According to a Cybersecurity Ventures survey, financial losses from cybercrime are estimated to exceed $6 trillion by the end of this year. According to industry reports, cyberattacks are some of the quickest crimes in the United States.

Cyberattacks are unquestionably on the rise. According to Robert McKay, senior vice president, risk solutions at Neustar, “There is no question that attacks are growing based on what we know and every single analyst we’ve talked with.”

Cybersecurity analysts expect that every 11 seconds in 2021, a cyberattack will occur. This is almost twice as frequent as it was in 2019 (every 19 seconds), and four times as frequent as it was five years ago (every 40 seconds in 2016)”.

The exponentially increasing global growth in cyberattacks comes at a high expense for companies seeking to protect their data networks from intrusions. Cyberattacks are not only becoming more common, but they also cost victims more money.

Threats to Cybersecurity in 2021!

The future for the cybersecurity sector in the coming year is not favourable. However, strategies for emerging cybersecurity challenges do exist and are being implemented at the moment.

According to industry sources, disruptive automated groups such as hackers, informants, black hats, and the like will be present. In reality, these ‘agents’ are constantly trying to undermine and manipulate what they can and seek to exploit what they can to benefit, influence, and dominate.

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According to industry forecasts, the Methods Strategies and Procedures (TTP) of ‘attack operators’ or ‘threat actors’ (hackers) will continue to grow in 2021. There is a protector for every attacker of necessity, just like there is a yin for every yang.

With this in mind, there are still relevant research-based ideas and strategies, which are discussed further below in the 2021 takeaways.

In light of the cybercrime incidents of 2020, we should look at a list of reported risks for 2021. Based on facts and patterns gathered from both Microsoft’s and FireEye’s market studies on safety and cybersecurity, attacks will come under.

• Persistent risks to publicly identifiable information (PII)
• Threats against personally recognisable health records (PHI)

The below are the most awaited forms of attack vectors that the defence and cyber intelligence industry anticipates in 2021:

1. Attacks of ransomware (with higher amounts of ransom to be paid)
2. Nation-state assaults (launched from North Korea, Iran, Russia, and China, followed by South Asia and Vietnam)
3. Spear-phishing attacks for military espionage in the United States
4. Imitation and impersonation by members of the C-suite
5. Brand impersonation is a form of stealing credentials.
6. Web-app exploitation and password sprinkling
7. Operations involving intellectual property theft
8. Credential fraud in the cloud and computer hacking in the cloud
9. DDoS attacks on remote workers
10. Remote desktop brute force attacks

The Rising Cost of Cyber Risk

According to Atlas VPN analysts’ data, cybercrime would cost companies, government departments, and customers worldwide more than $1 trillion in 2020. That equates to around 1% of global GDP.

Though cyber incidents cost $945 billion, $145 billion was spent on cybersecurity. When compared to 2018, when over $600 billion was invested in combating cybercrime, these costs rose by more than 50%.

According to the Atlas VPN survey, however, 20% of organisations worldwide have no plans to defend against cybercrime incidents. This creates a loophole in networks for cybercriminals to use to broaden their attack tactics.

Despite all attempts to secure networks and records, cloud breaches are expected to escalate in both velocity and size, according to John Kinsella, chief architect at Accurics, in a study on the State of DevSecOps for the summer of 2020.

“This [analysis] comes at a time when server breaches have been rampant over the last two years, with over 30 billion documents revealed as a result of cloud storage misconfigurations,” he told TechNewsWorld.

To keep up with a changing economy that necessitates further digital change, organisations must prioritise cyber resilience and DevSecOps, he says.

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The Future Challenges of IoT

If the Internet of Things (IoT) rises in importance, it deserves its mention in cybersecurity in 2021 and beyond. According to industry estimates, there will be approximately 50 billion IoT devices connected globally by 2022.

Microsoft discovered an alarmingly growing trend of attacks based on IoT computers in our homes and around us using ‘honeypots’ to lure attackers. The vast majority of attacks have relied on exploiting the telnet protocol. Future bugs on IoT computers (and IoT networks) are also found. Let’s have a look at them.

• Inadequate encryption
• Patches with out-of-date apps
• Vulnerable firmware
• IoT devices network protection is inadequate.
• In the absence of zero-trust strategies
• Entrusting the management of third parties

Providing Cloud Security

The global pandemic has accelerated cyber intrusions. Complacency and inadequate preparation for office employees, as well as insufficient IT monitoring, have all contributed.

To reduce the risks of cyberattacks, organisations should take a holistic approach to executive preparation and investing in automation software, according to Brendan O’Connor, CEO and co-founder of AppOmni.  Extensive preparation and then round manual supervision are unnecessary because the correct automation software will help IT workers develop their skills.

“IT professionals trained in defence must turn their attention to promoting the modern business model that many companies are embracing. Some companies are changing their business models to prioritise automated workforces, deemphasising the value of stable office networks, “O’Connor explained to TechNewsWorld.

In other instances, offices are being phased out entirely. He says IT professionals must shift their emphasis from standard campus/office information security to device security in the task paradigm.

Organisations can depend on the stability and security of cloud storage applications as employee locations and devices shift. IT practitioners should look at the management and security of these SaaS (software as a service) applications as new skills and technologies to learn, according to O’Connor.

Combating the Fight

The confidence element is a sort of internal war between security vendors and the companies who employ them for cybersecurity. Tim Wade, the CTO Team’s technical director at Vectra AI, indicated that confidence must be continually reassessed.

Wade told TechNewsWorld, “Tactically, security professionals would continue to shift away from preventative-based governance structure and toward perseverance security architecture.”

And that’s where the target moves to embrace the fact that something will go wrong, but that the effect will be reduced by swift diagnosis, reaction, and recovery, he added. Vendors and retailers have long proven to be tempting options for adversaries.

Many of the cyberattackers are members of organised crime groups that foreign governments have sanctioned. Recognising that you cannot hinder those enemies is the strongest defence. But then, Wade says, concentrate on making their life as difficult as possible.

Key Takeaways for Cybersecurity in the Future!

But, to sum up, the takeaways for 2021, here are some general cybersecurity best practices:

• Wherever possible, multi-factor authentication (MFA) can be used.
• Using VPNs that have strict privacy policies.
• Passwords should be made more secure, or alternative authentication mechanisms should be used.
• Keep your applications up to date.
• To prevent misconfiguration problems, modernise VPN applications and use change control programmes.
• Keep cloud protection in mind
• Using network segmentation.
• IoT computers and networks that are safe
• Adopt a “Zero Confidence” mentality.
• Boost cybersecurity education and protection automation
• Use white-hat hackers to search for vulnerabilities and secure the network.

 

Summing Up!

In 2021, India will face dozens of new cyber-frauds! We still encourage others to take precautions and be cautious at those moments! If there is are any Cyber Frauds in India, please file a report here or call us, and we will happily assist you!

Cyberra Legal Services is a renowned cybercrime security consultancy and cybercrime investigation company in Ahmedabad, Gujarat. We specialise in cyberlaw consultancy, privacy law consultation, cybercrime consulting, cyber law compliance audit, cybersecurity services, cyber forensics services, ISO 27001, ISO 27701, GDPR, and cyber training. Get in touch with us right away!