The pandemic pushed many industries to make a sudden switch to digital solutions, sometimes executing this move well, and sometimes less so. As a result, cybercriminals are eagerly taking advantage of the confusion to steal valuable and unprotected data. Since the COVID-19 outbreak, cybercrime has increased by 600%, with phishing schemes becoming more prevalent.
Given the alarming increase in data theft, your business needs to improve cybersecurity measures. This includes incorporating effective identity and access management solutions to ensure a secure network that remains simple to manage.
To better understand what types of changes and predictions you can expect in cybersecurity this year, it’s vital to take a close look at the facts and stats.
Cybersecurity Statistics
Cybersecurity is a valuable asset for your business to have. Here are a few statistical examples to emphasize its importance.
Large-scale data breaches surged 273% in Q1 of 2021
Many industries have quickly shifted to digital platforms due to the impact of the pandemic. But this has also caused a surge in cybercrimes as businesses fail to incorporate robust cybersecurity systems immediately.
The average cost of a data breach hit $21,659 per incident in 2021, with 5% of successful attacks costing businesses at least $1 million
Multiple industries experienced significant losses due to vulnerabilities in cybersecurity systems. This can put production behind and require additional costs to continue normal operations.
Almost 85% of successful data breaches were focused on defrauding people, as opposed to exploiting flaws in computer code
The bulk of cyberattacks during the pandemic was caused by the surge in phishing scams and ransomware attacks.
Over 500,000 Zoom user accounts have been compromised and sold on the dark web
Due to the high demand for video conferencing platforms, Zoom is one of many applications targeted by cybercriminals.
On average, it took 207 days to identify a cybersecurity breach in 2020
The healthcare sector took an average of 329 days, while the financial sector was faster at 96 days.
Around 95% of cybersecurity breaches are due to mistakes by human workers
When loaded with tasks, human workers can overlook small details that result in errors.
More than 77% of organizations lack a cybersecurity response plan
One reason is that some small businesses believe they are less likely to experience security breaches due to their size. It may also be because there is a shortage of security skills to address the problem.
Cybersecurity breaches in the healthcare industry each costs an average of $7.13 million
The healthcare sector is one of the biggest targets of cyberattacks due to the massive amount of sensitive data it stores.
Remote work setups increased the average cost of data breaches to $137,000
Many employers often do not have the proper equipment or infrastructure to support or retain the same level of security as they would in an office setup.
Emerging Trends
Trends in cybersecurity change as technology evolves. Some of the biggest trends this year are the following.
Ongoing social engineering attacks
Cyberattacks such as phishing continue to pose a threat to different industries. If the proper tools are not used and training is lacking, your employees can mistakenly welcome an attack without them knowing.
The growing threat (and cost) of ransomware
In 2021, ransomware attacks were one of the most expensive cybercrimes. Many experts believe that this will most likely be the case for 2022 as well.
Supply chain attacks
With the number of supply chain attacks growing steadily, a spike in cases may be seen in 2022. As such, you may experience delays in your deliveries that temporarily put your operations behind schedule.
AI-powered cybersecurity
Developments in artificial intelligence are now being used as a fraud detection method to improve cybersecurity networks. Through this, behavioral patterns can be detected to determine if any activity is within normal boundaries.
Mobile device attacks
End-users typically connect to an inherently insecure public network through a mobile device for convenience. As such, cybercriminals develop new ways to target people, such as dropping malware or executing man-in-the-middle attacks, through these networks.
Attack waves in select sectors
Industries such as the healthcare sector are common victims of cybercriminals as it continues to struggle in developing robust cybersecurity systems. Due to vulnerabilities in its networks, it becomes a chosen target in many cybercrime cases.
Increased use of cloud systems
Cloud systems can help you create a more private and secure infrastructure for your network, as well as access data and software remotely.
Growing government interest
Governments worldwide are now moving towards a stronger focus on improving cybersecurity regulations, in part to address the growing concerns over data privacy.
Better security coordination
As the number of cybersecurity cases rises, businesses now realize the importance of developing strong cybersecurity strategies. More resources are being allocated to proper training and maintenance of systems.
Vulnerabilities on the Internet of Things
IoT devices are vulnerable to cyberattacks in large part because many IoT devices do not have cybersecurity measures built-in, or the ability to add them. Cybercriminals can connect to appliances that have access to your network and create a pathway to stealing data.
Predictions
Based on current data, a few cybersecurity predictions deserve attention. This will allow you to prepare and take the necessary measures.
Healthcare systems will still be a primary target
The pandemic significantly increased the demand for healthcare. Cybercriminals will see this as a high potential for immense ransomware value. Attacks will most likely be targeting hospital billing systems, patient databases, and ERPs.
The hybrid work approach potentially decreases an organization’s security
Combining on-site and off-site work increases the potential vulnerabilities, especially when remote workers fail to get the proper security training. This is more commonly the case with workers who believe that it is not their responsibility to secure organizational data.
A shift to zero trust security
Due to the increasing demands for remote or hybrid setups, organizations are more likely to turn towards zero-trust security. This framework will provide better means of data protection as all users go through a verification process regardless of which portal they access.
An increase in operational technology (OT) attacks
OT sites commonly have a third party conduct regular maintenance on a network through remote access. Cybercriminals can exploit these vulnerabilities in the network and access your system to launch a ransomware attack.
More challenging roles for CISOs
Many CISOs entering 2022 now act as part of the executive team to help place more focus on building stronger security operations and identity and access management solutions. This will create opportunities to invest in more training, such as risk management programs.
Growing threats in AI technology
As more organizations rely on AI-based data security, cybercriminals will look for new ways to find the weaknesses in the system to attain valuable data. This includes using deep fakes and other AI programs to mimic human behavior and trick your network.
Focus on crypto wallet security
Bitcoin and other cryptocurrencies have become a convenient way to make online transactions. More focus will be placed on improving crypto wallet security as organizations begin to see its value.
Increase interest in privacy laws and regulations
Government interest in cybersecurity is growing, which could mean more changes in privacy laws and regulations this 2022. This includes modifying how data is processed, where it is stored, and who and how it can be accessed.
Eliminating disinformation on social platforms
Many cybercriminals rely on raising human emotions to prompt quick actions and responses by spreading misinformation. This will push the government and private businesses to utilize their social media platforms and address these issues.
Smart, Safe, and Secure Solutions
Maintaining robust cybersecurity protocols is one of the most important factors to consider when building a digital network. By adopting current security trends and reliable access management tools, you can utilize improved technology such as modern identity proofing methods to ensure your data is safe at all times.
Q5id aligns its services to these practices, so you can significantly lower the risks of security breaches and eliminate the number of vulnerabilities in your system. Get in touch with our team of experts today and learn what we can offer.
