Cybersecurity is constantly evolving, making it one of the most lucrative fields to get into. Cybercrime impacts all of us or will at some point.
After companies caught on to how important it was to consumers and their bottom line, software and devices fueled the demand for increased protection. Check out 2022’s mid-point cybersecurity trends.
1. The Internet of Things (IoT) — New technologies in our digital first society paired with the increase in ransomware attacks have fueled the need for cybersecurity. The Internet of Things, loT, is the network of sensors, software and other technology needed for exchanging large and small device data and system data.
The number of connected devices is expected to grow to 41 billion by 2025. All companies now need a cybersecurity attack strategy to be prepared and to stay relevant. Cyberattacks are now to be expected and they jump ten-fold each year.
From fitness watches and baby monitors to phones and tablets, day-to-day devices are creating security risks everywhere. Companies don’t have the time to scramble for an IoT plan when threats emerge. Everyone should be worried about the security of their own devices. IoT partners are needed, as are general security policies.
2. Ransomware Attacks — Malware has a multitude of designs. Targeted ransomware holds a victim’s info to extort money. Entire digital networks can be held for ransom. Users and system admins can’t get into any individual files. Payment is needed to regain access.
More than 4,000 corporate ransomware attacks happen daily, one around every 11 seconds. This number does not account for attacks on individuals. The largest payout to date for a ransomware attack is $40 million, but the average ransom is $200,000 for large companies in nations with easily accessible internet services.
Continuation of remote work means the risk of data exposure will only go up. Smaller businesses are actually at a higher risk for a ransomware attack because they do not have protections in place.
3. Multi-Factor Authentication (MFA) — The easiest way to get started with data security is multi-factor authentication. This electronic authentication method requires two or more pieces of identity evidence to access data, including emails. This form of authentication will have a market value of $28 billion by 2026.
Multi-factor authentication is most secure if unencrypted SMS and voice verification are not used. Online banking is particularly at risk, which is why cybersecurity experts recommend hardware security keys.
4. Cloud-Based Services — Cloud-based services top the list of vulnerable services. Remote work has given hackers openings during communications and collaborations. Many users still don’t understand the cloud and misconfigure their settings/accounts. This is ideal for data breaches, unauthorized access, and account takeovers.
Companies must minimize these threats or potentially lose millions of dollars with rising cloud-based cyberattacks.
5. Remote Work Vulnerability — Remote and/or hybrid work has now become the norm. The unprecedented pandemic led to many companies opting to allow their employees to be a fully remote or hybrid workforce. More than 35 million Americans are expected to telecommute by 2026.
Remote workers use in-home networks and linked devices to access corporate clouds. Identity and access management tools reduce risks and better manage operations. These tools analyze user activity and authenticate sign-ins.
6. Real-Time Data Monitoring — Continuously updating streams of data protects companies from cyberattacks. IT professionals can monitor data in real-time and quickly act on breaches. They can also track and catalog data to uncover abnormalities and trends. Most breaches are detected by third-party software.
7. Social Engineering Attacks — Many cyberattacks happen through human error rather than gaps in software and security systems. Unpredictable in nature, these errors create opportunities for data breaches.
The top four social engineering attacks include:
- Baiting — leaving malware-infested items like flash drives around victims
- Quid Pro Quo — hackers request data or login info by posing as a tech expert
- Phishing — urgent digital messages to get users to give hackers access
- Tailgating — entering a company’s physical space to gain entrance to restricted areas.
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