Cybersecurity has been a growing concern for many small businesses during 2021. COVID-19 brought disruptions to operations at an unprecedented scale. And a new normal forced companies to rethink how they do business in order to survive.
Strengthening technology capabilities has been a crucial step during this transformation, whether it’s migrating employees to remote work practices or scaling up digital sales platforms. And as businesses grappled to adapt, cybercriminals have had a field day exploiting suddenly exposed vulnerabilities.
A cyber breach costs businesses an estimated $3.86 million on average and could take around 280 days to contain. And small businesses are not spared—according to a Verizon study, they account for 43% of data breach victims.
So, cybersecurity will undoubtedly become a priority for small businesses for years to come, as they build resilience and agility to withstand a pandemic that’s bound to stick around for a while. Here are 10 cybersecurity trends that will impact your business in 2022, so you can plan ahead and minimize risks.
1. Increased cybersecurity spending
With rapidly growing vulnerabilities and sophisticated cyber threats, businesses of all sizes will continue to invest in amping up their cybersecurity. This will go towards strengthening security infrastructure, hiring talent, as well as training.
The costs of a cyberattack are another expense to take into account, which can include damages to hardware, compensation, lost revenue, and even ransom paid to cybercriminals. In fact, the annual cybercrime costs are expected to reach $10.5 trillion by 2025.
2. Increased role of AI and Machine Learning
The disruptions caused by the pandemic will push more companies to adopt automation technologies using artificial intelligence (AI) and machine learning (ML). These will enable businesses to gain efficiencies, run leaner operations, and minimize security vulnerabilities caused by human error.
But AI and ML will also play a prominent role in cyberattacks. From automated phishing attacks to voice fabrications, criminals will continue to deploy advanced technologies to launch smarter and newer forms of attacks on businesses.
3. Widening cybersecurity skill gaps
The shortage of cybersecurity professionals has been a challenge for several years now. And with businesses showing an increased urgency to strengthen their security following COVID-19, the strain on the limited talent pool will continue to exacerbate. In fact, some data suggests that one out of every five cybersecurity jobs will remain unfilled in 2022.
This could lead businesses to invest more in automation technologies and managed service providers.
4. Employee training will become a priority
Security vulnerabilities surged as COVID-19 drove millions of employees to adopt remote working practices. Neither businesses nor employees were prepared for this sudden office-to-home transition. And security took a hit. According to studies, the cost of a data breach has jumped by as much as $137,000 as a result of remote working.
So, training on cyber awareness will become a priority for businesses in 2022. These will include ongoing training sessions on work-from-home (WFH) security measures, company policies, and cybersecurity guidelines covering a wide range of areas, from data sharing to network security.
5. Cloud security will grow in prominence
More companies are transitioning to cloud technologies in response to pandemic-led challenges. Even small businesses have been keen to benefit from the efficiencies and cost savings brought by these services, particularly when it came to collaboration and communication tools. And this trend will continue into 2022.
However, this transition will also draw the attention of cybercriminals. According to McAfee, remote attacks on cloud services have risen by 630% during the pandemic. So, strengthening cloud security infrastructure will also demand attention for a safer cloud experience.
6. Stronger data privacy regulations
The recent few years have seen a growing trend in transnational controversies on data privacy — from allegations on China’s TikTok to the EU’s ruling on Facebook regarding cross-region data transfers.
And 2022 will see more countries strengthening their data privacy laws. For customers, this will signal added assurance, while for businesses, this demands greater caution and more proactive action to secure data in their possession.
7. Data security will continue to dominate the conversation
The sudden transition to WFH led to unsafe data storage, usage, and sharing practices, which have all contributed to an increased risk of data breaches. As a result of this, data security will continue to dominate conversations in 2022.
And stricter privacy regulations and growing concerns among customers about the safety of their information will place extra pressure on businesses to make data security efforts a priority.
8. Growing IoT security threats
Internet of Things (IoT) has allowed cost savings, efficiencies, and agility with the integration of smart devices. Its adoption has already seeped into many aspects of business operations, from creating smart offices to smart production processes. And this trend will continue to grow in 2022 and beyond. In fact, Juniper Research estimates that IoT sensors and devices would surpass 50 billion by 2022.
But this will also create massive mines of confidential and sensitive data, making them lucrative targets for cyber attacks.
9. Social media attacks continue to cause distress
Social media will continue to cause distress for more companies in 2022. From company profile hijackings and phishing attacks to fake news and fake promotions, these attacks could come in various forms. And they will bear significant reputational damage in addition to the financial impact.
As the Twitter attacks on Apple and Uber demonstrate, even big businesses are not immune, despite their sophisticated security measures. So, social media will demand greater attention as these threats escalate.
10. Growing concerns over third-party risks
Cybercriminals are increasingly using indirect ways to access company data and, therefore, could easily target suppliers and managed service providers. Even a random attack on third-party security infrastructure could pose a risk. And these threats will grow in 2022 and will force businesses to proactively assess the security capabilities of their business partners going forward.
In 2021, the media reported several high-profile third-party data breaches — from Facebook’s 533 million database breach to LinkedIn’s data leak of 700 million users. In fact, the Poneman Institute reports that a staggering 53% of businesses have faced at least one data breach through third parties.
Each year presents a new set of challenges and opportunities for small businesses. In 2022, cybersecurity will undoubtedly play a larger role than ever in business sustainability. And these latest cybersecurity trends will guide your business to adopt greater efficiency, speed, and agility and prepare you for what lies ahead with greater confidence.
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