses and organizations that were responsible for securing this data. A rush of new threats, technologies, and business models will make their way into the cybersecurity landscape as the world embraces a more remote and hybrid work model. So, it is important to know what to look for in 2022.
An Increase in Remote and Hybrid Work Attacks
Within an organization’s setup, the common cybersecurity risks can be mitigated through a firewall, employee cybersecurity awareness and training, precise workplace policies, etc. However, when employees are working from home and in hybrid environments, implementing cybersecurity measures becomes difficult. Many IT leaders believe their employees have picked up poor cybersecurity habits, in large part due to the amount of time they have spent working from home. Many of the top cybersecurity risks associated with remote work include the following:
- Unsecured network connections
- Use of personal devices
- Human error
Implementing security measures such as anti-malware and anti-phishing tools, antivirus protection, employee education, etc. can help to mitigate the risks.
Ransomware Attack Trends: Double Extortion
The threat of ransomware has grown remarkably in the past ten years and will continue to increase in 2022. Why? The ransomware business has already proven to be profitable. The ransomware business will continue to be a popular source of income for bad actors unless government leaders and technological innovation can change the cost-benefit structure of bad actors.
In the past, a traditional ransomware attack involved the use of a malicious code that would encrypt files and then delete those files if the victim did not pay the ransom. Today, in addition to demanding a ransom to decrypt data, bad actors will also threaten to post the stolen information on the dark web if an additional payment is not made. This is a new kind of double extortion that has already proven to be effective.
Internet of Things (IoT) Vulnerabilities Will Be Tested
The first step toward digital transformation is taking control of your data and eliminating anything that prevents your organization from utilizing it. Digital transformation is about becoming more data-driven. The Internet of Things plays a key role in providing the data that is needed. However, IoT devices are more vulnerable because many of the devices do not have the security controls that are capable of defending themselves against threats. In 2021, ransomware gangs went after well-known organizations and critical infrastructures. Having found success in those areas, we expect bad actors to go after IoT devices in 2022.
Cloud Attacks Will Rise
Organizations are rapidly using the cloud to give their digital transformation journey a much-needed boost. Despite the rising adoption of the cloud, data security remains a major concern for many organizations. Remote and hybrid working have made cloud processes a critical part of day-to-day business operations. The integration of cloud applications has led to concerns about data breaches, network intrusions, and network vulnerabilities, system vulnerabilities, etc. which will increase the chances of security attacks on vulnerable cloud and network processes.
Bad actors will use various cyberattack techniques on cloud and network processes, such as brute force attacks and phishing attacks. To reduce incidents in the cloud, cybersecurity teams must reconsider their security strategy and incorporate several layers of security protection, such as Multi-Factor Authentication (MFA).
Mitigate Cyber Threats in 2022 with Corptek
One of the things that has to happen to mitigate cyber threats in 2022 is to transition the way of thinking. Cybersecurity must become an embedded piece in your organization. Cybersecurity can no longer be viewed as an afterthought. A major shift needs to happen.
As organizations set aside money to address the cybersecurity problems, leaders and executives must build systems that can seamlessly integrate across the organization’s entire landscape, making cybersecurity everybody’s responsibility. Strong organization-wide cyber security operations can build trust within organizations, becoming a competitive differentiator.
Corptek’s cybersecurity solutions can strengthen your systems and help you view cybersecurity as an investment in your future business models. Contact us today to schedule a consultation.
Thanks to Holden Watne with GenerationIX in Los Angeles. Click here to learn more about our friends from Los Angeles.