9 Cybersecurity Forecasts You Must Not Ignore
Cybersecurity is likely to be elevated in 2022, with a more strategic focus by organizations in response to heightened threats caused by organizational responses to the pandemic. Vulnerabilities have been targeted, and cybercriminals are becoming more innovative in their approach. Many challenges lie ahead for companies to improve and maintain their security.
It pays to be prepared. In this article, we outline nine key themes we see emerging for 2022, to help you respond accordingly to the evolution of the cybersecurity landscape in 2022.
1. Supply Chain Security Will Be Prioritized
Cyber criminals are increasingly targeting smaller companies along the supply chain. Expect vulnerabilities to be assessed and monitored by partners further along the supply chain, in efforts to prevent attack via third-parties. Such measures may also include agreement on cybersecurity policies and vendors taking on risk for third-party attacks.
2. Ransomware Attacks Will Increase
There has been an increase in vulnerabilities, at least partly caused by the move to hybrid and remote working. Expect the use of Ransomware and Distributed-Denial-of-Service to increase, as IT and operational functionalities grow closer. We expect companies will seek to improve training and knowledge of their staff, and to focus on cybersecurity, detection, and response.
3. Trust Will Crumble
We will see a further move toward an environment of zero trust. This will manifest in several actions and policy decisions, including:
- Increase of encryption and login validation strategies
- Greater limitation as to capabilities provided to system users
- An increase in data privacy rules and regulations
- A move to further curb and censor information on social media in efforts to reduce/eliminate misinformation and disinformation
4. Cyber-Insurance Will Become More Expensive
As cyberattacks increase, the cost of cyber-insurance will rise. This isn’t something that companies will be able to avoid, either. Expect premiums to increase substantially as ransom demands increase in both occurrence and size.
5. 5G Will Promote Security at the Edge Into the Mainstream
As 5G transforms from new technology to accepted business technology, we will see a new generation of computing come into existence. More will be done at the edge, with more devices becoming connected through IoT infrastructure. The need for cybersecurity to secure the outer surfaces of network architecture and to secure data across more devices will become a central strategy in cybersecurity.
6. Spending on Cybersecurity Will Increase
It follows that, with greater threats and increased access points for threats to exist, the amount of money that companies will spend on protecting themselves from security threats will increase.
The recent 2021 Security Priority Study found almost half of CSOs expect to increase their spending in 2022, with only 2% expecting their spending to decrease. PwC’s 2022 Global Digital Trust Insights found that more than two-thirds of respondents expect security budgets to grow, with a quarter expecting a hike of more than 10%.
7. The Chief Information Security Officer (CISO) Role Will Expand
Discussion of cybersecurity issues are now common in the boardroom, and the prevalence of attacks has led to an adjustment in the standing of CISOs. More companies are moving their CISO up the ranks, and making them a direct report to the board rather than through the CIO.
With CISOs now part of the executive team, cybersecurity will become an integral part of business strategy, and policy will become an integral part of organizational infrastructure. In turn, CISOs will have more complex roles and wider-ranging responsibilities.
8. Recruitment of Compliance Officers Will Increase
New regulations will increase the demand for compliance officers, who will need to cut through complexity and ensure that staff understand and work within evolving laws – they will need to translate the need for regulation into the realization of business value.
9. The Shortage of Talent in Cybersecurity Will Persist in 2022
There’s a skills shortage in the cybersecurity industry, and this won’t be resolved in 2022. However, there is some good news.
The pandemic has led to many people assessing their lives, personally and professionally, and concluding they want a better work/life balance. This has prompted what has been termed ‘The Great Resignation’. Many people have or are considering leaving jobs they don’t enjoy, and many of these have skillsets that can be transferred to the cybersecurity industry, though, of course, training will be needed and companies will need to be openminded in their hiring practices.
(See our article ‘Cybersecurity 101: Recruiting in a candidate-driven market’.)
How will you approach the need for cybersecurity in 2022?
For a confidential discussion about your cybersecurity plans in the coming months, and to learn more about the evolving landscape (market and regulatory) in which we must all operate, contact Tiro Security today.