Last year was another banner year for cybercriminals. Attacks on businesses increased by 50% over 2020. We also saw an increase in the cost of ransomware remediation (which more than doubled) and credential theft.
Companies face another year of watching their digital backs to help prevent a costly data breach or ransomware infection. It’s important to have proactive monitoring in place for any threats as well as keep on top of any new dangers that may come your way.
When you’re preparing your IT security upgrades for 2022, you’ll want to take a look at these cybersecurity predictions by multiple industry experts. Knowing what to watch out for and being ready can be just the thing that saves you from becoming a hacker’s next victim.
Supply Chain Cyber Attacks Will Get Worse
In recent years, there has been an increase in cyberattacks targeting software supply chains. These types of attacks can cause major disruption and result in a loss of certain technology services.
Supply chain attacks have a one-to-many impact. For example, the ransomware attack on Colonial Pipeline last year caused major shortages of gasoline across the east coast. Another supply chain attack we saw in 2021 was on the world’s largest producer of beef and pork. This resulted in higher meat prices while operations were disrupted.
Expect more supply chain targeted attacks this year and do your best to have alternate suppliers, where possible.
There Will Be More Smart Gadgets & Higher Risk
IoT devices are multiplying at a rapid pace. Unfortunately, companies aren’t keeping up when it comes to IT security.
Between January and June of last year, there were approximately 1.51 billion data breaches through IoT devices. These endpoints are often left unprotected, and many may not have adequate firmware security built-in.
This year, IoT adoption is expected to continue on its upward trajectory. As this happens, cyber criminals will be taking advantage of lacking protection and using those devices to breach other devices on a network.
We’ll See More Nation-State Attacks
Many of the largest ransomware attacks that you hear about can be traced back to hackers under the control of a particular country. These nation-state attacks are expected to get more prevalent and have a widespread impact on businesses.
Rogue nations don’t only attack the government infrastructure of other countries, they often attack businesses as well. Some of the goals of these attacks are:
- Make money through things like ransomware payouts
- Cause disruption
- Steal intellectual property
One concerning bit of news from the cybersecurity insurance industry is that some carriers are dropping coverage for attacks initiated by nation-states. This means that just as those attacks are increasing, businesses may not be able to be insured for them.
Ransomware Isn’t Going Anywhere
Ransomware has been on a rampage in the last few years. Criminal groups have found it to be quite lucrative, with as many as 56% of victims opting to pay the ransom to get operations up and running quickly.
This has further encouraged criminals to ramp up these attacks. Because ransomware is so quick to take down business operations, it’s very effective at getting a quick response.
With other forms of malware, like spyware, taking longer to see any return, ransomware will continue to grow and be one of the major types of attacks that businesses of all sizes need to defend against.
Zero-Trust Security Will Become the Standard
Zero-trust security is an approach that includes putting ongoing monitoring and continuous checks and balances in place throughout your IT infrastructure. Things like application safe listing and multi-factor authentication are both based on zero-trust principles.
Due to the increasing use of AI and machine learning in cyberattacks to make them more sophisticated and harder to detect, zero-trust will become the norm.
One great thing about implementing zero-trust is that it is an approach, rather than one single software. Thus, its principles can be implemented over time economically.
More States & Industries Will Introduce Data Privacy Regulations
If you think you have a lot of data privacy compliance regulations to adhere to right now, that number is likely to get larger this year. It’s expected that more states and other entities (like industries) will issue data privacy regulations to help stem the widespread misuse and breach of personal data.
If you already have a good compliance program in place, then it will most likely cover you for other data privacy compliance rules. Many of these will have similar requirements about keeping data secure in transit and storage.
Learn More About How to Begin Implementing a Zero-Trust Approach
Two River Computer can help your Fair Haven businesses be ready for the threats coming this year. Let’s get started by reviewing how to reduce your risk through a zero-trust security approach.
Contact us today for a free consultation. Call 732-747-0020 or reach us online.
