Most of our day-to-day tasks and transactions, both personal and professional, have moved online. With an unprecedented amount of personal information and corporate data now online, cybercrimes have become more rampant. Hacking, phishing, identity theft, ransomware, cyber-extortion, and virus attacks – the list can be a long one.

Cybersecurity threats are manifested in many forms. Some of the attacks that are used to exploit software are malware, ransomware, phishing, and remote code execution or injection attacks (e.g., cross-site scripting, SQL injections, etc.). The roots of cybersecurity can be traced back to the 1970s, with the Creeper virus and the first DoS attack. Even some of the most recognized global organizations have suffered cyber attacks. For example, Adobe and Yahoo had suffered data breaches in 2013-2014.

As we look at evolving cybersecurity trends, it is clear that these threats continue to adapt and grow. From minor inconveniences to extensive damage, cyber attacks can cause a lot of harm to businesses. No matter how password-protected or secure our data is, cybercriminals are always on the lookout for any window of opportunity that they can exploit. To mitigate the same, tactful cybersecurity measures should be implemented.

These are our predictions for the cybersecurity trends and threats that companies will most likely face in 2022, and what we can do to protect against them.

What is Cybersecurity?

Cybersecurity is a body of technologies that are designed to protect the confidentiality, integrity and availability of computer systems, networks, programs, and data, against cyber attacks or unauthorized access. Also referred to as information technology (IT) security, it protects all organizational assets from internal or external danger or disruptions caused by natural disasters.

As cybersecurity trends evolve, the scope of protection must adapt to address emerging threats. Cybersecurity is a broad term that covers a wide variety of data types, including:

• Network Security:This refers to the process of implementing both hardware and software mechanisms to safeguard networks and IT infrastructure from unwarranted users or intrusions.
• Application Security:The incremental usage of applications on our mobiles, desktops, laptops and other such devices, has further led to the fear of virus attacks. Since these apps require our personal information, they constantly need to be updated and tested to ensure that the programs are secure. Therefore, secure application architectures, writing secure code, and implementing strong data input validation are some of the measures that are used to reduce the possibility of any misuse or modification of application resources.
• Data Security:All government, military, corporate, financial, and medical organizations collect, process and store large amounts of data. Such data largely comprises sensitive information, ranging from intellectual property and financial data to personal information. Thus, data security involves incorporating robust information storage mechanisms that ensure the security of data at rest and in transit.
• Identity Management:A business will have employees logging in and out of the system. Thus, identity management can monitor activities like routine password changes and multi-factor authentication that enable authorization of legitimate individuals for information systems.
• Cloud Security:In recent times, it has become very convenient to store files in a digital environment or ‘on the cloud’ so that they are accessible to everyone. A secure cloud architecture from cloud service providers such as AWS, Google, Azure, and Rackspace, can prove effective against cybersecurity threats.

Since the cyber threat environment is rapidly expanding and advancing, primitive security methods prove ineffective. Staying informed about cybersecurity trends and adapting to them can help corporate leaders take ownership of installing effective cybersecurity measures to protect personal and sensitive information.

