Five cyber security trends for 2022

With cybercriminals showing no signs of slowing down in their efforts to breach the networks of all kinds of businesses, 2022 is bound to be another eventful and challenging year from a security perspective. With that in mind, here are five key trends that are set to dominate the cyber security space in 2022.

1. Increase in ransomware

The ransomware threat has grown significantly throughout the past decade, and it will continue its upward trend. The business of ransomware is simply too lucrative unless international governments and technology innovations can fundamentally alter the attacker cost-benefit calculation.

Ransomware will get worse and worse, as ransomware attacks will become more targeted and highly prominent, making it harder for organisations to defend their networks and systems against these attacks. In addition, ransomware operators will also use more modern and sophisticated methods of extortion that will resemble nation-state advanced persistent threat (APT) attacks.

However, some disagree with this including Mikko Hypponen, where they believe ransomware operators will lie low in 2022 to spend the money they gained in the previous year and to avoid nation-state and law enforcement detection.

2. Cyber Insurance difficulties

Organisations looking to buy cyber insurance protection face an unpredictable environment shaped by low prices for protection and high levels of risk sustained by insurers. Cyber risks will persist and evolve, and companies will need to manage that risk, including securing insurance protection.

Where in 2022, cyber-insurance premiums are rising due to costs of cyber breaches and ransomware but covering less as insurers want to reduce their exposure by adapting a changing landscape of cybersecurity breaches.

Another shift in the landscape is the increasing difficulty in finding ways to offset the risk of a cyber intrusion through insurance. While cyber insurance continues to be a lucrative industry, every claim category has increased in the past year. Cases of malicious breaches and unintentional disclosure, which account for tens of thousands of claims, each increased by 18% year over year, according to data from insurance-market analysis firm Advisen. By far, the greatest change has occurred in cyber extortion, ransomware, which jumped by nearly 150% in a year.

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3. Cybersecure workspace

Coworking spaces are so commonplace nowadays, being in a shared environment means it’s important to know the potential data security risks involved and understand how to overcome them. ESET research found that 80% of businesses are confident employees have the knowledge and technology needed to handle cyberthreats. However, in the same study, 73% admitted they are likely to be impacted by a cybersecurity incident through shared spaces.

Few security measures that can be implemented

    1. Update the operating system, web browsers and other apps
    2. Disable automatic connections to WiFi networks
    3. Use the public network configuration when connecting to the coworking network – this setting disables file and folder sharing
    4. Use firewalls, network activity monitors and anti-virus software
    5. Create strong passwords and change them regularly – enable two-step authentication on business-critical accounts
    6. Don’t leave devices and notes unattended
    7. Adding encryption to the browsing with throw hackers off from virtual private networks (VPN).

4. IOT Security

The huge growth in the number of devices connected to the internet inevitably means there is an ever-increasing number of ways our technology can be hacked or exploited. The number and size of cyber-attacks are increasing every year – Kaspersky say there were 1.5 billion attacks against IoT devices during the first half of 2021, it’s certain this trend will accelerate. IoT devices provide access points to personal networks because they are not as secure as devices that are traditionally used to store sensitive data, such as computers or smartphones.

Things are starting to change, with signs that manufacturers are improving when it comes to shipping devices with default passwords, and consumers are developing a better understanding of the risks. Common attacks involve attempting denial-of-service (DDOS) by overloading systems with connection requests, causing them to break and possibly expose data, or “hijacking” compute power from devices, which can be used to create botnets that attack other systems, or simply to mine cryptocurrencies. IoT isn’t just a security threat, though – by gathering data on network traffic and usage, connected devices provide fuel for algorithms that are used to predict and prevent cyber attacks.

5. Busy Job Market

According to Madden an incredible 39% of businesses in the UK experienced cyber attacks within the last year. This is due in part to the COVID-19 pandemic. Companies in the UK are going digital and need information security experts to help protect their data. As a result, the local demand for cyber security specialists is sky high. However, there is far more demand than supply when it comes to cyber security professionals.

In addition, due to the continued growth of ransomware, data breaches, and other cyberattacks businesses find it increasingly difficult to protect their networks and data. Therefore, an increase in number of roles within Information and Cyber Security.