Cyber liability insurance is essential to businesses of every size, and it will only become more so as online criminals develop more tricks. However, by understanding potential threats, you can better protect yourself. To help you defend against the most common crimes, cybersecurity professionals have several predictions for 2022.
Ransomware Will Become More Common
Our 2022 cybersecurity forecast indicates that ransomware will only become more common. These attacks start when hackers infiltrate critical computer systems then lock out administrators. As the name implies, criminals then demand a “ransom” to recover the network. If businesses don’t comply, the hackers delete data, leaving companies to start from scratch.
Misinformation Will Continue To Spread
Corporations aren’t the only entities at risk of cybercrime, nor will unscrupulous individuals limit themselves to direct attacks. Misinformation is a powerful tool for political organizations, terrorists and bad actors poised to take advantage of the ensuing chaos.
Scammers Will Utilize Deepfake Technology
At the forefront of cybersecurity predictions is the potential weaponization of deepfake technology:
- Creating fake videos to further spread misinformation
- Doctoring legitimate videos to seed confusion
- Using threat actors to scam companies out of millions of dollars
As deepfake technology becomes more advanced, it’ll become even more challenging to discern fact from fiction.
Companies Will Need Cyber Liability To Protect Against Supply Chain Attacks
Unfortunately, cybercriminals have learned there’s money in compromising the supply chain. Hackers attack less secure vendors to access vital customer information, which they can then leverage against other corporations and even government agencies. Many attackers utilize supply chain attacks to demand ransom, but other destructive possibilities exist.
Cyberattacks Will Become a Common Political Tool
Cybercriminals out for monetary gain aren’t the only players in the digital world. Government agencies, political activists and even terrorists can utilize cyberattacks to destabilize rivals.
Criminals Will Increasingly Target Cryptocurrency
Cryptocurrency exists solely in virtual form, making it vulnerable to hackers’ tricks. Stolen security credentials allow cybercriminals to transfer bitcoin without a trace. Since cryptocurrency value fluctuates, hackers may also use their skills to manipulate the market.
Data Breaches Will Have a Bigger Price Tag
Personally identifiable information is just as valuable to hackers as actual bank account numbers. As a result, cybersecurity experts expect to see even larger data breaches. Companies store a wide variety of customer information:
- Legal names
- Addresses
- Phone numbers
- Social security numbers
- Credit card numbers
Hackers who access this information can steal customers’ identities or sell it to others who intend to do so.
Hackers Will Set Their Sights on Mobile Apps
Unfortunately, mobile devices aren’t safe from cyberattacks. In fact, hackers are more likely than ever to target mobile users as devices take on new importance and capabilities. Mobile payment platforms and wallets will see the most risk as cybercriminals phish users or seek to breach security systems.
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