Over the past few years, organizations and businesses experienced great digital transformation. Unfortunately, the significant advancement in technology created opportunities for more hackers, scammers, and phishers. There is no sign of a slowdown in cybercrime in 2022. Instead, new cybersecurity threats emerged while existing challenges progressed.
Security Experts Forecast The Following Cybersecurity Challenges In 2022
1. 5G Associated Risk
5G technology advanced network capacity resulting in increased digital usage. Many businesses are ready to benefit from the digital transformation by creating values from the network assets. More companies are also planning to invest in the 5G technology to improve their connectivity capabilities.
The 5G technology enhances the growth of IoT, the Internet of Things, and the surface area of attack exposure increases. There will be more vulnerable connections that cybercriminals can exploit to compromise smart devices. The theft actors can infiltrate the 5G network infrastructure through this avenue. Digital transactions are likely to be the target of the attackers as it allows them to cash in.
2. Crypto Crime
Experts predicted that crimes related to cryptocurrency would increase in 2022. Digital wallets are a preferred target of cybercriminals. The hackers attack cryptocurrency owners to gain access to their digital wallets. If they get the credentials of the wallets, the theft actors will steal the cryptocurrencies contained in them.
Besides, hackers also intercept financial transfers. Previous attacks on cryptocurrency owners led to the loss of cryptocurrencies worth millions of dollars. In July 2021, attackers used fake Android cryptocurrency mining apps to defraud 93,000 victims. The attack resulted in a loss of about $350 000. A month after, $600 million worth of BinanceChain, OxyPolygon, and Ethereum got missing via Poly Network.
3. Targeted Attacks On Cloud
In 2021, Microsoft experienced an attempted attack on its Cloud services. The increase in remote work put Cloud in the limelight. Many businesses are using Cloud computing. In some spaces, the stored information is not separated from each other. Unfortunately, cybercriminals can exploit the slightest vulnerability in Cloud computing.
Data security is essential to protect stored information from attackers. Lack of authentication, secure auditing, and encryption in some of the Cloud spaces are the limitations of this data storage system. There is a need for stricter data protection solutions.
4. Attacks Via IoT
As more devices are connected to the internet, the surface of attack exposure increases. According to predictions by experts, about 125 billion devices will be linked to the internet in the coming years. Cellphones, tablets, sensors, robots, and even vehicles connected to the internet will increase the avenues for attack by cybercriminals.
5. Cyber Surveillance
Spying on companies’ stored data is likely to increase in 2021. Some of the monitoring tactics used by hackers may be difficult to detect. The use of surveillance tools like DroidWatcher and Z*Stealer will become widespread. Businesses have to secure their trade secrets. Strengthening data security can help protect the high technology sector against attacks.
6. Increased Attacks On Supply Chain
Supply chain attacks were one of the significant cyber challenges in 2021. However, this form of criminality will continue in 2022 as it is financially rewarding to cybercriminals. The threat actors are likely to develop new techniques and tactics for exploiting software supply chains. They may force victims to part with a massive amount of money as a payout.
The extortion model of cybercriminals involves holding their victim’s critical data while threatening to publicize the stolen information. They may also attack the victim’s business partners or target its customers. Companies should strengthen their data security and ensure their partners have solid cyber protection.
7. Ransomware Attacks
Though ransomware has been in existence for years, experts predict that it will continue to evolve in 2022. Experts foresee the increased complexity of ransomware attacks. Cybercriminals have intensified the exploitation of vulnerabilities. They use access vectors which are now primarily invisible. As a result, there is likely to be an increase in ransomware attacks.
The extortion methods of the ransomware actors will continue. Previously, hackers sold stolen data from companies to buyers. In 2021, data exfiltration became a cyber weapon. Cybercriminals no longer search for buyers to purchase the stolen information. Instead, they sell the data back to the victims of their attacks.
The anonymous payment is usually made through cryptocurrencies. Despite the payment of ransom, some victims never recovered all the stolen data. This contributed to the growing trend of ransomware attacks and extortion. The extortion tactics may extend to business associates and customers of victim companies.
In 2022, ransomware attacks will likely become more complex and highly targeted. Cloud may become a target as many companies migrate their data to it. Datacenter workloads won’t be spared either due to the less secure home working environments.
Improved cyber protection will help secure companies’ data. Immediate detection and correction of vulnerabilities are necessary. Besides, secure password management and employee awareness can help defend organizations against malware attacks. Data backup can also help companies to recover lost information.
8. Customized Phishing Tactics
Cyberattacks will continue in 2022. However, it will be geo-targeted and personalized. The attackers are likely to develop strategies to make their phishing attempts seem more genuine. Employee awareness and training helped workers to be vigilant and detect phishing scams.
With the information gathered from social media outlets, they can plan more personalized attacks. Consequently, it will be difficult to distinguish these phishing scams from authentic communications. Exposure to phishing attacks will rise as more organizations adopt hybrid work. Employees remain the target of cybercriminals, as many of their devices are not secure.
An increase in cyber-attacks trailed the digital transformation of businesses. Dissemination of fake information is one of the strategies cybercriminals use to lure their victims, and they will use social networks as vectors for deepfake attacks. People should be wary of imitations, fake photos, and videos. These may be avenues for cyber-attacks.
Organizations should strengthen their cybersecurity, considering the new and evolving cyber challenges in 2022. Monitoring the attack vectors and common entry points will help reduce the risk of these cyber challenges. Besides, companies should detect vulnerabilities and address them immediately. Prevention of data breaches should be a priority.
The best way to ensure present and future network security is by investing in a comprehensive cybersecurity solution. At Vijilan, we ensure that we provide each client with the best suite of security solutions to match their company’s demand. Our experts with years of security experience in top companies ensure that our solutions can keep up with the evolving nature of cyber threats. Schedule a free demo with our experts to learn more about Vjilan and our solutions.