Text/Bernard Marr
The world we live in has changed since the global COVID-19 outbreak in 2020, which is particularly helpful for cybercriminals. This can be illustrated by the hacking of network management software SolarWinds, which Microsoft President Brad Smith described as the most sophisticated cyberattack ever, with repercussions throughout 2021.
Home work, ongoing digitization of society, and the increasing number of online shopping in their lives mean opportunities for phishers, hackers, scammers, and extortionists, and this will show no signs of abating in 2022, so it's important for individuals and businesses to understand the growing number of attack vectors and the risk-reducing measures they can take.
Here are some of the most important trends affecting cybersecurity in 2022 and ways to avoid becoming a victim.
AI-driven cybersecurity
Similar to how fraud detection is used in financial services, AI can combat cybercrime by identifying patterns of behavior that signal anomalies, which is beneficial for systems that need to deal with thousands of events per second, as this is often where cybercriminals try to attack.
Ai's predictive power is very useful and why more and more companies will invest in such solutions. Unfortunately, cybercriminals are also aware of the benefits of AI, and new threats emerge by using techniques such as machine learning to circumvent cyber protections. This makes AI even more important because it is the only hope of resisting AI-driven cyberattacks.
Capgemini's recent research found that two-thirds of businesses believe that AI is now necessary to identify and respond to critical cybersecurity threats, and nearly three-quarters are using or testing AI for that purpose.
Growing ransomware threat
According to the UK National Cyber Security Centre, the number of ransomware in the first quarter of 2021 was three times higher than in 2019. PwC's research shows that 61% of technology executives expect this percentage to increase by 2022. Of course, we can largely blame this on the COVID-19 pandemic and the increase in online and digital behavior.
Ransomware usually involves infecting a device with a virus. By locking files with unbreakable encryption, these viruses threaten to destroy them unless a ransom is paid, which is usually in the form of an untraceable cryptocurrency. Or, a software virus could threaten to expose the data, exposing the organization to hefty fines.
In general, ransomware launches attacks in the form of phishing — by tricking members of an organization into providing details or getting them to click on a link to download ransomware (sometimes called malware). Recently, however, it has become increasingly common to directly infect machines through USB devices. Worryingly, there has been an increase in such attacks on critical infrastructure, such as on water treatment facilities. The attack briefly altered the facility's chemical operations, with potentially life-threatening results. Other ransomware attacks target gas pipelines and hospitals.
Education is the most effective way to deal with this threat. Research shows that employees who are aware of the dangers of such cyberattacks are eight times less likely to become victims.
Vulnerable Internet of Things
In 2022, the number of connected devices contained in the Internet of Things is expected to reach 18 billion, and one consequence of this is that the number of potential access points that cybercriminals seek to gain access to secure digital systems will increase significantly.
The Internet of Things has long been considered a specific threat, and past cyberattacks have included hackers using household appliances such as refrigerators and kettles to access the network to the Internet and then get into computers or cell phones that store valuable data.
In the future, the Internet of Things will become more complex in addition to becoming more extensive. Many organizations are developing a "digital twin" data model, which is a comprehensive digital simulation of entire systems and even businesses. These models are often connected to the operating system to facilitate modeling of the collected data, which for those with ill intentions means providing access to treasured data.
Attacks on IoT devices will continue to increase, with attacks such as edge computing devices – where data runs as close as possible to the collection point – and centralized cloud infrastructures that are vulnerable. Education and awareness are two of the most useful tools to prevent these vulnerabilities, and any cybersecurity strategy should always include a thorough review of every device that can connect to or access the network, with a comprehensive understanding of any vulnerabilities it may pose.
Cybersecurity risk is a key factor in collaborative decision-making
The security of any cybersecurity operation depends on its weakest link, which means that businesses are increasingly viewing every link in the supply chain as a potential vulnerability. As a result, businesses are increasingly turning to the resilience and exposure of cybersecurity as a decisive factor in choosing a partner.
Gartner's research predicts that by 2025, 60 percent of organizations will have cybersecurity risks as a "major determinant" when choosing who to work with.
With the introduction of laws such as the European General Data Protection Regulation (GDPR), the Personal Information Protection Law in China, and the Californian Consumer Privacy Act, more and more organizations may face huge penalties for information security errors. This means that every partner who might have access to an organization's data or systems will be subject to intense scrutiny, and businesses that can't answer cybersecurity or rating questions will increasingly find themselves left out in the cold. In fact, Gartner predicts that for businesses, industry-standard security rating schemes like SecurityScorecard, Black Kite, or UpGuard will be as important as credit rating agencies.
Regulation is starting to catch up with risk
Over the years, due to rapid changes in technology, cybercriminals have recognized that cyber regulation has a weak understanding of their behavior. In 2021, the damage caused by cybercrime to the global economy will reach $6 trillion, but this situation will not be sustainable. According to Security Magazine, 2022 will be the year regulators take stop-loss measures to control the situation, and one consequence of doing so could be to extend the scope of penalties that currently only cover intrusions and losses to vulnerability and exposure to potential damages. Another consequence could be that more and more jurisdictions have passed laws related to payment ransomware. We can also see an increasing number of legal obligations being handed over to CISOs to reduce the impact of data theft, loss, and breaches on customers.
While this approach will inevitably increase the burden on enterprise information security leaders, it will only be a good thing in the long run. Today, building consumer trust is more important than ever for privileged organizations that want access to our personal information.
Bernard Marr is a Forbes contributor whose views are personal.