2021 has been a challenging year in many ways, as 2020 was before it. The COVID-19 crisis has been Top of the Pops, of course, but that’s not the only threat which has been growing in severity and targeting more of our society than ever before.

We speak, of course, of the omnipresent threat of information security breaches and the vast amounts of damage which can be caused by them. Finances, reputation, legal standing, and more can all be threatened when a successful data breach occurs, making challenging these dangers a top priority as we move into 2022.

The number of successful data breaches which have occurred in 2021 to date already far exceed those from the previous year and is drawing close to setting a new world record. With hacking methods becoming ever more sophisticated, the need for awareness to grow in kind is becoming ever more keenly felt.

With that in mind, let’s look at some of the top challenges which will be facing information security in 2022.

#1 Ransomware

One of the areas of information security which has seen the most growth during 2021 is ransomware – the act of holding data hostage until the owner pays a desired amount. This type of breach can affect individuals or organizations and it’s estimated that costs associated with ransomware will reach $265 Billion by 2031.

The Financial industry filed 635 suspicious activity reports [SAR] in the first half of 2021 related to suspected ransomware activity, referencing 458 suspicious transactions amounting to $590 million. The total SAR transaction value reported in 2020 was $416 million, showing a significant increase in this type of threat over the previous year.

#2 Cryptocurrency

Connected to the ransomware crisis, but significant enough to warrant a point of its own is the proliferation of cryptocurrencies such as Bitcoin, Ethereum, and Doge.

The majority of ransomware demands request that the ransom be paid in cryptocurrency, with the US Treasury reporting that it has tied $5.2 billion in Bitcoin transactions alone to ransomware payments. Crypto payments can be anonymous and difficult to track, making it hard for law enforcement to catch the criminals involved in ransomware attacks.

Cryptocurrency also poses a threat to the security of individual machines and servers. Generating the code for cryptocurrency takes an enormous amount of processing power and miners will often break into other computers and hijack their processors for this purpose. Not only does this have a significant impact on the performance of the computer in question but creates a gap in security protocols through which further attacks can be made.

#3 Internet of Things

Millions of everyday items in our homes and workplaces are now connected to the internet and these items can also pose a significant security risk. Everything from toasters and coffee makers to hot water systems and locks can now be part of the Internet of Things (IoT), bringing exciting functionality and convenience to users.

However, most IoT enabled devices have incredibly poor security and can provide a way for cybercriminals to access home or business networks with ease. A story from a few years back springs to mind where a casino was hacked and had data stolen through the connected thermostat in one of its fish tanks, resulting in the loss of around 10gb of digital information.

The trend for an increasing number of devices to be connected to the IoT is only going to continue into 2022, so individuals and organizations need to ensure their manufacturers are taking security seriously.

#4 Remote Working

As a direct result of the COVID-19 crisis, more people are now working from home than ever before. Even once the pandemic is officially over, many people have expressed a desire to continue working remotely and will actively seek out jobs which allow for it.

Keeping a business secure when all your staff and their computers are under one roof can be challenging enough, but when that same workforce is spread all over the country – or even the planet in many cases – using personal machines which you have little to no control over, the issue inexorably becomes a cybersecurity nightmare.

This means organizations which manage a remote workforce are going to have to step up their security protocols as we move through 2022 and beyond.

#5 Artificial Intelligence and Automation

While still in its relative infancy, many companies are handing over increasing amounts of their workload to sophisticated AI algorithms and automated processes. While these technologies can have a significant and positive impact on productivity and profitability, they also pose an increased risk of a security breach.

With these systems still being so young, their vulnerability is perhaps higher than with many other more well-developed technologies and could weaken your defenses in the same manner as IoT devices. Organizations using AI and automation should take extra steps to ensure they have the absolute best security baked in.

On the other side of the equation, hackers are building more sophisticated AI which can rapidly deduce passwords and other cryptographic information and make achieving a successful breach significantly easier to achieve.

Final Thoughts

Cybersecurity is only going to grow in importance in 2022. As technology becomes ever more ingrained in our lives, the options open to criminals is going to grow in sympathy and its only through diligence and increased awareness that we can negate the harmful effects of these attacks.

The challenges facing information security in the year ahead are going to be a huge part of the conversation at InfoSec Finance Connect 2022, taking place March 30 – April 01, 2022, at the Renaissance Long Beach, CA.

Download the agenda today for more information and insights.