There was a time when experts would answer the question “What is the most precious resource of all?” with different things. Some would say it’s oil. Others will say it’s time. But the fact of the matter is that in the digital age, the most valuable resource of all is data.

Data is now considered a commodity, and one that carries tremendous value. The value of data can be measured in many different ways. For example, an article published by Pawtocol looked at the value of user data based on the valuation of a company. In this example, they looked at Microsoft’s acquisition of the professional social media platform LinkedIn. Microsoft bought the company for an estimated $26.2 billion. At that time, LinkedIn had 400 million users. Given these numbers, the value of a single user data point is estimated to be about $65 per user.

Another example was Facebook’s acquisition of WhatsApp for an estimated $19.6 billion. Following the same formula—the messaging platform had 500 million users when it was bought—the valuation for each user was $39.6.

But data can be so much more valuable than that.

Valuable data

The data that many corporations and businesses possess go beyond mere data point value. Such data is sensitive, and it can form the backbone of many businesses. If this data leaks or gets stolen by malicious actors, the damage from a data breach can be immeasurable. 

A forecast conducted by Cybersecurity Venture estimates that global ransomware damage can amount to $20 billion in 2021. This is the kind of damage that cybersecurity threats can pose to companies and businesses. Without implementing strict security protocols in your company network—like setting up a web application firewall, conducting regular breach and attack simulations, and providing employees with proper training—you can endanger your company and could fall victim to data theft.

In fact, firewalls are a good first line of defense against cyber threats. The filtering capabilities of a firewall enable an organization to identify which traffic is safe and which is malicious and then block traffic that it deems unsafe. It forms the backbone for web application security. With 100 percent of organizations reporting they’ve suffered some form of web attack, the importance of a web application firewall as defense should be a no-brainer. But sometimes administrators do not configure their web application firewall correctly, or worse, do not implement one at all.

Cybersecurity threats for 2022

With 2022 fast approaching, company owners and business owners can expect cybersecurity threats to continue. Security experts believe that certain cybersecurity threats will be used more prominently by criminals. Among them are:

Phishing activities

A report released by Financesonline.com revealed that phishing activities are the most common cyber-attacks mounted on US companies, amounting to 38 percent of the attacks in 2020.

Cybercriminals are using this method and have refined their operations by using more creative approaches in order to conduct geo-targeted and personalized phishing activities. One method they are now using with increased frequency is providing a fake notification about an important activity (say an online bank account) being suspended and will only be reactivated by renewing a password. The victims will be led to a fake webpage where they will be asked to input their “old” password.

The danger of phishing attacks is that they would often get through email security filters. In this regard, employees need to be taught to be discerning about the emails they receive and to learn how to spot phishing emails.

Remote work security flaws

The COVID-19 pandemic forced many businesses and companies to shift to remote work to ensure business continuity. This sudden shift in work arrangements was swift and sudden and has caught many IT departments flat-footed because most networks were not prepared for this sudden change in accessing company data from remote areas outside of company premises.

This change has opened up networks to various vulnerabilities that were either not previously detected or were deemed not crucial to fix. Cybercriminals are now using this shift in work arrangements to mount brute force attacks and other criminal methods to try and access data from company networks.

Unfortunately, even the most established software was found to have vulnerabilities that only came to light because of the sudden influx of remote traffic. Software like Microsoft’s Remote Desktop Protocol, VNC, TeamViewer, and Netop have been found to have weaknesses that could be exploited by malicious actors.

Vulnerabilities in company networks and the cloud

Accessing data from the cloud has become a normal part of life. In fact, a vast majority of companies now employ some form of productivity and storage that employs cloud services. Activities like online storage, software-as-a-service, and social media are just some of the solutions that are based in the cloud.

Unfortunately, not all cloud services provide airtight security. There are some that have vulnerabilities in their authentication protocols or in data encryption. These are vulnerabilities that endanger a company’s IT infrastructure in the event hackers get through security measures. Some of the most common causes of these vulnerabilities are incorrect configurations, vulnerabilities within the network, or data leaks. Using more secure authentication methods (like two-factor authentication), choosing providers with a good security track record, and teaching employees about implementing end-user security measures can help mitigate these dangers. However, seeking help from cybersecurity experts has shown to be the most effective method. Professionals offer many services, including penetration testing, continuous offensive security, red teaming, and more. With their help, cyberattacks can be prevented, and a business can remain secure.

Ransomware attacks

One potentially disastrous threat that can be seen as an effect of the previously mentioned threats is ransomware. Using unsafe apps, accessing fake websites, or taking advantage of network vulnerabilities can result in criminals accessing company data and then holding it ransom. These attackers can lock the company out of their precious data and they would only be able to access it again if they pay the ransom demanded by criminals.

Implementing real-time threat protection, web application firewall, and strong encryption can help prevent ransomware attacks from happening.

The takeaway

These cybersecurity threats are not going to go away. In fact, cybercriminals are now becoming more relentless in their attacks because they know that data is valuable. A report published by PBS showed that between 2019 and 2020, the number of ransomware attacks all over the world rose by 62 percent. It is predicted that this will be an upward trend because criminals know that the payout for acquiring precious data can be significant.

There are many cybersecurity threats companies can potentially face in 2022. But there are also many things you can do as a company to prevent this from happening. Vigilance and education will help in removing these threats and keep your company safe from getting your precious data stolen by cybercriminals.