That’s why it’s important you pay attention to the latest cybersecurity trends. Here are the top cybersecurity trends of 2022.
1. Rising Ransomware Threats
One of the biggest cybersecurity trends of 2022 is the rise of ransomware attacks. Ransomware essentially holds your files hostage until you pay a specific amount, usually in cryptocurrency.
Obviously, there’s no guarantee that your files will be unlocked even after you make the payment. In most cases, it’s a slippery slope, with ransomware gangs preying on the less tech-savvy and demanding increasing sums of money. All it takes is a single malicious file download to spread the infection throughout a hard drive.
This is a serious problem for companies, especially if an unsuspecting employee downloads ransomware on to their computer. There’s a risk of the entire network being held hostage, which could effectively grind business to a halt. But obviously that’s also a problem for individuals—no one is safe from ransomware.
In the first half of 2021, the total ransomware payments reported by banks were $590 million. This figure is only expected to increase by the end of 2022.
2. The Meteoric Growth of Security-as-a-Service
Many Security-as-a-Service businesses have gained traction as companies look into advanced, modular technologies that allow them to reduce malware or ransomware threats.
Instead of building ground-up firewall solutions, an increasing number of companies are now opting for Security-as-a-Service options. These are security solutions offered by a managed security service provider, and are generally tailored according to the needs of the organization.
This also ensures that the company is able to benefit by working with a team of technological experts with a better understanding of cybersecurity, as compared to hiring an in-house IT professional to focus on reactive troubleshooting and ad hoc fixes.
3. Geo-Targeted Phishing Attacks
Phishing attacks continue to rise in frequency and severity. In fact, Phishing as a Service exists too, so it’s all the more important for people to protect themselves online.
Currently, phishing scams are the biggest threat that the IT industry faces. Millions fall for these elaborate scams, where cybercriminals use different methods to execute all kinds of scams, from elaborate business email compromise schemes to injecting malicious URLs in emails.
In the past, cybercriminals would often cast a broader net and wait for people to fall prey to their scams. Now, phishing can be more personalized and geo-targeted.
Scammers now use your geolocation to create custom phishing websites or email chains to target victims. This makes it difficult for individuals to distinguish between phishing scams and the real deal, which is one of the reasons why they end up falling prey to these scams.
4. Multi-Factor Authentication Becomes a Standard
For too long, the global IT sector has dithered on adopting Multi-Factor Authentication (MFA) as a standard. That, thankfully, is now changing. Many organizations, especially in the financial technology sector, have introduced MFA and made it mandatory for all users.
Multi-factor authentication essentially adds another layer of security, preventing unauthorized access to online accounts. Almost every major company now requires individuals to use multi-factor authentication, ranging from social media platforms to email services.
MFA ensures that organizations can better protect their employees’ data and control access. Whenever a person signs in, they must also enter a verification code, which is sent through an authenticator app, or to their registered phone number.
5. IoT Vulnerabilities
The Internet of Things (IoT) has completely changed the way we interact with devices. IoT devices are dominating the consumer markets, and despite some common security issues with IoT devices, most people generally have high confidence in them.
However, while they offer greater convenience, IoT also poses increased risks to a user’s data. In case a device is hacked or hijacked, it could essentially listen in and steal information from the network.
Hackers have found a new gateway to access information, and are utilizing it to the fullest. For instance, hackers often try to hack into connected camera networks or devices in order to access security systems.
However, confidence is still high, with global IoT spending growing 24 percent in 2021. Most of the investments are by businesses in the IoT software and security space.
IoT vulnerabilities pose a unique challenge, since they’re used for specific purposes. The communication protocols used to connect with different devices also expose the network to software bugs or vulnerabilities, increasing the potential for harmful attacks if proper security steps aren’t taken.
7. Cybersecurity Regulations Likely to Get Stricter
As the world moves to remote models of work, companies and governments alike are doubling down on cybersecurity. We can expect cybersecurity regulations to get stricter with time, especially as decentralization of access becomes the norm.
However, protecting a company’s network is important, and in order to do this, many regulatory bodies have made it mandatory for organizations to offer user awareness and cybersecurity training to their professionals.
The aim is to ensure that employees are aware of the different techniques and scams that they could be exposed to, and know the appropriate security measures they have to take. More importantly, companies might also be expected to undergo IT audits to ensure that they have taken appropriate measures to protect their networks against cyberattacks.
The Future of Cybersecurity Looks Bright
Industry leaders and organizations are constantly looking at ways to improve cybersecurity as a whole and mitigate threats.
With increased user awareness and training, and a focus on improving the security infrastructure as a whole, you might think that cyberattacks will dwindle over time—but they, too, shall evolve. Nonetheless, simple steps, such as protecting your network from insider threats, can go a long way in ensuring business continuity!
