Digitalization and cybersecurity have almost become synonymous in the era of digitalization.
The total dependency of the world on the Internet for even the most basic things has made data security the need of the hour. Now, if we look at the amount of sensitive information the Internet carries, from your home address to your credit card details, cybersecurity becomes indispensable. Yet, if we look at the odds of the cyberworld, more and more data breaches and cyberattacks are rising at an alarming rate.
After the pandemic, the situation has worsened even more. As per ITRC’s (Identity Theft Resource Center) report, data breaches soared by 17% during the first half of the year only in 2021. The rising statistics indicate that cybersecurity will remain a big challenge for the next few years.
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To remain vigilant about their data security sensitivity, businesses and individuals must be aware of the top 5 emerging cybersecurity challenges that have been discussed in detail in this blog.
Ransomware is the biggest concern now in the digital world. In the year 2021, there were an unprecedented number of ransomware attacks, and that trend is projected to continue into 2022.
As the word ransom suggests, it’s hacking into the user’s sensitive information and denying them access to it until a ransom amount is paid to the hackers. As depicted in the below image where a ransom amount is asked from the user:
Now, businesses that need access to their data to run their daily operations suffer a lot from this breach, highlighting a serious emphasis that needs to be given by them on their data security strategies.
Besides this, more and more attacks were reported after the pandemic since every information circulated was using the means of digitalization.
“Still, ransomware attacks are not new. Businesses, governments, and even individuals have been victims of ransomware attacks for over three decades now” – as explained in the detailed article of What is Ransomware? By Sagenext.
According to the Financial Trend Analysis report by Fincen (Financial Crime Enforcement Network), suspicious activity related to ransomware SARs in the first half of 2021 estimated $590 million exceeded the total reported for all of 2020 ($416 million).
Doppel Paymer, Clop, Bit Paymer, Conti, DarkSide, and many more are the top cybersecurity ransomware variants that still remain active in the cyber world. So, a close watch out on ransomware attack is a critical aspect for the businesses.
The Internet of Things or IoT is the most vulnerable to data security threats. Every digital, mechanical, computing smart device that can transmit data over the internet network are termed as IoT such as; laptop and mobile phones.
In order to access your personal device that contains your sensitive information, hackers use devices surrounding you, such as wearable smartwatches, baby monitors, smart fridges, or smart lights.
Today, the IoT industry is the key target for attackers to invade the sensitive information of users. Approximately 12 billion devices will be online by 2022, and 25 billion by 2030- as per the Statista data.
This in turn will open a wide space for the hackers to compromise the data security and use them for malicious purposes.
Cloud computing is the modern age of new technology that has revolutionized the physical world of data storage. Businesses from large to small now utilize cloud services for storing their user-sensitive information.
On the one hand, where adoption of it has reduced the cost and increased efficiency, it has also opened possibilities for data security breaches.
The main reason for compromised data security is the lack of encryption, authentication, and improper configuration of the cloud setups. So, they need to maintain many considerations for cloud security and data protection, to keep the sensitive information intact.
A recent case of Microsoft 2021 had made headlines, where the enterprise suffered a denial of service attack that made it almost impossible to access their cloud data service.
In their official statement, Microsoft stated that the attack lasted for 10 mins and they were able to dodge the attack.
“Business as usual for Azure customers despite 2.4 Tbps DDoS attack” – says Amir Dahan ( Senior Program Manager)
Still, it gives a fact check on how even the leading companies like Microsoft that practices stringent cybersecurity protocols face cloud attack. In light of this, even small firms and professionals who use cloud setups are not exempt from these attacks.
Gmail is a Google service that is used across the board for almost everything from business to personal purposes.
Now, whenever you open your mail account, you might come across a spam folder that consists of emails that the platform recognizes as a threat to your data security. These spam emails consist of thousands of phishing attacks that your mailing partner recognizes and warns you about the potential threat that it carries. Yet, some of the communications still make it to your inbox where you might fall into a trap.
A phishing attack is a type of social engineering attack that targets users’ login details and credit card information. In contrast to ransomware, here the information is used to benefit the hacker.
Officially, Google released a statement of how it blocks more than 100 million phishing emails on an everyday basis. It further emphasized how most of the communications were trying to impersonate government officials, authorities, agencies, or websites in order to sound more reliable to mail recipients.
Cyber-hackers are on the lookout for phishing emails as they double in the coming year, making them a prime target.
Digital currency or wallets are the most prime target of hackers. The rise of this new technology has revolutionized physical currency yet has posed many great challenges for data security.
Many blockchain attack variants such as Eclipse, Poly, DDOS, and Sybil made the headlines possessing a great vulnerability to digital wallets. This is the main reason why blockchain technology is aiming to improve its cloud security with effective measures.
BBC reported in December 2021 that the BitMart exchange lost $150 million due to hackers that it became almost impossible for them to recover the investors amount. Furthermore, 177 unique convertible currencies digital wallet addresses were used for ransomware attacks as reported by the Fincen report. This in turn poses a great challenge for the market regulators for safeguarding their investors data from such threats.
Hence, more possible cryptocurrency and blockchain attacks are likely to occur at an alarming rate in forthcoming years.
Defenders will still need to be vigilant in 2022, as it will be a power-up version of 2021. Businesses can harden their networks against data security threats with the right strategies – however, existing approaches aren’t always sufficient.
Fortunately, there are ways by which you can still protect your data security. Just like how Google in this tutorial illustrates how you can protect your Gmail account from phishing and malware attacks by following the right measures.
By presenting 5 major challenges of Cyber Security, we hope to increase your awareness of the cybersecurity threats and the emerging trends coming in the next few years.