The importance of cybersecurity has greatly increased over the past few years and will continue to be a critical topic for global industries throughout 2022. Threats both accidental and malicious from internal and external sources, combined with progressively strict data rules, are placing responsibility squarely on organizations to increase their cybersecurity awareness and safety measures. Experts in the field have identified the following cybersecurity trends in 2022:
Ransomware
The increasing threat of ransomware attacks will result in a progressively improving security effort from organizations in particularly vulnerable industries. Malware developers are beginning to caution the criminals who purchase their products regarding targeted attacks against major corporations, following the FBI’s successful tracking of cyber payments to the colonial pipeline hackers. The developers worry that these tracking efforts will expose their business, while the hackers prefer to launch attacks against larger companies due to the lucrative profit potential. This tension between black market players combined with the growing acceptance of cryptocurrency will create an interesting dynamic in ransomware.
Deepfake Technology
The recent improvements in deepfake technology enable criminals to embed synthetic audio or video in malware to trick or manipulate employees into sharing sensitive information. Cyber-attacks including deepfakes can occur through phishing scams, social media hacks, and direct extortion.
Upcoming Regulations
- International cryptocurrency regulations will discourage smaller cybercrime organizations from attacking large companies.
- Increased cybersecurity standards for organizations will affect cyber insurance coverage.
- Lack of transparency regarding vulnerabilities as well as incident disclosure will result in SEC penalties.
- Senator Warren’s proposed ransomware disclosure laws will have an impact, especially on private organizations.
Cyber Insurance
Cybersecurity awareness and technology have been greatly enhanced over the last few years, which places more responsibility on individual organizations to implement comprehensive security plans. Cyber insurance is available to supplement the protection of other security measures. Insurance companies will be increasing premiums and demanding that clients meet rising security requirements. If organizations don’t meet minimum cyber safety requirements, insurance companies could refuse to make ransom payments in the case of a cyber-attack.
C-Suite Priority
After the number of high-profile security breaches over the last few years, top cybersecurity predictions indicate that data security will become a greater priority for high level executives. As organizations change from reactive postures to preventative modes, C-level employees will take responsibility for reporting practices related to cybersecurity and existing vulnerabilities so that executive boards understand risk and mitigation needs. Board members must demonstrate support from the top down to give cybersecurity efforts the visibility and investment benefits necessary for effective risk management. Historically, organizations viewed cyber risk by analyzing spreadsheets. In 2022, ransomware and other cybercrimes in global industry will cause a shift to monitoring cybersecurity in real time.
About Cochrane and Company
For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (509) 462-1148.
