If the last two years taught us anything, it is the importance of preparing for anything. In 2020, over the course of a few weeks, our economy, education systems, and lifestyles were altered as never before or could have imagined. In the summer of 2021, just as our country began to see a light at the end of the [pandemic] tunnel, Omicron through us all back into uncertainty. Despite a much higher degree of preparedness, including a vaccine, experience with work-from-home protocols and government assistance, passionate debates from all sides erupted for complete lockdown to the duty to live life “normally” and everything in between. The point is, at this point in history, no one can claim the pandemic is behind us and no one can claim business is back to usual. We are all still operating in the grey area waiting for the next shoe to drop.
This “grey area” is just the place for cybercriminals to thrive. The future of cybercrime remains bright, and the outlook is promising for higher profits.
Preparing for the onslaught of fraudulent activity in 2022 requires much more than the right technology, education, and budget. The key to staying ahead of cybercrime in 2022 is the right attitude! This means making cybersecurity a priority for business right up there with talent retention, competitive strategies, and profit margins. The predictions of what’s coming leave everyone with little choice.
Increasing Threats to the Supply Chain
The increased cyberattacks on software supply chains are an indicator of what lies ahead. These attacks take down an organization's entire software supply chain and services, resulting in massive business disruptions. Cybercriminals realize that supply chain attacks are a truly effective way to cause maximum disruption. These groups will commoditize attacks as a result. We can expect this commoditization to lower the bar for entry by encouraging less-skilled attackers to conduct software supply chain attacks.
Increasing Cost of Cyber Insurance
The cyber insurance industry saw a lot of activity over the past two years. As a result, the premiums for coverage skyrocketed. Despite many businesses are required to carry cyber insurance, these conditions are leading to a scenario that prohibits companies from purchasing extensive policies. This market squeeze will certainly affect the cyber insurance industry itself. Cyber insurance without Comprehensive Security will become a non-starter. Combined with a growing awareness of the risks associated with data breaches and cyber incidents, the market for cyber-insurance is starting to mature, and premiums will become prohibitively more expensive for companies that do not have a sound security strategy in place.
More Devices More Risk
As more devices enter the marketplace, the more we can expect cybercriminals to examine ways to exploit them. In 2022, we expect to see even more cyberattacks due to the increased number of devices. These everyday devices, many of which are in homes, remain minimally protected. Cybercriminals can attack through many vulnerable devices such as security cameras, smart TVs and DVRs in the home or workplace. Once in, either at home or workplace, the opportunity for hackers to exploit increases significantly, especially if passwords are used across multiple accounts, Netflix, Amazon, insurance, shopping, etc.
Climate Change and Cybercrime
Weather disruptions, natural disasters and every type of major event will drive a reexamination of disaster recovery capabilities in 2022. The cost of neglecting the protection of systems, data and information is higher than ever and the natural events experienced in the last year are a wake-up call for both businesses and local governments. Cybercriminals see nothing but opportunity when a disaster (natural or manufactured) descends on a community. They know people become desperate; governments throw money at the problems and prudence takes a back seat to a “get me through this as fast as possible” mentality.
Survival of the Fittest for Small Businesses
Today’s climate leaves businesses with no choice but to position themselves to quickly shift to changing circumstances, possibly overnight. A small business cannot plan for every scenario, but they can put in place a comprehensive security plan. In 2020, consumers gave businesses time to adjust to the new normal, but in 2022 expectations are higher. Experian predicts businesses with lackluster fraud prevention tools and insufficient security technology will suffer large financial losses in 2022 and beyond.
It is important to stay current with the various methods bad actors are using to take advantage of academic institutions. We compiled “best practices’ the succinctly help mitigate risk. Visit our blog for best our cybersecurity best practices and tips on spotting and protecting against ransomware attacks.
Roark Tech Services is constantly monitoring the Internet to spot scams and warn our clients. We are experts in cybersecurity and cybercrime, uniquely qualified to assist small businesses and help them stay safe & competitive. Always consult with us first. If you do not have an IT Partner that you can trust to give you the right support and advice, we would love to help. Contact us!