California-based cybersecurity firm Palo Alto Networks recently released its predictions and expectations for the global cybersecurity industry in the coming year 2022. Some of the company’s ’s forecast include bitcoin becoming a financial tool for cybercriminals and digital services growth spurring greater digital fraud.
Since the year 2021 played a major role in the decision making of enterprises to accelerate innovation and digital transformation, so too have cyber threat actors adapted with more sophisticated methods of exploit resulting to thousands of organizations worldwide having their critical infrastructure at risk.
To stay ahead of the curve and mitigate potential threats, Palo Alto Networks urged enterprises with digital touchpoints and increasing attack surfaces to remain vigilant with the emerging trends in cybersecurity.
Based on the 2021 Unit 42 Ransomware Threat Report, the average ransom paid by an organization in the first half of 2021 was $570,000 — 82% higher than the year before, proving that cybercriminals are continuing to profit from the cyber threat landscape.
With the rising popularity and built-in anonymity of cryptocurrency, cybercriminals are utilizing this to profit from their victims and fund bolder attacks on critical infrastructure. These threat actors are also expected to double down on data exploitation with double extortion from “shameware”-based attacks that threaten to destroy the reputation of unwilling targets.
The advent of Web 3.0 poses a bigger playing field for attackers who will be targeting IoT devices that could prove more impactful for individual victims. Meanwhile, greater penetration of digital-based services will open up more opportunities for identity theft, fraud, and unauthorized data collection.
Palo Alto expects critical digital infrastructure to be a primary target for cybercriminals, leveraging on the slow rate of cybersecurity protocol implementation. And since the work-from-anywhere model will only be more prevalent in the post-Covid era, threat actors are gravitating from corporate offices towards individual homes.
The “Zero Trust” approach, a security framework that require continuous validation of credentials, is seen playing a major role in safeguarding enterprises from exploits targeting the digital workforce. Palo Alto is also hopeful for the rise of remote work solutions that are more easier to deploy and manage.
To determine their levels of vulnerability and preparedness, Palo Alto recommends taking the first step by undertaking a Ransomware Readiness Assessment and running tabletop exercises to identify gaps in their security posture. The next phase is through incorporating AI and similar modern technologies that provide continuous validation of authorized use and accurate detection of anomalous activities.
