Cyber Security Trends and Cyber Insurance in 2022

Cyber Security Trends and Cyber Insurance in 2022

Written by Joe Cannata

Posted on December 26, 2021

What questions would you ask a seasoned cybersecurity specialist if you had the opportunity to sit down with them as you prepare your business for the next year? The Techsperts team has compiled an exclusive report on combating ransomware in 2022.

In 2022, what are the most critical cyber security trends businesses should know, especially ransomware and cyber insurance?

The most significant cyber security trend for 2022 will be an increase in ransomware attacks, which will become more profitable for cybercriminals with each attack.

Cybercrime is a multibillion-dollar business for cybercriminals, and this trend is expected to continue in the future due to its profitability. These assaults are becoming increasingly complex and aggressive, resulting in higher rewards for firms and insurers who provide cyber insurance.

Both the cost of cyber insurance and the paperwork required to get a cyber insurance rider for your policy are skyrocketing. A few years ago, the documentation comprised simply one page of paper with five check boxes. But now, the paperwork includes a slew of questions and standards that must be met before a restricted insurance policy rider is given.

I advise businesses to approach security as a comprehensive strategy that involves improving the network, website, building security, and providing regular cybersecurity training to employees.

Cyber-attacks have risen in frequency and sophistication over the last 12 months, and they are growing more complex and aggressive. According to Check Point’s 2021 mid-year report, worldwide cyber-attacks grew by 29% in the first half of 2021, as hackers continue to exploit the COVID-19 epidemic and the move to work-at-home workers.

Ransomware assaults have increased by 93 percent in the previous six months, thanks to a new attack strategy known as Triple Extortion. Besides taking sensitive data from businesses and threatening to reveal it publicly unless a ransom is paid. Attackers are targeting customers and business partners, demanding ransoms from them. Attacks on supply chains have also escalated.

The now-famous SolarWinds supply chain hack, for example, stands out in 2021 owing to its size and impact. Supply chain hacks are becoming increasingly prevalent because they allow an attacker to access a one-to-many scale.

Rather than launching a direct attack on a single network, they focused their efforts on discovering a weak point elsewhere. It involves assaulting a trusted source for not just one network but many others that use the same vendor’s software. According to (ENISA), European Union Agency for Cybersecurity, there will be four times as many software supply chain assaults in 2021 as in 2020.

The idea of not trusting even legally got software instills some doubt in everyone’s thinking. This time it’s not only malicious code attacking with apparent linkages to threat actors in a supply chain assault.  It’s also thinking about whether your vendor’s code is secure. It may also come down to believing that your vendor’s vendor is likewise doing the right thing in some circumstances.

The critical takeaway is that all enterprises, including government institutions, are vulnerable to cyber-attacks. It is possible and prudent for a company to presume that “it won’t happen to you.” According to popular belief, half of all firms have been hacked, and the other half have not realized it. Businesses must ensure that their workers are routinely taught, as many attacks are booming owing to insufficient security training.

Businesses must have a proactive hardware replacement cycle. It ensures that equipment is upgraded before it reaches the end of its useful life and that all systems are patched with the most recent security updates.

To minimize cyber-attacks in 2022, here are five guidelines for companies:

Secure your Hardware

Make sure you’re up to date on security patches and that you’re using long passwords. When feasible, use two-factor authentication. To safeguard the data it has access to, switch on BitLocker device encryption for all your Windows 10 devices and activate remote-wipe for any mobile devices that could be lost or stolen.

Encrypt and Backup Data

You must ensure that sensitive data is not accessible physically and is rendered worthless if it comes into the wrong hands. The most excellent “quick remedy” for data breaches is data encryption. The data would be unavailable if there were a data breach.

Conduct a Network Security Scan

You should regularly run a network security check to identify what devices are connected to your network and where security gaps exist.

Train your Staff

Your employees are one of your weakest security spots. Maintaining a high level of awareness of cyber dangers requires ongoing training. Invest in a cyber security training provider that will send out phony phishing attempts to test your personnel and provide training if they fail.

Invest in Cyber Insurance

Think of this as business continuity insurance if any of your security procedures fail. If you are the victim of a ransomware attack, cyber insurance will assist you in recovering by providing cash assistance to resolve the problem immediately.

In 2022, businesses concerned about ransomware should continue to explore “zero-trust” security solutions. Traditional security technologies such as firewalls and antivirus have sought to prevent threats from entering your network, but they are no longer sufficient to guard against ransomware.

On the other hand, zero-trust solutions adopt the opposite approach, effectively banning everything and permitting just what has been approved. We saw the first example of multi-factor authentication (MFA), which has become commonplace in most remote workplace firms. Application Whitelisting (AW) takes the network to the next level by introducing zero-trust.

Any application or process that AW has not pre-approved will be halted. It’s the only security solution on the market that can completely stop ransomware in its tracks.

Since 2020, staff cybersecurity training has been a must. Also, clients are becoming so detailed that they’re asking if Microsoft 365 users have an advanced Threat Protection license.

Over the previous year, ransomware and other cyberattacks have frequently made headlines. Now, it is clear that organizations of all sizes must prioritize reducing their risk of a cyberattack that may be disastrous to their operations.

At this time, cybersecurity insurance coverage is essential. Coverage is inexpensive, and in today’s environment, there’s no excuse not to have it in place to protect your business from these hazards.

Multi-factor authentication, backup disaster recovery systems, incident response strategies, and providing security awareness training for staff are all critical actions. Organizations must improve their cyber resiliency and reduce their chance of being victims of cyber assault.

Final Thoughts

Ransomware defenses are growing at a breakneck pace, nearly as quickly as the dangers, they’re hunting. Zero Trust Policies, Dark Web Monitoring, and Employee Cybersecurity Training with Phishing Simulations are the newest developments in ransomware prevention and defense.

In today’s world, most firms are required to get cyber insurance so that cyber insurance will give the necessary assistance in the case of an infection. However, the aim is to prevent problems in the first place. Please get in touch with Techsperts if you require more IT resources.

Special thanks to Troy and Paul at Pure IT in Calgary for their help and assistance with this important information.