Because few people foresaw the dramatic developments of the past year, cybersecurity experts clarified several cybersecurity trends that persisted or even increased amid global uncertainty.

This story will dive into several cybersecurity trends that pose a considerable potential risk in 2021 and provide practical advice to help entities minimize overall risks.

For most tech corporations, the first quarter of 2021 is just another cybersecurity crossroad. Currently, they’re shifting staff back into the office and managing the risks and the outcomes of WFH policies at the same time.

For cybercriminals, on the other hand, this opens a door.

We’ve seen how the proliferation of remote work has resulted in undetected security susceptibilities, which will impact the corporate world in the months ahead. But it’s not all bad news.

This year should also bring new automation opportunities to help companies in the ongoing struggle to more with less. But before that, let’s explain how these cybersecurity threats impact individuals and companies alike and what you can do to be more digitally secure.

1. Lockdown Defines the New Business Style

As companies have shifted their employees to flexible models or full-time work from home models, so have the attack areas. Cybercriminals take advantage of current events and shifting circumstances to exploit those who are the most susceptible.

There is a big chance you have already come across a text message or email scam linked to the COVID-19 pandemic. That, or countless charity agencies that claim to be supporting front-line employees. Or even worse, those who pretend to sell essentials like protective masks, hand sanitisers, or food.

The concerning truth is that cybercrime as a whole has peaked at 600 per cent since the outburst of the global pandemic.

There’s a ruling uncertainty that doesn’t seem to end. As we continue to wait for the future of the pandemic and restrictions, the only certain thing is cybercrime.

Restrictions have permanently altered the business space, but shockingly, productivity has increased by 47 per cent YOY despite WFH policies. That, however, is another reason for the corporate world to discuss security needs.

2. Ransomware – All-Time High

Expect to see the ongoing growth of ransomware and monetization of exploits throughout the year. As increasingly more businesses were forced to apply WFH policies for all employees, many loosened their infrastructure and created security gaps or invitations for hackers to exploit what they wish. This famous malware made history last year, contributing to the first reported death linked to a cyber-attack.

Industry trends don’t look that peaceful either. In a 582 information security experts survey, 50 per cent say they don’t believe their company is prepared to battle ransomware attacks.

The Healthcare industry is one of the hardest hit and most susceptible industries because:

• PHI or Personal Health Information can sell hundreds of dollars per record, and it’s typically sold again to cybercriminals.
• Their security systems are mostly driven by compliance and not by proper security measures.

3. Supply Chains – Successful But at What Cost

Solar Wind’s case leads by example, but not in the good sense. Their recent security failure brought global attention to companies’ need to make cybersecurity a top priority for the years that follow.

In this case, an advanced supply chain attack impacted more than 18,000 clients, including fortune 500 businesses and government agencies.

Reports show that 50 per cent of cyber attacks today target the networks and those linked to the supply chain platforms.

Supply chain attacks on open-source software also surged by 430%, according to a Sonatype report. With this deeply rooted in your head and systems, it doesn’t matter how steady your cybersecurity measures are if your vendors have been compromised.

Once hackers have entered your network, they will try to move laterally to reach their privileges and gain control of your system. Or, as in most cases, they will hibernate for months to years at a time, collecting and exfiltrating data.
To eliminate or at least reduce such threats, most WFH employees or shoppers rely on obfuscated servers to bypass strict censorship and remain private while using retail platforms.

4. MFA Use Will Escalate

Given the peaking cases of cybersecurity threats, it comes as no surprise that multi-factor authentication is now seen as the gold standard.

Tech giants like Microsoft advised users to stop using device-based MFA and instead endorse using app-based authenticators and security keys.

The traditional SMS may come in handy. However, these messages don’t seem to be encrypted. This only allows threat actors to automatically undergo the middle attack and access the one-time passcode in a second.

Online banking is an example of such risks. Recent reports showed that a massive banking fraud operation compromised more than 16,000 devices, causing over 11 million damages.

With cases like this lying on top of their minds, organizations will shift towards application-based multi-factor authentication like Google Authenticator whenever possible.

5. More Cyber Security Disputes Will Follow

It took one massive data breach crisis for the government and private sector to start a dispute. Many would say the Cold War of cybersecurity was already here, but this could lead to something greater.

The recent data breach crisis has prevalent implications but currently can only be speculated on. It’s a matter of time until the true impact of this attack will be uncovered.

As far as we know, the U.S government agencies were targeted along with other less privileged organizations using the famous monitoring platform, SolarWinds. The chances are that in 2021, considerable improvements will be made into advancing government IT systems, and different types of retaliation will partake.

Take China; they started to requalify their army in cybersecurity schools, with goals to become the world’s leader by 2027.

As cybersecurity warfare seems to advance, it’s clear as daylight that cybersecurity experts will become more valued than building nuclear weapons.

News reports of hacking attempts, cyber-attacks and security breaches are hitting the headlines more and more often. We often hear about attacks on larger, household name brands, but the truth is that businesses of any industries and all sizes have fallen victim to cybercrime.

And, cyberattacks don’t just happen to big companies. Smaller businesses are often the most prominent targets because hackers do not expect them to become identical stringent security measures in place compared to the larger brands. If you own a small business, here are some key things to know about cybersecurity.

1. Expert Support is Worth It | Small Business Cyber Security

Cybersecurity and IT experts cost a lot to hire in-house. But the right story is that you can access expert support and resources in a much more affordable way by outsourcing to a managed IT services provider.

Many of these companies are designed to work closely with small businesses and take on the bulk of the work for you. They’re dedicated to acting proactively and ensuring that your business is well-protected while you can get on with running things.

2. Know as Little as Possible

Most hackers are after one thing: data. The more data a business collects and stores, the more attractive a target they will be to cybercriminals. But hackers can’t steal something that you don’t have.

Protect yourself by only collecting information that you need, and only storing it for as long as you have a legitimate business need.

3. Ensure Strong Data Protection

Of course, taking steps to reduce the amount of data you collect and hold is just one part of your strategy to protect your business against cybercrime. There is always going to be data that your business will need to store on a network. In this case, data protection should be taken too seriously.

Along with increasing the risk of a cyberattack, being careless with data could also get your business into trouble with the Federal Trade Commission.

Ensure that only authorized individuals can access the data that you store and use strong authentication methods, including unique passwords and two-step authentication for extra protection.

Bear in mind that hackers use software to guess passwords with ordinary words quickly, so using complex passwords is the best way to defend against breaches.

4. Provide Employee Education | Small Business Cyber Security

Finally, while you might be taking as many steps as possible to reduce the risk of cybercrime in your small business, understand that many attacks occur due to simple human error.

Phishing attacks, for example, can easily be made to look like emails sent from a trusted source, so it’s essential to ensure that all employees are given access to regular training on cybersecurity, how to recognize a potential attack, and what to do if they suspect cybercrime in any situation.

Today, cyberattacks are happening on a more frequent basis, and it’s often small businesses that are targeted due to their lack of strong security measures. If you run a small business, never assume that a cyberattack won’t happen to you because your brand is local and not as well-known as others.