Risk management is an integral part of planning for businesses of all sizes. Some of the most prominent risks organizations face today are related to cybersecurity: cyber attacks, accidental data loss, and data security compliance fines.
Last year, cyber-attacks dominated the headlines and estimates indicate that a cyber incident occurred every 11 seconds in 2021. As organizations prepare for the year ahead, they must diligently manage cyber risk.
In the battle against cybercrime, knowledge is power. To adequately protect your company, people, and data, you need to know the tactics and strategies cybercriminals will use this year, as well as gain an understanding of the best security solutions to defend yourself.
With this in mind, here are our cybersecurity predictions for 2022, which will help you bolster your risk management strategy.
Supply chain attacks surge
Supply chain attacks hit the mainstream last year when large I.T. giants, SolarWinds and Kaseya, suffered data breaches that impacted their clients and partners. By supply chain attack, we mean a cyber incident where a hacker breaches one company’s systems and then moves laterally into its customers’ networks.
Supply chain attacks are particularly scary for small and medium-sized businesses. Even if a cyber attacker does not target you, you could end up becoming collateral damage in a more extensive hack. This is even more likely to occur in today’s world, where businesses are increasingly interdependent for products and services.
To protect against supply chain attacks, you need to take a holistic approach to security. You need to put adequate protections in place to protect your company from malware and ensure you thoroughly vet the security precautions taken by your suppliers. If you’re not sure where to start with this, speak to our I.T. consultants, who will be happy to help.
The rise of outsourcing
It’s a scary statistic, but research shows that almost half of small businesses suffered a cyber attack in the last 12 months. SMBs are beginning to realize that cybercriminals aren’t just after the big guys – they’ll try and steal data from small businesses too.
Unfortunately, most SMBs don’t have the in-house resources, money, or expertise to properly manage cybersecurity, which is why – this year – we will see more and more SMBs looking to outsource their I.T. and cybersecurity.
A great I.T. provider will act as your virtual I.T. team, helping you with everything from cybersecurity to network administration. Not only will they cover the basics, but they’ll help you find new efficiencies through I.T. In line with this, three-quarters of SMBs say that outsourcing their I.T. helps them to get ahead of their competitors.
Hybrid work gets hacked
Hybrid work is here to stay. However, while employees might favor hybrid work, it can also be a security headache if you don’t have the suitable measures in place. Phishing attacks, password compromise, and ransomware attacks are all common tactics used by cybercriminals to disrupt the hybrid world of work.
They’ll continue to rely on these tactics in 2022. To protect your business, you need to be proactive. We advise putting in place security solutions like multi-factor authentication, along with providing your employees with regular security training.
Cyber insurance becomes difficult to obtain
Cyber insurance premiums started to steadily rise last year – and we think they will continue to do so this year. The National Association of Insurance Commissioners analysis of the American cyber insurance market found that the volume of cyber insurance premiums written increased by almost 30% in 2020, while loss ratios for many carriers were at 100%.
This means that, currently, insurers are selling insurance at a loss. In order to balance the books, they’ll need to up their prices. We think they’ll also make it more difficult to obtain insurance. There’ll be pre-requisites in place to qualify for insurance, such as using specific security solutions and achieving well-regarded security standards.
Ransomware-as-a-Service takes off
Ransomware has already caused havoc to computers worldwide and, now, it’s hit the mainstream. There’s a new phenomenon called Ransomware-as-a-Service (RaaS), where cybercriminals sell ready-to-launch ransomware packages on the Dark Web. This means any criminal can launch a cyber-attack without writing a single line of code.
The democratization of ransomware poses a significant threat to businesses everywhere. To defend against this threat, we advise you to deploy anti-malware solutions and ensure you regularly backup your data.
Keep Your Business Protected With Help From Texas I.T. Pros
Texas I.T. Pros can help your Denton or Wise County business to improve your cybersecurity posture.
Reach out to us if your business is having difficulty with cybersecurity. Call 940-239-6500 or reach out online.