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5 Cyber Crimes Shaping Cyber Security in 2022

As a result of continually changing cyber crimes, cyber security activities must constantly evolve to prevent future cyber attacks.

The COVID-19 pandemic has forced organisations to change how they operate. Increases in operational flexibility mean businesses’ critical infrastructure, including software applications and remote computing services have made it easier for cyber attacks.

 

2022 will see changes to cyber security solutions that companies will rely on to protect data and sensitive information.

 

The Rise of Cyber Security

As a basic concept, cyber security is the protection of computer systems, networks and data from hacking, ransomware, data breaches and more.

Cyber Security Banner

Cyber security is one of the most critical activities that businesses undertake. With cyber-attacks on the rise, failing to engage in cyber security activities across all systems networks that companies use can result in a company suffering severe financial losses.

 

“Cyber-attacks have become more sophisticated, and costs related to cyber crime have also increased”

Zawar Shah, SISTC Cyber Security Lecturer

 

Cyber crimes can impact an organisation’s financial viability, but there can also be a significant impact on reputation, productivity, and future legal issues.

 

Current Trends in Cyber Crimes

As new forms of technology and software increase in popularity, trends in cyber crimes will also change. Below are some of the most popular trends:

 

Ransomware Attacks

Ransomware attacks are some of the most damaging cyber attacks a business can face. These attacks are fast becoming one of the most common cyber attacks. Ransomware attacks have increased 10.7 times between June 2020 to June 2021. Ransomware attacks are designed to encrypt files and block a user or organisation access until a ransom has been paid.

 

While ransomware attacks are common, they continue to evolve. In recent years they have changed from large scale data breaches to ‘smash an’ grab attacks’, intending to gain critical data over a large amount of data.

 

Data Breach

Data breaches are some of the most harmful attacks for a business. In a nutshell, a data breach is when personal or business data is accessed without permission.  In 2021, on average, data breaches cost businesses over $4 million and breaches of organisations that work remotely cost more than office-based businesses.

 

In Australia, data breaches have impacted numerous businesses. For example, in 2019, Australian graphic design platform Canva fell victim to Australia’s largest data breach. The breach resulted in over  4 million accounts were affected out of 137 million users. Hacked accounts were contacted by Canva to take action including changing of passwords.

 

Increase in Cyber Crimes

As businesses continue to introduce new forms of technology into their operations, there is an increased risk of cyber attacks. As cyber crimes become more sophisticated, there has been an increase in the frequency of  occurrences. In 2016, every 40 seconds, there was a cyber-attack on a business compared to every 11 seconds in 2021.

 

Across Australia, over 67,000 cyber crimes were reported in the 2020-2021 financial year, which is a 13% increase from the previous year costing business a whopping $33 billion.

 

Supply Chain Attacks

Cyber attacks on supply chains are not the most common cyber crimes but are some of the most destructive a business can face. In addition to financial impacts, these  breaches can impact a company’s reputation and result in legal issues.

Person phishing another person on computer

Supply chain attacks impact not only the supply of goods and services but also financial services and data. In 2018, British Airways fell victim to a phishing attack that impacted the company’s payment system. This incident affected the personal and credit card data of over 400,000 customers. British Airways was fined more than $26 million after the attack for failing to implement available security procedures.

 

5G Infrastructure

The introduction of 5G technologies continues to disrupt the IT industry. 5G networks differ from the previous version because they do not rely on a physical network. Instead, the network replaces hardware with software that can be easily updated.

 

5G technologies have made it easier for cybercriminals to access critical infrastructure as they can connect faster than ever before. There will be an added need for updated cyber security solutions for businesses, especially where remote working is involved.

 

The Focus of Cyber Security in 2022

In 2022, the focus on cyber security activities will be on critical infrastructure used by organisations. Organisations’ cyber security activities will be determined by the crimes occurring throughout cyber space.

 

Remote Work

As organisations operate with hybrid-work models and remote work is becoming the new normal, these changes in the operational environment mean that it is becoming easier for businesses to suffer cyber breaches.

 

Research conducted by HP shows that those working from home have a greater chance of suffering from a cyber attack. The report shows that 71% of remote workers access more than company data on work devices.

person with covered face looking at computer

Remote working increases challenges for IT departments in preventing and monitoring attacks. As employees continue to work remotely, IT departments experience an increased need to ensure all employees maintain an awareness of current cyber threats. This will allow employees to become more proactive with cyber security activities.

 

Cloud Security

With businesses focusing on remote work, cloud computing will continue to be a threat businesses face. Engaging in cloud security activities will continue to assist organisations in fending off cyber attacks.

 

To ensure cloud security, the focus will be placed not only on ensuring that cloud platforms are configured appropriately but also on guaranteeing basic security measures are met. These measures include:

  • Ensuring passwords are strong and the use of password managers where possible.
  • Undertaking regular data backups.
  • Updating permissions including, limiting staff and device access.
  • Implementing current anti-virus and anti-malware software is used across all devices.

 

Additionally, security options such as multi-factor identification will provide added security across all critical infrastructure a business uses. According to Zawar Shah, Lecturer in Cyber Security at SISTC, new technologies like Artificial Intelligence, Machine Learning and Blockchain, will be used to detect and prevent cyber attacks.

passwords across various devices

The future for cyber security will see the demand for professionals’ increase. As the threat of cyber-attacks increases, organisations need to implement new cyber security measures. Maintaining awareness of the current trends in cyber crimes will ensure businesses can keep sensitive information safe.

 

For a career in Cyber Security, SISTC offers a Bachelor of Information Technology with the option of majoring in two fields: Digital Enterprise (DEN) and Business Information Systems (BIS).

 

To find out more about the courses offered at SISTC, visit our course information page.