10 Top Cybersecurity Challenges in 2022
The security teams are on high alert right now due to a slew of cyber threats they are facing. Organizations and individuals have been subjected to a never-ending stream of sophisticated and frequent attacks, including ransomware, malware attacks, phishing, artificial intelligence (AI), and machine learning (ML), among other things, that have put their information systems and data at risk. So, what are some of the challenges that individuals and organizations face when it comes to cybersecurity? What are some of the benefits of cybersecurity?
Adverse Impacts of Security Incidents
At the same time, there are cautionary statements about the increased likelihood of disruptions. Businesses, governments, and individuals are becoming increasingly reliant on brittle connectivity, which raises the possibility of premeditated internet outages occurring regularly. Such occurrences have the potential to bring any business operation to its knees. Aside from that, there is a significant increase in the risk of ransomware as hackers use the attack to hijack the Internet of Things (IoT) (IoT).
In addition to disruption, cybersecurity challenges result in distortion, which is primarily caused by the deliberate dissemination of false information by automated sources and bots. The integrity of information is jeopardized when information is distorted. A company’s ability to maintain control over its information is further hampered by the rapid advancement of intelligent technologies, as well as the conflicting demands imposed by privacy regulations.
A cyberattack on your company will almost certainly result in economic losses as a result of the theft of intellectual property, corporate and personal information, and the expenses incurred in repairing damaged systems. And to make matters worse, data breaches result in reputational costs, which include a loss of consumer confidence, the loss of current and potential clients to competitors, and negative media coverage. What about the costs associated with regulatory compliance? Because of the dynamic and stringent data protection laws, your organization may be subject to significant fines or sanctions as a result of cybercrime (PCI DSS, CCPA, GDPR, and HIPAA).
A Look into Cybersecurity Challenges for 2022
1. In 2022, there will be ten major cybersecurity challenges.
Hacked digital messages will continue to be sent to carefully targeted recipients in an attempt to trick them into clicking on links that can install malware or expose sensitive data. Since businesses have become more aware of the dangers of phishing emails, they have increased their investment in employee awareness training, ensuring that their employees can recognize and avoid clicking on suspicious links and attachments in emails.
So hackers have raised the stakes even higher by employing advanced technologies such as artificial intelligence and machine learning to create and quickly distribute convincing fake messages to lure victims. Furthermore, according to the APWG’s Phishing Activity Trends Report, 4th Quarter 2020, criminals employ a variety of deception techniques, including domain names that avoid detection, encryption that creates a false sense of security, and deceptive email addresses that spoof trusted organizations and contacts. According to a Verizon Data Breach Investigation Report, phishing is still a factor in 36 percent of all data breaches at the moment.
2. Changing Ransomware Attacks and Strategies
Ransomware (crypto-locker) attacks
It is reported by CPO Magazine that ransomware is “on a trajectory to inflict even more economic damage by 2022.” Apart from encrypting sensitive and corporate data, ransomware attacks have progressed to include data exfiltration, which is quickly becoming a lucrative enterprise. Additionally, as the ongoing COVID-19 pandemic continues, hackers are increasingly targeting the healthcare industry, which is already under strain as it navigates the frontlines of a deadly pandemic, according to reports.
Cybercriminals will continue to shift their focus away from single machine targets and toward lateral movement. This shift will allow attackers to inflict more damage and reap greater rewards by infiltrating entire businesses rather than a single victim, increasing their chances of success. With the increase in ransomware sophistication, the average payout for victims of the Maze and Ryuk ransomware programs has risen significantly, reaching $2.5 million and $1.55million, respectively for those infected with the malware.
Second, even in the absence of encryption, there is more extortion. Threat actors exploit networks and install persistent malware on targets’ computers, exfiltrate data, and threaten to reveal the compromise to extract a ransom. With the increase in returns comes an increase in the number of criminal organizations attempting to get their foot in the door.
Third, there is a destructive rise in ransomware-as-a-service, which is becoming more prevalent (RaaS). The Forbes website reports that a growing number of organizations, such as Ravil, Darkside, and others, “franchise [their] ransomware as a service (PaaS) capabilities to attackers.” According to Barbara Kay’s article, The attackers are responsible for infiltrating organizations, while ransomware franchisers provide services such as encryption tools, communications, and ransom collection among other things, according to Barbara. Typically, the franchiser provides all of these services in exchange for a percentage of the ransom money that has been collected.
3. Cryptojacking is a type of fraud. Cryptocurrency Faces a Range of Cybersecurity Challenges
The much-heralded cryptocurrency movement has also had an impact on cybersecurity in a variety of ways. Primarily, cybercriminals are constantly hijacking other people’s computers at home or work to mine for cryptocurrency. Cryptojacking is the term used to describe this practice.
Most notably, mining cryptocurrencies such as Bitcoin requires enormous amounts of computer processing power to be successful. By secretly piggybacking on victims’ devices, hackers can earn money while causing serious system performance issues and costly downtime while security teams track the problem and mitigate it.
4. Attacks by governments on their citizens
In more cases than not, hackers seek to make a profit by breaking into computer systems or stealing sensitive information. National governments are also increasingly employing their cyber capabilities to target and infiltrate other governments to attack critical infrastructure, in addition to these other activities. Indeed, cybercrime has grown in importance as a threat to both the private sector and the government, with consequences that have far-reaching consequences for the entire country.
Security professionals predict that state-sponsored attacks, particularly those targeting critical infrastructure, will increase in number in 2022 and that this will continue. To clarify, we mean that the vast majority of these attacks will be directed at government-owned systems and infrastructure. That is not to say that the players in the private sector will be exempt from scrutiny.
