From emerging threats to classic scams, there are plenty of things to keep business owners up late at night concerning digital security. Cybercrime generates trillions of dollars every year for threat actors around the world, and much of this comes from ongoing attacks perpetrated on businesses both large and small. With so much money to be made, bad actors will continue to adapt and evolve tactics to remain effective in their efforts.
You should by now be aware of the many threats affecting your organization and have at least some sort of plan in place to deal with an incident when one of those threats arises. Below are some cybersecurity trends likely to impact your business in 2022. While awareness is only one piece of the puzzle, understanding threats and developments can lead to better preparation and planning for security issues.
Targeting the Cloud
Cloud-based solutions have been of great benefit to businesses of all kinds. The increase in remote work has driven the shift to the cloud to even great usage rates, with more organizations using off-site servers for data storage and communications. This trend will continue in 2022, and right alongside it will be cybercriminals directly targeting cloud services and the businesses that use them.
While there are many advantages to using cloud-based business solutions, they also make a prime target for cyberattacks. New cloud technologies and software are emerging to meet growing demand, and this will open new doors for hackers and other cybercriminals to exploit. And while this trend likely won’t slow down the popularity of using the cloud, it will result in more companies experiencing cloud-based data breaches and other security issues.
Ransomware has been a constant threat over the last few years, and this will continue to be the case moving forward. Even though new security efforts can reduce the risk of ransomware, this deterrent hasn’t been enough to discourage hacker groups from going after any vulnerable target. And despite the federal government strongly advising against paying ransoms, organizations continue to shell out cash to deal with these incidents.
Ransomware is likely to become even more focused and widespread in the coming year. This means that cybercriminals are evolving their process to better effect, crippling networks, and often getting the prize they seek – big payouts. Large-scale ransomware incidents have been in the public eye throughout the last year, and this will keep up in 2022. Small and medium-sized businesses will also experience a growing number of this type of attack. The tactics that are used to shut down networks and exploit victims will become more complex as well.
Supply Chain Attacks Continue
2021 saw some major supply chain attacks that generated headlines and alarmed authorities and the public alike. Many of these attacks were brazen, complicated, and effective, with threat actors shutting down critical infrastructure like fuel or food supplies and then walking away with millions. The growing number of supply chain attacks demonstrates that this type of incident is quickly becoming commonplace.
This trend will continue to grow and is likely to impact businesses far and wide. Supply chain attacks will become more complex and expand to reach even third-party solutions that many organizations currently have in place. This further complicates shortages and other issues stemming from a single supply chain attack. These types of attacks are poised to become a common occurrence and we have yet to see the worst of it.
Proven Classic Tactics
Classic scams and tactics will still be in play because they work. Like many legitimate businesses, criminals often stick to the ‘don’t fix it unless it’s broken’ script. Phishing scams targeting employee emails are one tried and true method that shows no signs of going away. These tactics may evolve to meet a current situation (the many pandemic-related scams are good examples of this), but they are essentially the same as they were years ago.
Employee education and awareness, or rather a lack thereof, is a critical factor in the lasting prevalence of these classic scams. Keep in mind that just because you are aware of these threats, that doesn’t mean that your entire staff is. Employees often have a false sense of security when using the company networks, which means they can let down their guard and invite or allow scammers in through the front door.
As cybersecurity issues and incidents continue to grow, so will the rules and regulations intended to limit risks and to better safeguard the public. Increasing regulations that apply to businesses relating to data privacy, data breach planning, and post-breach notification will expand. So will the penalties if your organization doesn’t follow the letter of the law. Look for higher fines and the risk of class-action lawsuits from customers when larger businesses experience a data breach or other incident.
State-specific laws currently in place, such as the CCPA in California, provide some insight into potential future regulations at the federal level. There is widespread talk of increasing cybersecurity mandates from the US Government for all businesses, and it seems to be a matter of when not if these new rules could come into place. Once established, there may be some complicated red tape to jump through to ensure your business follows the proper protocols to reduce the risk of a data breach. It’s a good safeguard for the public, but businesses will need to pay added attention to stay in compliance.
Pre-Breach and Response Plans Essential
Amidst all these trends, pre-breach and response plans will become even more essential. This will enable businesses to implement defensive strategies for dealing with a data breach before, during, and after the event. These preparatory and response plans will become as integral to daily operations as is any other business strategy, and they will help to limit the chance of serious damages and repercussions stemming from a cybersecurity incident. Such plans will become required as new regulations roll out and serve as a highly beneficial tool for any business looking to get ahead of the curve by having a thorough plan in place.
LibertyID is the leader in identity theft restoration, having restored the identities of tens of thousands of individuals without fail. If you retain personal information on your customers, now is the time to get data breach planning and a response program in place with our LibertyID Business Solutions data breach preparation program. With LibertyID Enterprise you can now add value to existing products, services, or relationships by covering your customers, employees, or members with LibertyID’s fully managed identity theft restoration service – at a fraction of our retail price – with no enrollment and no file sharing. We have no direct communication with your group members – until they need us.
Call us now for a no obligation proposal at 844-44-LIBERTY (844) 445-4237