The dawn of 2022 calls for the re-examination of your cyber risk management practices. A critical examination of security ensures you are following the best security practices available to prevent cyber breaches and meet compliance regulations.
Most importantly, you will learn to recognise the top cyber risks that pose the biggest threat to your company in 2022. Significant advancements in technology have seen businesses in different industries, ranging from retail to healthcare, integrate tech into their operations to facilitate productivity and revenue generation.
This has, however, also exposed them to several cyber risks that could jeopardise data, if they are not accounted for properly. With that in mind, here are some of the cyber risks that pose the biggest threat to businesses in 2022.
Top cyber risk management predictions for 2022
Deepfake technology will be used to commit fraud
Web traffic around the phrase deepfake attacks increased by 43% since 2019; an indication of the interest that surrounds the use of deepfake technology for cyberattacks.
As deepfake technology becomes more sophisticated, we can expect cybercriminals to use the technology to commit fraud. For example, cybercriminals can use deepfake tech to mimic a C-suite executive’s voice and face to approve financial transactions amounting to millions of pounds.
Cyber risk management teams will have to account for deepfake technology and invest in extreme security measures to authorise large-scale financial transactions.
Cryptocurrency heists will grow
The flexibility of cryptocurrency has made it an attractive investment for many, triggering massive growth rates as high as 1,000%.
Even as businesses leverage cryptocurrency to conduct business transactions, however, we can expect cryptocurrency theft to become more frequent.
If this threat is left unaddressed, organisations may need to shoulder significant costs. Poly Network, for example, lost over $160 million in a cryptocurrency heist. Cryptocurrency heists could also be leveraged to stage ransoms for data heists, compromising an organisation’s cybersecurity and credibility as a reliable business.
IoT expands attack surfaces
The number of connected IoT devices is expected to grow to 18 billion by 2022, with Edge computing devices operating close to the point of data collection alongside other devices connected to integral systems within the network.
The placement of IoT devices throughout network infrastructure indicates that they will be gathering a significant volume of data, making them the ideal target for cyberattacks.
As organisations integrate IoT devices into company cybersecurity, it sets up more potential access points for cybercriminals looking to access digital systems.
Cybersecurity teams would have to account for the expanding attack surface in cyber risk management policies, starting with improved monitoring of the attack surface.
Double extortion ransomware attacks will grow
Ransomware attacks lock data behind a ransom wall, but double extortion ransomware asks for additional payment; if the ransom is not met, then the stolen data is released online.
Double extortion ransomware attacks have grown over 935% during 2021, and reports indicate that they will continue to grow in 2022.
In fact, double extortion ransomware attacks will evolve into a low-cost, high-profit business model called ransomware-as-a-service (RaaS) that will give affiliates access to ransomware tools that execute sophisticated ransomware attacks—posing a huge threat to cybersecurity.
Cloud and network attacks will rise
Remote working has made cloud and network processes an integral part of regular business operations.
The integration of cloud and network software has prompted concerns about data leaks, network intrusions, and system vulnerabilities, which increases the chances of security attacks undermining network security.
Cybercriminals use different cyberattack methods, such as brute-forcing their way into a user’s account by guessing the password, while phishing attacks undermine network security and integrity.
To reduce incidents, cybersecurity teams will need to reconsider their security strategy and incorporate several security procedures such as two-factor authentication, safer passwords, and improving SaaS monitoring for security.
Updating cyber risk management for 2022
With cloud-based technology becoming an integral part of business operations, updating cyber risk management strategies will be essential for the continued integrity of business operations and data security.
In addition to investing in more robust security procedures, we need to examine the tools used to monitor networks.
With problems like cloud network vulnerabilities and IoT cyberattacks expected to become much larger threats, consider investing in more robust security tools that will give you real-time insight into your attack surface for better monitoring of your attack surface and prevention of the top cyberattacks of 2022.