Due to the continuous growth in cyber threats, the information security industry is currently on high alertness. Attacks such as phishing, Malware, DDOS, and Ransomware have been getting common over the years.
As a result, companies have lost a massive fortune in their revenue. Most of the companies have started recruiting individual security teams for the protection of their digital information. However, the cyber security industry still lacks a capable workforce, and the gap between supply-demand has been significantly increasing. Here are some of the top cybersecurity predictions for 2022:
Interference and Disruptions in global supply chains
Technology has significantly influenced supply chain networks over the years. However, the same technologies that make supply networks more efficient and effective also put their security at stake.
Supply chain breaches and malware assaults are the most common threats for a supply chain firm. Data leaks could be a result of internal as well as external threats. Such attacks can also take the form of ransomware, which encrypts the files and locks a computer until the owner pays the demanded fee.
Ransomware will continue to be a massive issue for industries.
Ransomware and other malware assaults are the most executed cyber-attacks. Due to this, the personal information of millions of people has been leaked in recent years, including their social security numbers and mailing addresses.
According to Verizon Data Breach Investigations 2021 Report, 10% of all breaches were ransomware while 95% of all the ransomware samples are Windows-based executable files or dynamic link libraries (VirusTotal).
The impact of the recent Colonial Pipeline ransomware attack has alarmed the U.S. government. President Biden issued an Executive Order on Improving the Nation’s Cybersecurity and a National Security Memorandum on Improving Cybersecurity for Critical Infrastructure Control Systems.
Machine learning and AI play a massive role in mitigating the risks of cyber threats.
Artificial intelligence/machine learning has changed the way businesses deliver their products and services. Simultaneously, fraudsters are taking advantage of this technological advancement to plan sophisticated assaults against businesses.
However, to improve the security of their cloud-based apps, businesses are promoting continuous integration, cloud automation, and the use of artificial intelligence on their system. This strategy will simplify things, save time, and safeguard company assets from security breaches, data leaks, and other cloud security risks.
Significant awareness about cybersecurity among personal as well as corporate users.
The company leaders are finally starting to realize that having the latest, most up-to-date security equipment alone isn't enough to protect your company's most precious assets. When it comes to data breaches, ransomware, and other potential threats, it is usually the native employees who are usually blamed.
Due to the current covid-pandemic, most companies have implemented the Work from home policy. Therefore, they had to remotely monitor and supervise everything on their system, which was not the case before. Unfortunately, this turned out to be a boon for cybercriminals as most companies had not made themselves and their employees aware of the cyber risks and their consequences.
As a result, most of the companies had to go through serious data breaches and hacks. The most common method hackers used to gain access to the company’s systems through social engineering, fraudulent emails, and phishing emails.
People are starting to know how valuable their digital data could be and how it could be used against them. These things have caused a significant increase in awareness in the cyber security community. As a result, companies have started giving compulsive and mandatory training to their employees as they are the most vulnerable point in any information security system.
Increase of Third-party breaches
As we are approaching the end of 2021, we have already seen some of the most severe third-party data breaches in history. By acquiring access through a vendor, business partner, or supplier, such cyber-attacks jeopardize an organization's critical information.
Data breaches could turn out to be disastrous for an enterprise, resulting in hefty regulatory penalties and fines. They can also be extremely profitable for hackers, so it is no surprise that third-party cyberattacks are becoming more common.
Industries that are predicted to be mostly targeted
A company can make the most common blunders by believing that they are immune to every threat. Every business is vulnerable to adversaries, breaches, and viruses. However, organizations in the high-target industries face an even higher risk profile and specific types of threats more prone to cyber-attacks in 2022.
Compliance and regulatory requirements change
The country leaders are finally tightening up their grip on cybersecurity, and court decisions have set a new standard for businesses to adapt and respond to. It will cost the business some of their revenue, but most of the adjustments should already be in place in most firms.
One of the most recent updates in such a regulatory standard is IOS 27001, which is expected to be released between January-March 2022.
Measures you could take to counter cyber threats in 2022
Some of the steps you can take to protect yourself and your company against cyber attacks are:
- Educate your employees as they are the most prone to any attacks
- Knowing your information assets
- Investing in compliance verification technologies
- Boost your company's digital defenses to keep control and know your attack surface
- Keep up with the updates of your software
- Formation of pre-planned mitigating policies during the case of a crisis
- Carrying out a Cost-benefit analysis of your information assets and allocating a reasonable amount of budget towards your cyber security.
Conclusions
As technology gets more sophisticated, new types of threats will continue to emerge. Therefore, it is essential to be updated about what could be done to protect ourselves from the upcoming threats. Cyber risks will remain a major concern for companies across all industries, so it is better to be prepared and be ready for whatever is to come. Having proper quantified cyber risks management solution is becoming a must.
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