This year, we saw a record-breaking number of data breaches and cyberattacks, with many making major headlines from the Colonial Pipeline ransomware to Java's Log4j exploit. Globally, companies lost an average of $4.24 million for each data breach incident, according to a 2021 IBM report. This represents the highest average cost in the 17-year history of IBM's data breach reporting. But companies aren't the only ones getting hit by hackers, as 2021 saw a dramatic rise in the number of data compromise victims. In October, the Identity Theft Resource Center published a report which found that 160 million people suffered from data breaches in Q3 alone, higher than Q1 and Q2 combined.
The unsettling increase of data breaches, ransomware attacks and phishing attempts is by no means a transient phenomenon. Cybercriminals are taking advantage of the shift to remote work to attack businesses and institutions. The increased pressure and rapid changes in the healthcare industry have left it vulnerable to substantial data breaches. More than ever, our user credentials and personal information are stored in company databases that have become prime targets for identity theft. As the pandemic continues, AI advances and the Internet of Things expands to encompass more aspects of our personal and professional lives, bad actors will continue finding new ways to exploit critical vulnerabilities in our cybersecurity infrastructure.
With cybersecurity threats only expected to rise as digital connectivity increases, both organizations and individuals must stay vigilant in protecting their critical systems and sensitive information from attacks. To help in this endeavor, the credit bureau and information services company Experian recently released its ninth-annual Data Breach Industry Forecast, highlighting several areas of concern. According to their data analyst and cybersecurity professionals, these are the top five trends to watch out for as we move into 2022.
Remote working infrastructure
Over the last two years, the rapid adoption of remote and hybrid working models has led to costly data breaches. The aforementioned IBM report indicates that breaches in remote operations cost an average of $1 million more than groups without this factor. This is, in part, due to the fact that home wireless networks lack the security of many business networks, making stay-at-home workers an easy target for data thieves and hackers. Moving forward, companies must address these vulnerabilities by focusing on security compliance outside of the office. Remote workers will require training on how to use VPNs, spot phishing attempts and respond to ransomware attacks.
Physical infrastructure
Along with the infrastructure surrounding remote working models, physical landmarks such as pipelines, dams and electrical grids will face increased threats from both foreign and domestic attackers. Hackers looking to disrupt and extort infrastructure organizations have already demonstrated this possibility with devastating success, and these attacks are likely to continue in 2022. The trillions of dollars in funds approved in the recent infrastructure bill may also become a target of scams and phishing attacks. With such large sums handled through complex money supply chains across many institutions, hackers will be probing for vulnerabilities in the distribution processes.
Natural disasters
Natural disasters are on the rise across the world, driving online donations to a multitude of aid organizations. As a result, groups of cybercriminals disguised as charitable organizations will attempt phishing scams to target donors or extract funds from legitimate organizations helping those in need. To further complicate the matter, disruptions in the global supply chain have caused significant issues in sourcing vital emergency goods and materials, creating another vulnerability thieves will attempt to exploit.
Digital assets
As cryptocurrencies and NFTs become increasingly accepted as legitimate digital assets and transactions, they become a significant target for cybercriminals to attack. In fact, the cryptocurrency exchange BitMart was recently the target of hackers who withdrew as much as $196 million in crypto coins, according to CNBC. As a burgeoning part of the shifting financial landscape, cryptocurrencies were typically viewed as a safe, if not volatile, asset due to the integration of blockchain technology. However, this view will quickly change as more vulnerabilities are uncovered and exploited in the coming years.
Online gambling
During the pandemic, many industries, including casinos, had to completely shift their focus from physical spaces to virtual ones. This led to the relatively new yet rapidly growing market of online gambling. As legislation around online fantasy sports betting and other digital gambling sites loosens, hackers and scammers are increasing their efforts to attack this industry. With the growing popularity of online gambling, thieves will attempt to use stolen credit card information to gamble, hack into accounts, or create phishing scams posing as legitimate online gambling sites. Cryptocurrencies are also gaining traction in these spheres, making it harder to detect and track attackers who attempt to access digital wallets.
To aid in your cybersecurity endeavors, Inventu offers a terminal emulation tool that will help keep your organization safe from data breaches and other threats.
Here at the Inventu Corporation, we equip organizations of all sizes with a revolutionary web terminal emulation tool called Inventu Viewer+, a high-performance emulation solution that is built with C at its core. Inventu Viewer+ supports SAML 2.0 and other identity technologies to enable securing your critical mainframe applications. This allows the deployment of reliable and safe software using clean HTML and JavaScript hosted on secure Windows servers. All in all, the Inventu Viewer+ web terminal emulation meets employer and staff expectations in a way that feels both familiar and simple. Contact us today and see how Inventu can help you integrate your active terminal emulation with the best web identity frameworks available.
