The security landscape is changing swiftly, with new vulnerabilities being found daily. Unfortunately, we expect this to continue into 2022 as organizations fight against cybercriminals who want access for personal gain. However, some good news – patches exist now that will protect your system from these cybersecurity threats.
The recent increase in cyberattacks is not just happening at official companies but also with ransomware that can compromise your personal information. This threat follows multiple high-profile breaches from 2021, including hackers compromising colonial Pipeline’s fuel distribution across the eastern United States.
This will create long-term growth opportunities within this industry as companies invest money into protecting themselves with cybersecurity in NYC. In addition, there’s a growing risk of data breaches & cyberattacks, driving demand for more cybersecurity solutions.
Digitalization Reveals Vulnerabilities
According to CloudTweaks, the world is currently creating about 2.5 quintillion bytes of data each day. Hackers always look for new ways to steal your data, and with today’s technology-driven world, they’ll have more opportunities than ever before.
A perfect example would be IoT devices which can give hackers access to a whole host of sensitive information. By the end of 2021, there were 14.6 billion connected devices! That number could grow nearly 18% in 2022 and more than double by 2027.
Hybrids and remote work continue to grow in popularity, creating significant opportunities for cybercriminals. Pandemic-induced lockdowns have improved since 2021, but 45% of full-time employees continued working at home, at least part-time. Additionally, many prefer more flexibility due to either new variants or employee preferences. With the rise of remote work, data breaches are on an alarming trajectory. IBM report reveals that 17% percent of reported 2021 incidents were due to this type, and the amount paid out in damages at a rate of almost 16% without remote work as a factor.
Are you wondering what the future of cyberattacks looks like? In 2021, several high-profile companies were victims. Here’s are a few significant attacks:
- The ransomware attack on Colonial Pipeline resulted in their attackers’ $4 million payouts.
- CNA Financial (NYSE:CNA) paid them off with 40 million dollars so that they could unlock some parts from digital infrastructure that locked them out indefinitely.
- It also caused the shutdown of plants at JBS due to last year’s massive hacking incident, costing an estimated 10% revenue margin or more than 300 million USD per quarter.
Increase In Cybersecurity Expense Due To These Attacks
The most advanced solutions can’t eradicate all vulnerabilities, but they can impede many threats and aid in protection against the worst outcomes. In 2021 companies around America demonstrated growing awareness for cyber-security risks and an increasing commitment to preventive measures.
Corporations
The cost of a cybersecurity breach is greater than the money spent on preventing them. The victims, suppliers, and customers can be significantly impacted by an attack that causes damage – costing companies up to 4 million dollars. However, cybersecurity services only cost large enterprises $2-5 million.
Why are executives forecasting more cybersecurity spending in 2022? One reason is that the cost has increased significantly over recent years. The total expected increase for data protection and risk management could reach 11% from 2021 to $172 billion by one estimate, according to a recent survey conducted among 3000 executives.
Consumers
There’s also a growing spending share on cybersecurity services from consumers. Approximately 53% of consumers are also cybercrime victims, driving them to take precautions, like two-factor authentication, personal VPNs, and identity theft protection services. Additionally, the pandemic worsened threats to individuals, as scammers capitalized on the inflated time consumers spent online.
The COVID pandemic has hugely impacted consumers, with $586 million lost in scams in October’21. Although people are taking steps to protect themselves from this heightened threat, almost 40% took protective measures. The pandemic has taught consumers to be more security conscious, but digital protection habits have also accelerated adoption.
Critical Cyber Security Aspects You Need To Watch
Network Security
These companies are responsible for protecting a network’s integrity, confidentiality, and accessibility from misuse or breaches. However, overly permissive networks can cause cyberattacks to move horizontally once an individual has been compromised. Zero Trust Networks allow users to access internal apps without being connected to their network or exposing them on the internet.
Cybersecurity has many sub-sections like Network Detection & Response, Secure Access Secure Edge, Zero Trust Network Access, Zero Trust Network Access, and Software-Defined Networking. These sub-segments are predicted to grow by an approximately CAGR of 24% between 2021 and 2026.
Endpoint Security
The internet-of-things is a rapidly expanding industry with new entry points for hackers. It presents challenges and complexities in effectively managing security in firms or individuals’ devices, requiring multi-layered end-to-end solutions from upfront baked into built features down to ongoing protection mechanisms against sensitive machine-generated data.
Within this vertical, cybersecurity solutions range from Endpoint Protection Platforms (EPPs), Data Loss Prevention (DLP), and Endpoint Detection & Response (EDR). Overall the market is forecasted to grow by an 8% CAGR between 2021 and 2026.
Parting Thoughts
The year 2021 is remembered for the most impactful cyber intrusions in recent memory, but it’s only furthering our understanding of how digital transformations can increase risk. Unfortunately, the world is still navigating this transition. As such, there are likely to be more attacks like these going forward, which means that you need to opt for cybersecurity in NYC.
Xperteks® is a leader in the cybersecurity industry and provides cutting-edge services that eliminate the need for hired professionals. We offer an extensive range of solutions from prevention, detection, and response, all leading up towards complete protection against any cyber attack or breach.
