From ransom ware attacks to election misinformation to consumer fraud, the cyber security industry will be well over the top.
Security threats will likely accelerate in 2022 as cybercriminals refine. Tried but true ransomware methods look for and exploit vulnerabilities in the software that ties the Internet together. The US election would also be a tempting target for spreading disinformation.
Anticipating an uptick in hacks, attacks and data theft comes after a massive jump in ransomware – the takeover of computer systems that remain shut down until the ransom is paid – spills over into consumers’ lives in 2021. Cyber attacks that shut down colonial pipeline carrier oil and meatpacking JBS USA contributed to temporary increases in gas prices and meat shortages in parts of the United States.
Exploiting remote connections to infiltrate corporate networks. Some scammers will also target ordinary people, who spend more and more time in front of computer screens, in order to capture bank information, personal passwords and other data that can be used to crack accounts.
Part of the problem is that companies don't know the scale of the problem, says Andrew Useckas, chief technology officer and co-founder of cybersecurity firm ThreatX, because so much information is on corporate networks.
"Many organizations simply don't understand just how exposed they are," Useckas said.
Many cybercrimes, both big and small, go unreported, making it difficult to track overall data. Still, experts say a handful of key metrics jumped last year, ringing alarms.
Notably, data breaches publicly reported in the first nine months of 2021 exceeded the total for all of 2020, according to the Identity Theft Resource Center. Suspected ransomware payments reported by banks and other financial institutions totaled $590 million for the first six months of last year, according to an October report by the Department of the Treasury. The figure easily surpassed the $416 million in suspicious payments reported for all of 2020.
SEE ALSO
· Log4j software bug: What you need to know
· Hacks, ransomware and data privacy dominated cybersecurity in 2021
· Apple sues NSO Group over Pegasus spyware
President Joe Biden's administration has taken steps to curtail ransomware and other cyberattacks. The White House recently held a global online counter-ransomware event and promised sanctions against crypto exchanges and other financial institutions that facilitate ransomware.
In the wake of Log4j, the White House plans to hold a gathering of software company executives later this month to look for ways to boost software security.
Congressional elections in November could also result in new security priorities if the balance of power in the House and Senate change. The election will bring its own security risks, and experts warn that a flood of misinformation will swamp social media platforms as Nov. 8 nears.
Cyberattacks keep coming, but will the government take action
Ransomware attacks that affect a company's back office operations often only escape public notice. But when hackers shut down businesses that consumers depend on, everyone knows it.