Cybersecurity Insights | Miami, Fort Lauderdale & South Florida
We’ve just ushered in the year 2022 after carefully navigating the tumultuous year that was 2021. Over the past two years, we’ve experienced a significant shift in how businesses and consumers accomplish their tasks – cloud migration and digitization have become commonplace.
As a result of increased digital data and disappearing perimeters, cybersecurity attacks have unsurprisingly increased. So, how did cybersecurity trends change in 2021, and will these trends continue in 2022? Continue reading to find out.
How Have Cyber Attacks Evolved Over That Past One Year
Cybersecurity is familiar warfare. We are at war with cybercriminals who seemingly always find vulnerabilities to exploit. With a majority of the workforce shifting from the secure confines of the corporate network, 2021 was amongst the most active years of cyberattacks. In fact, according to a Check Point Research, cyberattacks increased by 50% year-over-year, with Log4J vulnerability featuring amongst the major contributors to the significant increase in malicious activities.
Businesses across the world felt the pinch of cyberattacks. According to the 2021 IBM report on Cost of Data Breach, the total average cost of a data breach rose from $3.86 million to $4.24 million. The findings of this report indicate a 10 year-over-year increase in average total cost, which is the highest figure ever recorded in the report’s 17-year history.
So what was the most common form of cyberattack in 2021? The number of attacks is growing rapidly and becoming more sophisticated than ever before. Threat actors are evolving, and so are their tactics. That said, ransomware attacks have been the most prevalent form of attack over the past year. According to SonicWall, there were nearly 500 million ransomware attacks reported through September 2021, with a staggering 1748 attacks attempted per organization. This translates to an organization facing 9.7 attempted ransomware attacks every day. The main reason for the prevalence of this type of attack is that it’s profitable.
As more and more organizations pay out the ransom demand, ransomware groups are gaining more incentive to launch these kinds of attacks. Another disturbing find about ransomware is that ransomware groups are now not just encrypting files but have also found ways to encrypt backups.
What Lessons Can We Learn From the Biggest Cyber Attacks in Recent History
Over the past few years, there have been a series of cyberattacks targeting both small and big businesses. Among the most notable include the SolarWinds attack, the Colonial Pipeline attack, the Kaseya attack, the Microsoft Exchange attack, just to mention a few.
The biggest lesson learned from these attacks is that businesses, both big and small, should practice IT governance and establish practical security measures to help protect their businesses and confidential data. Gone are the days when installing antivirus software was sufficient protection. Today, you need to have several layers of security to protect your business. End-user training has quickly become one of the most crucial layers of security. Making employees aware of current cyber threats and the signs to look for is imperative in building a human firewall.
Moreover, companies need to ensure that they have a cyber breach response plan in place, since it’s no longer a matter of if a company will get breached, but when.
What Will Cyber Attacks Look Like in the Future?
The future of cybersecurity can be summed up in one phrase ”The Quick and the Dead.” The main trend in cybersecurity is that it will become a crucial component of running a successful business. Companies that will adjust quickly to the ever-changing cybersecurity landscape will be able to protect themselves and will survive. On the other hand, those who don’t will risk going out of business.
Cybersecurity will become a cornerstone of every operating application system, process, and technology and will encompass every aspect of running a business. Companies need to partner with Miami IT service companies that are proactive and offer holistic solutions. They should offer advice on the benefits of cyber insurance and how to ensure that they are getting the coverage they need.
Cybercrime is extremely lucrative and isn’t going away anytime soon. Instead, attacks will become more rampant and sophisticated. Companies will need to adapt their processes, technology, and policies to have a chance of surviving in the cybersecurity battle.
That said, the government needs to pass legislation that encourages businesses to install proper levels of security by eliminating penalties and fines for companies that have already taken the necessary measures to enhance their security.
What Businesses Should Do to Stay Ahead of Cyber Attacks in the Future
Like it or not, businesses are in the arms race against cybercriminals, and most of them are finding it hard to keep up. It is important for businesses to acknowledge that they are under attack right now and will probably be breached sometime in the future, assuming that this hasn’t happened already.
Fortunately, there are measures that businesses can take to avoid becoming cybercrime victims. Here is an outline of some of them:
- Secure Your Hardware: Ensure that you’re using current security patches and secure passwords and implement multi-factor authentication where possible. Additionally, you should ensure that your BitLocker device encryption is on for all Windows 10 devices.
- Encrypt and Backup Data: You should ensure that you prevent physical access to confidential information and also render it useless in case it falls into the wrong hands. Encrypting your data is an excellent ”quick fix” for data beaches. In case a data breach does occur, the data won’t be accessible.
- Conduct a Network Security Scan: Periodically run a network security scan to see what devices are attached and where there may be security vulnerabilities.
- Train Your Staff: Your employees are amongst your weakest security points. Conducting ongoing training can help maintain a heightened level of cyber threat awareness in your organization.
- Invest in Cyber Insurance: Consider cyber insurance as your business continuity plan in the event that your security measures fail. Suppose you fall prey to a ransomware attack, cyber insurance can help your business recover by providing you with financial support.
4it Can Help Improve the Cybersecurity of Your Miami Business
Cyberattacks are a menace to organizations of all sizes. Without proper cybersecurity measures, your business can suffer not only financially, but its reputation can also be tarnished. 4it can help ensure that your business doesn’t experience such a predicament.
We offer innovative IT security services in Miami, South Florida, and Fort Lauderdale. Our IT experts ensure protection against cybercrime, ransomware, corporate data breaches, and network system failures. Contact us today to enhance your business’s cybersecurity at a fraction of the cost.