From the high-profile ransomware attack that caused Colonial Pipeline to shut down operations last year to the malware attack on SolarWinds that infected thousands of its customers’ networks, the threats to major business systems and infrastructure posed by cyberattacks today are not to be ignored.
Losses associated with cybercrime are projected to grow by 15% annually, putting the worldwide cost at $10.5 trillion in 2025, according to Cybersecurity Ventures. Global ransomware damages alone are expected to surpass $265 billion by 2031.
Having the highest level of certainty and stability in all facets of your business operations—including relationships with outside organizations that must also be locked down against cybercrime attacks—is a must in 2022. AI technology is proving to be the most powerful answer to preserving data security, including addressing the vulnerability of billions of Internet of things (IoT) devices. SparkCognition DeepArmor® is an AI-powered endpoint protection solution that combines the power of big data with patented machine learning (ML) algorithms to predict and prevent today’s most advanced ransomware attacks, including zero-days.
The high stakes involved in safeguarding critical infrastructure make it essential for growing businesses to monitor the changing threat landscape for cybercrime constantly. Below are some of the top cybersecurity trends to watch for this year, including the growth of ransomware threats and the rise of nation-state cybercrime syndicates.
Ransomware threats are increasing.
According to a recent study, weekly ransomware attack activity in 2021 was 10.7 times higher than in 2020, with email and other soft entry points offering more opportunities for attackers to lock off access to files and data.
The potential gains for attackers have continued to grow, with Unit 42 security consulting group finding the average ransom payment in 2021 is $570,000. This growing price tag has led to the development of ransomware as a service that offers prefabricated kits that can be put to use by those with minimal technical knowledge.
Foreign actors are exporting state-sponsored cybercrime.
For more than a decade, Russia, China, Iran, and North Korea have been the world’s top hotspots for cybercrime activity. The Council on Foreign Relations finds that 77 percent of all cybercrime operations since 2005 originated from state-sponsored groups in those countries.
Nation-state threat actors have proven to be sophisticated according to the Cybersecurity and Infrastructure Security Agency, which said Russian syndicates, in particular, have “demonstrated the ability to maintain persistent, undetected, long-term access in compromised environments—including cloud environments—by using legitimate credentials.” The rise of cybercrime outlined above suggests that nation-state hackers will continue to threaten operational technology and industrial control systems networks.
Cybersecurity is a must-have for business relationships.
Business and vendor relationships can create exposure to cybercriminals looking to exploit the weak security points between separate organizations. In fact, Gartner’s research predicts that by 2025, 60% of organizations will include cybersecurity risk assessment as a primary determinant on whether to enter into a potential business deal with another company.
This trend toward increased vigilance will make it necessary to have certified security credentials and regular security audits, with opportunities arising for managed security service providers (MSSPs) who can streamline the process and ensure their clients have the proper protections in place to make sure they won’t find themselves vulnerable to data attacks.
IoT devices offer more targets for cybercrimes.
The connectedness and data transfer between more than 18 billion IoT devices in use represent massive openings for cybercriminals to access larger and otherwise secure digital systems.
Home-based devices represent the most vulnerable targets. Telecom gateways and routers are often the first lines of cyberdefense for many consumer IoT devices, and they are only as protected as the security measures in place. This leaves IoT devices providing added security (remote access locks and connected security cameras) at a high risk of being infected with malware. Many companies use AI to combat these threats, creating digital twins of their systems to model the data available via connected devices and address the weak points in their security before an incident occurs.
AI-powered cybersecurity is at the forefront of protection.
With cybercrime scaling at alarming rates, AI and ML is the most promising option for keeping systems secure and preventing infrastructure collapses of major operators in important sectors like energy, oil and natural gas, and manufacturing.
Advancements in AI and ML have allowed the creation of sophisticated pattern recognition that can predict and prevent attack behavior ahead of time. With DeepArmor’s cognitive-based models, organizations can protect their IT and OT endpoints against known and unknown attacks—including zero-day threats—without requiring signature updates.
Don’t be a victim of cybercrime. Get SparkCognition’s endpoint protection.
The above trends will change and grow just as the sophistication and risks around cybersecurity evolve, requiring a sustained focus on protecting your valuable assets and data. By staying informed, you’ll get the insights needed to select a next-generation AI-based endpoint protection solution like SparkCognition DeepArmor.
SparkCognition DeepArmor endpoint protection adds a cognitive layer to predict and prevent future attacks—including zero-days. DeepArmor endpoint protection has proven to successfully detect and block zero-day malware found in attacks that are making headlines across the globe.
To learn more, contact us.