Cybersecurity risks remain a persistent threat to the world, and the landscape is constantly changing. More so after the pandemic, risks have increased as major changes in work culture, and the increasing use of Internet of Things (IoT) devices have given cyber criminals the freedom to take advantage of new vulnerabilities created by hybrid and remote work infrastructure. The growing sophistication of these attacks has forced businesses to revamp their strategies or design new ones to respond to clamp down on suck attacks.
With no signs of cybercriminals slowing down their efforts to breach the networks of all kinds of businesses, cyberattacks are one of the fastest-growing crimes globally today. In fact, financial losses from cybercrime exceed the total losses incurred from the global trade of illegal drugs. Hence, every individual and organization operating on the web live in fear of hacking scenarios and data breaches.
Apart from financial losses, such forms of cyberattacks can also lead to reputation damage. Compromised consumer data can land businesses with strict regulations and even costly settlements. Small businesses are at the forefront to face major cyberattacks as they don’t have adequate cybersecurity measures in place to tide away such threats.
The year 2021 has gone by, and another challenging year lies ahead. Companies, too, are formulating strategies, spending their IT budgets in accordance with technological advancements. But before formulating measures to protect the IT environment from rapidly evolving threats, they must take the time to take a cue from some trends and predictions. Here are some they can consider. These cybersecurity trends are likely to signify where the field will move in 2022 and how the businesses should prepare themselves.
1. Zero trust approach to stay on top
With a focus on the “castle and moat model,” traditional cybersecurity practices have helped organizations keep the threats out. This approach presumes that users with the right credentials to access the network have done so admissibly, and they can move through the system freely as the company trusts them.
However, with more organizations migrating their data and operations to the cloud, security perimeter as a concept has become outdated. Because of this, organizations will focus more on adopting a zero-trust security model that restricts network access to the individuals who need it. This concept assumes that risk lies anywhere and limits the possibility of any unauthorized movement across networks. Zero-trust is a pragmatic approach that will support an agile business environment.
2. Educating users on security awareness
Phishing and social engineering will continue to remain challenging this year, too. Organizations that do not know to spot these security threats may inadvertently leave their business’s networks open to hackers. Before this proves to be a costly affair or network intrusion spoils a company’s reputation, businesses must offer cybersecurity awareness training for employees.
Some may be wondering installing firewalls, security software and complex IT protocols can solve the problem, but this may not be enough. Enhancing the competencies of the IT staff by educating them on security best practices by way of seminars and other online program activities can go a long way in reducing the effectiveness of such threats.
3. Cloud security services
Many organizations and enterprises continue to migrate to the cloud with the help of top cloud management solutions. However, most internet services do not yet provide safe encryption, authentication, or audit logging. Some organizations do not keep user data segregated from other users who share cloud space. IT security experts are, thus, making strenuous efforts to strengthen cloud security.
Due to the lack of cloud-based security settings, phishers are able to evade internal constraints that protect sensitive information in the cloud database. As a result, cloud security is developing into predictive and inventive protection to handle cybercriminals.
Using predictive security helps identify threats before attackers make their move. It takes note of those attacks that pass through other endpoint security.
4. IoT devices at risk
Today, the market is dominated by IoT devices, and security issues keep plaguing them. IoT devices are usually embedded with computing devices that can transmit data over the Internet. This presents great security threats to users, exposing them to cyberattacks like DoS or hijacked devices. IoT bridges the gap between the physical and virtual world; home intrusions add to the list of the scariest possible threats that IoT brings. In fact, IoT devices present large opportunities for both businesses and cybercriminals.
5. Cyberattacks on financial services
The financial sector is yet another industry that faces cyber threats regularly. Financial companies are trying to keep up with cloud migration and regulatory pace, but this isn’t making a cut. Phishing attacks remain a concern for the financial sector and are not limited to just emails. Phishing via social networks and other messaging services is also a major point of concern. Phishing is, thus, currently one of the most common cybersecurity concerns plaguing the financial services industry.
Malware attacks and data breaches are also the most common threat faced by insurance companies, banks, and asset managers. Hence, financial companies need to reform their policies and prepare themselves to face unexpected threats in the future.
6. Increased use of machine learning (ML)
Cybersecurity witnessed a tremendous increase in the use of Machine Learning (ML). In fact, it has become more proactive. Using ML, cybersecurity becomes more effective, simpler, and, at the same time, less expensive. With the availability of rich data, ML develops patterns and manipulates them with algorithms. Because of this, it can anticipate and respond to active attacks in real-time.
This technology largely relies on rich and sophisticated data to generate powerful algorithms. Data must come from varied sources and put forth as many potential scenarios as possible. Thus, implementing ML enables cybersecurity systems to assess attack patterns and learn the habits of cybercriminals. These help prevent future attacks and also reduces the amount of time required for cybersecurity professionals to execute basic operations.
It is difficult to gauge what the future holds for cybersecurity as industries continue to figure out ways to fortify their networks in the middle of the pandemic. Undoubtedly, 2022 is bound to be another eventful and challenging year from a security perspective.
The above insights can, however, shed light on how organizations can prepare themselves and expect different technology solutions in the years to come.
Maintaining online identity will be a tough task for businesses. Individuals also need to prepare themselves for upcoming security threats. As it gets harder to keep cybercriminals down, attacks like phishing, malware, and data breaches may not end anytime soon.
As businesses make efforts to establish their operations in cyberspace, a tight security apparatus should not be an option; it is a must in order to ensure full-proof protection of your organization and consumers. Identifying critical attack areas and anticipating possible attack scenarios can help organizations avoid falling prey to cyber attacks.
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