The 7 Top Cyberthreats Predicted for 2022

1. Remote work will face greater risks as cybercriminals continue to target businesses:The shift to hybrid and remote work models has led to much communication being conducted over unpatched and insecure home networks, exposing architectural weaknesses. As technology and devices used by remote workers continue to evolve, a wide range of cybersecurity threats, including phishing and ransomware, have increasingly targeted vulnerabilities in companies’ security postures.According to a 2021 Cybersecurity Insiders study, 82% of companies have enabled bringing your own device (BYOD) for employees. However, 72% lacked BYOD malware protection and had to rely on endpoint software installations. This lack of preparedness is often dangerous, as 67% of organizations have reported increased endpoint misuse with remote work, and 44% are concerned about cyber attacks related to BYOD security risks.
2. Legacy security architecture like VPNs need to be reinforced with added layers of securities:A virtual private network (VPN) is an encrypted connection that ensures that sensitive data is safely transmitted from a device to a network. With the rise in remote work, many organizations have adopted VPNs to safeguard their communications from cybersecurity threats. However, VPNs with weak security setups can be vulnerable to breaches.In April 2021, Colonial Pipeline, a major U.S. fuel supplier, suffered a ransomware attack due to a compromised VPN account. The cyber attackers exploited a legacy VPN system that lacked multi-factor authentication (MFA) to access the network. The breach disrupted pipeline operations, leading to widespread fuel shortages and a ransom payment of $4.4 million.As such, to ensure the security of VPN connections, additional layers of protection are crucial. Rather than relying solely on a User ID and Password for login, users should implement multi-factor authentication (MFA) to significantly reduce the risk of VPN breaches. Taking these proactive measures is essential in combating this growing threat.
3. The healthcare sector might get affected:The healthcare sector has steadfastly continued to provide critical services, with frontline health workers tirelessly caring for patients. However, cybercrimes have increasingly targeted these healthcare heroes, jeopardizing both operational efficiency and patient safety.For instance, in May 2021, Scripps Health, a California healthcare provider, faced a major ransomware attack that disrupted operations for nearly a month. The breach forced the shutdown of electronic health records, delayed care, and compromised the personal information of nearly 150,000 patients, including Social Security numbers and medical records.Healthcare organizations must, therefore, focus on cybersecurity to offer holistic care to their patients and prevent any physical or financial harm.
4. Financial organisations can be at the risk of getting attacked:Although financial service organizations are vigilant and have security, cyber attacks have the potential to breach their protective walls. Financial data, including social security numbers, banking details, and more, is of high value, which only makes it a lucrative target for cybercriminals. In case, financial data is breached, it causes a lot of damage. With the introduction of 5G, cybercriminals will only get craftier with their attacks. So, such organizations must take a proactive step towards ensuring security.
5. Individual data exposure from increased internet usage:With most of the world’s population now online, they are at a greater risk of data exposure. As employees now work remotely owing to the pandemic, the use of AI and ML-powered activities and increased cloud adaptation has enabled businesses to carry on their work effectively. This has simplified work, hastened time-to-market and improved scalability across boundaries.
6. Smart device-based attacks:Smart devices like Alexa and Siri or other home-based interactive systems know our routines and are privy to the domestic sphere. Hence, they can become conduits of cyber attacks. They have the potential to leverage important contextual information about users, making social engineering-based attacks more successful. These attacks can compromise the security of your home and result in a lot more than turning off security systems, disabling cameras, or hijacking smart appliances. It can also lead to extortion of important data.
7. Attacking non-crucial systems:Traditionally, organizations primarily concentrated most of their cybersecurity resources on perimeter security to protect only their most crucial system components. However, this rigid approach has left peripheral systems at risk as they may be vulnerable to disruptive attacks that, while not critical to operations, can still cause nuisance and disrupt productivity. This perimeter security approach is insufficient today as the threats have advanced.As a result, to mitigate such attacks, the National Institute of Standards and Technology (NIST) issued guidelines that recommend a shift towards continuous monitoring and real-time assessments. Continuous monitoring can provide real-time visibility into an organization’s security status, cybersecurity threats and security misconfigurations.

To Conclude

In a climate where cyber attacks are comparable to acts of terrorism, data security strategies must be channelized from the expensive and conservative approaches to the more cost-effective and dynamic approaches of the future. By taking the following precautions, businesses can secure their data:

• Businesses should regulate cyber risk assessments and factor in the process of collecting and storing data, such as PCI-DSS, HIPAA, SOX, FISMA, and others.
• It is also necessary to raise awareness and educate employees about cybersecurity as even their personal information can be at stake.
• Companies should perform risk assessments to identify their valuable assets and prioritise them accordingly in case they are met with a cyber attack.
• Getting software checked every now and then is a great way to stay cautious. Software vendors can release updates and patch vulnerabilities, if any.
• Introducing multi-factor authentication and increasing the level of security by limiting permissions can reduce the risk of a security breach.
• Changing passwords at regular intervals can protect your software from being compromised. Furthermore, password storage should follow the industry best practices of using salts and strong hashing algorithms.
• Periodic security reviews like source code review, architecture design review, application and network penetration testing, and red team assessment, should help mitigate vulnerabilities.
• All data-sensitive information should be stored using encryption algorithms and applications. The software can also employ SSL/TLS to maintain confidentiality.

To be wary of these threats, Adventus Cybersecurity Solutions and Services endeavours to equip organisations with effective tools to protect their financial assets and intellectual properties. The time to build your defence against cyber attacks is now!