To navigate the chaos that came with the global pandemic, many companies around the world boosted their digital transformation efforts. While this shift enabled businesses and their employees to continue operating in the face of uncertainty, it created huge challenges for security leaders.
With the adoption of remote work, cloud networks, and software-as-a-service (SaaS), complex IT infrastructures have evolved which have created new cybersecurity threat avenues. At the same time, security teams need to ensure their organization is compliant with new and upcoming regulations while managing risks effectively.
Following are the top cybersecurity trends of 2022 to help your business prepare for the future.
1. Ransomware will continue to grow
2021 unscored the realization that every organization is at risk from ransomware attacks, with reports that attacks increased by over 100%. From well-publicized attacks such as that on the Colonial Pipeline to attacks on critical infrastructure and supply chains, the increase in ransomware is fueled by the ever-increasing number of ransomware variants, as malicious actors exploit sophisticated technology such as artificial intelligence and the rise of ransomware as a service. Ransomware attacks often involve more than one type of malware attack through multiple vectors such as email scams, social engineering scams, and malicious websites that contain exploits for known vulnerabilities.
2. Spending on cybersecurity will increase
Cybersecurity spending will continue to grow, driven by the number of reported cyberattacks, the severity of those attacks, and the growing awareness that a breach can have a significant impact on an organization’s reputation and bottom line. Organizations should be prepared to spend more than they currently are on cybersecurity, but it is important to do so thoughtfully and strategically. For example, companies should consider investing in threat detection and response tools that provide real-time visibility into network activity for more efficient use of IT resources.
3. The attack surface will increase
The increased adoption of pandemic technology such as cloud computing has increased the vulnerabilities of organizations, as threat actors attempt to exploit the changing attack surface.
Organizations will need to focus on improving their security posture, which means they will need to continuously monitor networks for unauthorized access attempts and new vulnerabilities that could be used by attackers to gain access or exploit systems in some way. Organizations will also need to constantly assess current network configurations against best practices, such as those established by the NIST Cybersecurity Framework, to determine whether they are meeting the needs of their organization and the security requirements of their customers.
4. IT security budgets will stabilize
In 2022 organizations will continue to increase their spending on cybersecurity. Security budgets will increase across all sectors as organizations realize the benefits of protecting their IT assets and the financial impact of breaches on their bottom line. The average cost of a data breach average in 2021 amounted to $4.24 million, with the healthcare industry bearing the brunt of this cost. Many cyberattacks target organizations where data can be held to ransom, sold on the dark web, or intellectual property that is valuable. Organizations should consider developing a cybersecurity strategy that includes steps such as implementing multi-factor authentication, encrypting data at rest and in transit, and implementing network segmentation and controls around the network perimeter.
5. The Internet of Things is a game-changer for cyber risk
The Internet of Things (IoT) has the potential to expose organizations to new types of cyberattacks. IoT devices are used in everything from industrial machinery, traffic control systems and healthcare equipment, to smart cars and personal devices like smartwatches. IoT devices come with vulnerabilities that can be exploited by malicious actors for purposes such as spying, denial-of-service attacks, or data exfiltration. Organizations must assess how IoT devices are being used in their environments and how they impact the confidentiality, integrity, and availability of business applications and services. The next generation of the IoT will allow organizations to leverage these new capabilities while staying ahead of cyber threats by incorporating advanced security features into their hardware and software.
6. Cyber insurance premiums will increase
Cyber insurance premiums will increase in the wake of the massive data breaches that have been reported over the last year. Cyber insurance premiums are expected to increase as companies realize the value of having cyber insurance in place. Companies should consider purchasing cyber insurance, which can protect against a wide range of cyberattacks and mitigate their risk exposure by providing coverage for a variety of business applications. Cyber insurance is not a substitute for adequate cybersecurity protection, but it can provide essential support when it comes to managing risks and liabilities associated with attacks.
7. Cloud security
With the high rates of cloud adoption that occurred over the last two years, it is unsurprising that cloud security will be top of mind for many organizations in 2022. With an increase in hybrid and multi-cloud environments and adoption of zero-trust security strategies, cloud security is very much a concern for security teams as they navigate security measures that allow for performance to accommodate the growing hybrid workforce.
Investment in cybersecurity is a must for all organizations in 2022. Whether your business has been the victim of a phishing attack or is looking to overhaul security services to prevent future attacks, it is vital to have a trusted security partner on board. Solzorro will evaluate your current systems and develop a plan to maximize the security of your IT environment. Talk to the security experts at Solzorro today and protect your critical business assets.
