5 Cybersecurity Trends to Look Out For in 2022

The cybersecurity industry has grown exponentially over the past few decades and will continue to do so as there is a growing need for it. Keeping your data safe with good cybersecurity practices has become a major priority of companies who have been victims of high-profile attacks in the past, as well as the IT service providers who can help those companies maintain data security.

Cybersecurity experts predict that more investments from both public and private sectors will take place as more trends come up in the next five years. Here are some of Fusion Technology Solution’s predictions for 2022:

Internet of (Vulnerable) Things

One trendy cybersecurity practice is an increase in security incidents involving IoT devices. More and more homes will have connected gadgets, including voice-activated assistants like Amazon Echo, which can easily be hacked if not taken care of properly.

We’re also expecting to see more and more appliances and buildings which will be connected, leading to a much bigger attack surface. To highlight this, it’s been estimated that there are over 18 billion connected devices in 2022.

Increased Government Interest in Cybersecurity Practices

Currently, the federal government is working to determine where it should deploy resources in order to improve cyber-defenses, which implies that Congress will be preoccupied with national security risk analyses.

As the number of cybercrimes increases, governments will implement stricter policies in order to raise security standards for companies both big and small. The financial services sector has already implemented ICO regulations in an effort to improve its cybersecurity.

For businesses, this cybersecurity trend could result in more compliance regulations to follow.  Following the enactment of the Cybersecurity Disclosure Act, companies may be required to take even more steps to mitigate cyber risks.

On top of this, Fusion Technology Solutions also predicts an increase in R&D spending for security technology by government agencies, which could lead to more stringent standards for other sectors. This includes zero-trust architectures, which is when organizations don’t trust anything with which they’ve already established a connection.

The Rise of Ransomware-as-a-Service (RaaS)

Ransomware-as-a-Service is when someone creates a ransomware program and then sells it to other people. This can be very bad for businesses because their data can be locked up and they might have to pay to get it back.

Fusion Technology Solutions expects to see a significant increase in RaaS. Cybercriminals will be able to buy ransomware-as-a-service from developers, giving people access to more dangerous ransomware because they can easily get it from hackers.

US government participation in the protection of critical infrastructure may incentivize ransomware organizations to target small and medium-sized enterprises (SMBs) in an effort to avoid attracting as much attention. This ultimately means that SMBs are at an even higher risk if they don’t have access to proper cybersecurity solutions.

Cybersecurity Risk’s Relation Business Partnerships

In 2022, more businesses will begin looking at potential cybersecurity risks when determining which third parties they will partner with. This is because more and more companies have been victims of cybercrime in the past, and they are looking to avoid similar incidents in the future.

Third-party service providers are often a weak spot for businesses because they may not have the same level of security as the company itself. For this reason, businesses will be looking at the cybersecurity practices of their partners to make sure that they are up to par.

If a company can’t provide assurances that its cybersecurity practices are adequate, then it will likely be excluded from partnerships. This will help businesses to reduce their risk of being a victim of cybercrime.

Cyber-Insurance Premiums to Increase

As the number of cyber-attacks increases, businesses will be expected to pay more for cyber insurance. The reason for this is that insurance companies will be expecting businesses to take more measures to protect themselves from cyber-attacks.

In order to get a good policy that covers all of their bases, businesses will need to invest in cybersecurity solutions. This can be costly, but it’s important in order to protect themselves from data breaches and other cyber-attacks.

Another reason why premiums will go up is that insurance companies will be expecting businesses to report any cyber incidents that occur. By doing so, businesses can help insurance companies better understand the risk of cyber-attacks and how they can best protect themselves.

The Bottom Line

Small businesses are the most vulnerable to cyber-attacks, and they need to find cybersecurity practices now rather than after an attack. A qualified managed service provider (MSP) like Fusion Technology Solutions can help businesses with a variety of cybersecurity-related issues, such as:

  • Compliance regulations
  • Disaster recovery options
  • Business continuity plans
  • Physical security
  • Network security
  • Endpoint protection

At Fusion Technology Solutions, we believe that small businesses shouldn’t have to deal with the hassles of cybersecurity, so we have experts on hand to provide managed services that are designed to help.

To learn more about how Fusion Technology Solutions can help your business, contact us today.