Businesses are now stacking more technologies into their IT networks to facilitate digital transformation in the workplace, with the introduction of remote work, improving customer experience, and generating additional streams of revenue, all of which exposes them to new risks. In 2022, the Ukraine conflict and the looming threat of cyberattacks will be two of the major factors influencing cybersecurity.
Cybersecurity is a top priority for corporate leaders in 2022, as several developments influence how they approach bolstering their digital defenses.
Trends such as sophisticated ransomware, digital supply chain attacks, and deeply ingrained vulnerabilities have revealed technology gaps like never before. Understanding these trends will better equip businesses to confront new dangers, necessitate rethinking security practices and technology, as well as prepare them for new attacks. Following are the trends that businesses need to watch out for.
Ransomware Threats are Becoming Increasingly Common.
Ransomware is still one of the most common cyber threats. Ransomware is a multi-pronged offensive operation that can harm a company’s reputation while also preventing the victim from accessing critical files. Attackers are now using secondary monetization channels to sell stolen information on the dark web.
Digital Supply Chain Risks are More Vulnerable Than Ever
The digital supply chain is constantly being targeted by cybercriminals. These attacks are successful because they can bring a company’s entire software supply chain and services down, causing huge business interruption. It’s hardly a surprise, then, that supply chain threats will be one of the most important developments influencing the cybersecurity business in 2022.
Expansion of the Attack Surface
Shifts in our working habits, increased remote and hybrid work combined with the increased usage of public cloud, highly networked supply chains, and cyber-physical systems, have exposed new and difficult attack “surfaces.”
As a result, corporations are more vulnerable to cyber-attacks. To handle a broader collection of threats, Gartner advises security directors to look beyond standard techniques to security monitoring, detection, and response.
Beyond the Human Eye
Most data breaches are still caused by human error, demonstrating that standard security awareness training methods are inadequate. Progressive companies are investing in holistic behavior and culture change programmes to encourage more secure methods of working, rather than relying on out-of-date compliance-based awareness campaigns.
Digital disruption is unavoidable, and it will be accompanied by rapid technological progress. Organizations must be conscious of the cyber-risks connected with large-scale technology investments, whether for innovation or necessity. Attackers are taking advantage of the weaknesses introduced by new technology, and even the greatest cyber-controls are quickly becoming obsolete in this fast-paced digital environment. Organizations who want to be the most effective in the next five years will need to be relentless in their attempts to expand over-the-horizon defensive capabilities.
How Should a Business Align its Goals with Cybersecurity?
Fundamentally aligning a business with preventing cyber threats is a two-step process, the first step is to learn how businesses measure success, each business has their own cost-effectiveness metrics, for eg. retail has sales per square foot or healthcare has treatment costs per patient. We must treat cybersecurity like any other department or line of business within the organization.
The second step is to create methodologies and metrics for calculating benefit-cost analysis and return on investment in a value-based (rather than a profit-first) manner. To begin, costs can be calculated using cost accounting approaches such as activity-based costing and utilizing break-even analysis to evaluate assets It can be as basic as calculating the amount spent and deciding whether the investment is justified economically – something we do subconsciously but probably not formally.
You’ve also hit the risk’s lowest limit at this time. If you spend a certain amount on a solution because it’s “justified” you expect to minimize risk by at least that much. When one argues that these constraints also apply to an organization’s total cybersecurity spending, people typically get apprehensive (those who are interested to in doing a deep dive should check up the term “willingness-to-pay” in economics textbooks). Once you have the fundamental financial data, things start to become extremely intriguing. Financial ratios such as cost-per-control, cost-per-session, loss-to-value ratio, and others can also be looked up. Understanding financial impact in Cybersecurity is key.
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