5. Cyber-Physical Attacks (Cyber-Physical Attacks)
We’ve talked about attacks on critical infrastructure that are sponsored by governments. The technology used to modernize and computerize infrastructures such as manufacturing, communications, energy, emergency services, hydroelectric dams, financial services, food and agricultural production, healthcare and public health, and government facilities is, without a doubt, vulnerable to cyberattacks. Recent cyberattacks on electrical grids, transportation systems, water treatment facilities, and pipelines pose a significant threat as we move forward.
6. Internet of Things (IoT) Attacks 10 Most Difficult Cybersecurity Challenges in 2022
The Internet of Things (IoT) is becoming more and more prevalent with each passing day. In 2025, according to Statista’s predictions, more than 75 billion IoT-connected devices will be in use, representing a nearly threefold increase over the IoT installed base in 2019. A wide range of internet-connected devices, including laptops, tablets, routers, webcams, and household appliances, as well as medical devices and manufacturing equipment, smartwatches and automobiles, and home security systems, are included in the Internet of Things (IoT).
Digital devices are extremely convenient for consumers. Numerous individuals and businesses are taking advantage of the Internet of Things (IoT) to save money and make informed decisions by collecting massive amounts of data and streamlining business processes. However, as the number of connected devices increases, so do the risks, making the Internet of Things vulnerable to cyber threats.
A hacker who gains control of a connected device has the potential to cause havoc, including locking down critical systems for ransom or overloading networks to launch a denial of service (DoS) attack or distributed denial of service (DDoS) attack.
7 . Cybersecurity challenges that are difficult to control are posted by third parties.
Vendors and contractors, in particular, pose a significant risk to businesses, particularly those that do not have secure systems in place or teams dedicated to the management of third-party employees. As cyber-attacks become more frequent and sophisticated, businesses are becoming more aware of the potential threats posed by third parties, which is fortunate.
According to the most recent data, the top 30 e-commerce retailers and digital services in the United States are each connected to 1,131 third-party resources, with 23 percent of those assets containing at least one critical vulnerability. Because of the way this ecosystem is set up, if hackers compromise one of the applications within it, it provides them with a path to other domains. According to Verizon, web applications were implicated in 43 percent of the breaches that occurred. A further finding was that approximately 80% of organizations experienced a data breach that was the result of a vulnerability in their third-party vendor ecosystem.
8 . Social Engineering Attacks – Cybersecurity Challenges, Part 8 of 8
In 2022, there will be ten major cybersecurity challenges.
Without a doubt, hackers are becoming increasingly sophisticated, not only in their use of technology but also in their use of psychology to target their targets. Most notably, they employ social engineering attacks and tactics, which they employ to take advantage of a human psychology weakness that can be found in every organization.
The majority of the time, cybercriminals use a variety of methods to trick people into giving them access to sensitive information. These methods include phone calls, emails, and social media. According to the previous analysis, the 2020 Data Breach Investigation Report by Verizon reveals that nearly a third of the breaches that occurred last year included social engineering techniques, with phishing attacks accounting for 90 percent of the total.
9. Threats from within the organization – cyber security challenges
In 2022, there will be ten major cybersecurity challenges.
Even if they have no malicious intentions, your employees will make mistakes that result in a variety of security breaches. Just think about all the privileged access that company insiders have to the company’s data, which can lead to mistakes and cyberattacks. Humans, rather than machines, are the ones who pose the most serious cybersecurity threats. Insider threats affect more than 34% of businesses worldwide on an annual basis, according to statistics. The truth is that malicious insider attacks and unintentional breaches are considered more likely than external attacks by 66 percent of organizations. Organizations will incur a staggering $2.79 million in costs as a result of insider threats (related to credential theft) in 2021, with the figure expected to rise even further in 2022.
10 Cybersecurity Challenges that we must overcome due to a severe shortage of cybersecurity professionals.
In the meantime, the cybersecurity industry continues to be plagued by a severe scarcity of experts and professionals. A study conducted by (ISC)2 in 2020 discovered that, even though the number of cybersecurity professionals required to close the cybersecurity skills gap has decreased from 4.07 million to 3.12 million experts, employment in the field must grow by approximately 41 percent in the United States and 89 percent globally to close the current talent gap.
The National Association of Software and Services Companies (NASSCOM) also estimates that India, a country with a population of approximately 1.34 billion people, will require 1 million cybersecurity professionals to meet the demands of its rapidly growing economy by 2025. Several reports, including the (ISC)2 report, reveal that the stakes are higher than ever as the cybercrime epidemic erodes public confidence in widely-held ideals such as personal data privacy, capitalism, and democratic governance.
Organizations are becoming increasingly concerned with cybersecurity.
Computers, networks, critical infrastructure, industrial control systems, and data are all expected to be protected from malicious attacks in the current complex threat landscape if appropriate cybersecurity strategies are implemented. For effective and efficient measures to be implemented across all information systems, it is necessary to coordinate effectors across all information systems. Infrastructure security, end-user behavior, and organizational policy framework, network security, information security, and cloud security are just a few of the security controls and best practices that organizations and individuals can implement to protect themselves and their data.
Meanwhile, if you want to grow your business in today’s competitive world, you must be aware of, and take steps to address cybersecurity threats. Investing in the appropriate security measures allows your employees to work in a safe environment, whether they are on the premises or working remotely, which is fortunate. It is critical to remember that cyber-attacks result in revenue and productivity losses; however, by implementing the appropriate controls, you can ensure that your employees can work safely without being concerned about cybersecurity threats.
Aside from increasing employee productivity, appropriate safeguards help to prevent websites and other systems from going down altogether. When a website or application is hosted in the cloud, a cyber incident can cause the service to be suspended, resulting in the loss of money and customer confidence. It is not necessary to be concerned about your systems collapsing if you continue to employ the best cybersecurity solutions available.