Cybersecurity is an essential component of any business, especially as the world becomes increasingly digitized. Those that haven’t invested in proper cybersecurity solutions in 2022 will be at a significant disadvantage, as cyberattacks are only expected to grow in frequency and sophistication. 

Cybersecurity challenges in the face of rapid digital transformation

While the importance of cybersecurity has been clear for some time, the past year has brought renewed attention to the issue. The pandemic has accelerated the trend of digital transformation, as businesses have turned to remote work and online solutions to stay afloat. At the same time, digital transformation has also created several opportunities for cybercriminals to attack individuals and businesses.

The rise of remote and hybrid work

The pandemic has forced businesses to embrace remote and hybrid work arrangements, and this trend is expected to continue throughout 2022. A recent Gallup survey of over 140,000 US employees found that 24% work exclusively remotely, while 53% have some form of hybrid working arrangement. 

 

Clearly, many employees have grown accustomed to working from home because it allows for a better work-life balance, but it also introduces security risks. For one, remote workers are more likely to use personal devices for work purposes, which can lead to data leaks if these devices don’t have the right security software. There is also the issue of using unsecured Wi-Fi networks, which can leave businesses vulnerable to cyberattacks.

 

Related reading: Find out what tools are needed to manage a remote workforce

Increased reliance on cloud services 

Experts predict that global cloud revenue will reach $474 billion in 2022. This rapid growth is being driven by the increased adoption of cloud services, which offer businesses greater flexibility and scalability. However, as businesses store more data in the cloud, cybercriminals are sure to follow. If companies don’t properly secure their cloud environments and accounts, hackers may gain unfettered access to sensitive data.

Ubiquity of Internet of Things (IoT)

IoT refers to a network of devices and sensors that are connected to the internet. Examples of IoT include connected thermostats, security cameras, and wearable devices. By 2023, it is estimated that there will be over 43 billion IoT devices worldwide. This widespread popularity is due to the falling cost of hardware as well as its implications for data collection and automation.

 

The problem is that some of these IoT devices don’t feature the same security as traditional computers. That means hackers can exploit vulnerabilities in these devices to gain access to networks, control connected devices, or steal information.

What are the biggest cyberthreats to watch out for in 2022?

Fortifying cyber defenses is crucial because cybercriminals are constantly developing new ways to exploit vulnerable targets. Here are the top five cyberthreats affecting businesses today: 

1. Phishing

Phishing is a social engineering scam that involves sending fraudulent messages to trick victims into revealing sensitive information or clicking on malicious links. A phishing attack typically involves emails, but cybercriminals have recently been using other channels, such as video conferencing platforms, business messaging software, and SMS. 

 

Phishers also use various techniques like impersonating legitimate businesses or using the COVID-19 pandemic as the pretext for their scams. This makes it more difficult for businesses to protect themselves, as traditional security measures may not be effective at identifying highly targeted phishing attempts.

2. Ransomware attacks

Ransomware is a type of malware that encrypts data and demands that a ransom be paid to decrypt that data. These attacks have become more dangerous in recent years, with one strain being capable of shutting down Colonial Pipeline. Aside from critical infrastructure, other industries like healthcare, IT, and financial services are often lucrative ransomware targets. In fact, ransomware has even grown into a subscription-based service for cybercriminals who have no coding expertise. 

 

Businesses that are not adequately protected against ransomware may find themselves losing large sums of money to recover their data and resume operations. Colonial Pipeline, in particular, paid hackers $5 million to regain control of their systems.  

 

Related reading: Learn about the evolution of ransomware

3. Password theft

Despite repeated advice from security experts, many businesses continue to use weak passwords like “123456” and “qwerty”. Some users also set generic passwords like their birthdays, which are hardly a challenge for hackers to guess and steal. To make matters worse, many users tend to recycle the same password, so a single compromised credential can give access to dozens of accounts. 

 

This is why password theft will continue to be a prevalent threat in 2022 and the coming years. Hackers can easily steal passwords through phishing or online research on their targets. Some may use brute force methods, in which tools try to gain access to accounts by guessing different password combinations. Additionally, hackers may also use keylogger malware to track their targets’ keystrokes in order to steal their passwords. 

4. Distributed denial-of-service (DDoS)

DDos attacks will be one of the most common cyberthreats in 2022. These are large-scale attacks in which hackers use large numbers of compromised devices to flood a website or server with traffic, causing it to crash. This type of attack is often used to disrupt services or target businesses for financial gain. Most DDoS attacks are launched using botnets, which consist of large networks of devices infected with malware.

5. AI-augmented cyberattacks

Artificial intelligence (AI) and machine learning are being used more and more to automate tasks and make decisions. While these technologies can bring many benefits, they also empower cybercriminals. For instance, hackers could use AI-powered tools to quickly analyze and identify network vulnerabilities and launch more sophisticated attacks. Cybercriminals can also use deepfakes, which leverage AI technology, to impersonate business executives and commit fraud. 

What are the impacts of a successful cyberattack?

A successful attack can have devastating impacts on unprepared businesses. For example, a major ransomware attack could disrupt your entire operations and lead to significant revenue losses. While you’re busy trying to get your systems back online, clients who aren’t receiving prompt service may start going to your competitors instead. If the ransomware attack was particularly severe, customers may also lose confidence in your ability to protect their data. This can damage your company’s reputation and lead to expensive lawsuits. If your company is governed by industry-specific regulations like PCI DSS, you could be liable for penalties up to $100,000 per month. 

How can businesses strengthen their cybersecurity?

Businesses can avoid the ramifications of cyberthreats by implementing a comprehensive security strategy, which involves: 

 

  • Installing up-to-date firewalls and anti-malware software
  • Leveraging intrusion prevention systems and sandboxing technology to detect and defend against more sophisticated threats
  • Using email filtering tools to weed out spam and potential phishing scams
  • Enabling multifactor authentication and password managers to defend against compromised credentials
  • Setting access restrictions based on user roles, device permissions, data sensitivity, and location
  • Regularly backing up data to limit the impact of data loss
  • Educating employees to treat every email, message, and website with extreme caution
  • Creating an incident response plan that outlines specific steps to take in the event of a cyberattack, including who to contact and what resources to use

 

Overall, businesses must be proactive in their approach to cybersecurity. If you are serious about protecting your company and its data, Dynamic Solutions Group can offer comprehensive security solutions that are tailored to your specific needs. Our team of certified security experts can help you implement the right security measures to keep your business safe. Contact us now to get started.