SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

Coping with increasing cybersecurity challenges (from the good side and the bad!)

By Contributor
Wed 12 Jan 2022

Article by Varonis VP of APAC, Scott Leach.

Let’s spare a thought for cybersecurity professionals as we look into our crystal ball to see what 2022 holds. They’ll be under increasing pressure from the ‘bad guys’ and the ‘good guys’ as well. No matter what industry these professionals work in, it will become more challenging to secure data and maintain compliance with government regulations.

It should come as no surprise that the volume and sophistication of attacks will increase — this trend has been accelerating for years. But more effort will be needed to maintain regulatory compliance. Forthcoming legislative changes, such as the mandatory disclosure of ransomware payments, will see many organisations struggle to maintain compliance with evolving government regulations.

And organisations will find it tougher to obtain the protection and peace of mind that comes from cyberthreat insurance. Faced with the increasing size and proliferation of ransomware payments, insurers will get tougher, and cover will become more expensive, making it financially unviable for many organisations. Here are some more details on what we can expect in 2022.

Ransomware costs will ramp up

The 2020-21 financial year saw more Australian organisations suffer ransomware attacks than ever before, with the ACSC recording a 15% per cent increase in ransomware reports from the previous financial year. Ransomware and other cyber-attacks cost the Australian economy around $3.5 billion a year. A magnitude increase in that figure should be expected in 2022.

Australian organisations are the most willing in the world to pay a ransom if hit by an attack, according to a report by analyst firm IDC. The report notes that 60 per cent of Australian companies are willing to pay a ransom, compared to 49 per cent for both the second and third most likely countries, Brazil and Singapore, respectively. Most recently, JBS foods paid a $14.1 million ransom demanded following an attack. 

Use of deepfakes and AI by cybercriminals will ramp up

In October, Forbes reported how an elaborate exercise in cyber deception could have stolen as much as $US35m from a Hong Kong-based bank. A key feature of the scam was a deep fake voice - hackers cloned the voice of a familiar company director. They sent this to the bank manager, alongside some very convincing emails to legitimise the phone call. 

Forbes said the incident had occurred in early 2020 and was “only the second known case of fraudsters allegedly using voice-shaping tools to carry out a heist.” Unfortunately, it won’t be the last. And these deceptions will increase in sophistication as scammers hone their skills and as deep fake technology evolves.

Many will go without cyber insurance

Insurers are placing increasingly stringent contractual obligations on organisations seeking cybersecurity insurance, particularly those that have previously fallen victim to attack. The result will be one or other party walking away from cyber insurance contracts. For insurers, the risks might be too high. For organisations, the costs of insurance premiums will be too high, or the requirements too onerous.

Organisations with existing policies can expect to face more scrutiny and audits by insurance providers to demonstrate they have the proper cyber controls and cyber hygiene measures in place.

In January 2021 the Harvard Business Review reported: “While companies might look to cyber insurance to protect themselves from … growing [cyber] risks, there’s another problem: there might just not be enough money in the still emerging sector to cover their needs.” It suggested they would need to seek alternative, innovative protection measures.

Regulation will get tougher

The newly-introduced Security Legislation Amendment (Critical Infrastructure) Bill 2021 has not only expanded the definition of critical infrastructure but also imposed much more stringent cybersecurity requirements on organisations within this category. As a result, organisations in sectors such as food and grocery, higher education and water and sewerage, which were never considered to be critical infrastructure before, now have a massive range of new regulations imposed on them. Many of these organisations will be critically underprepared for this and struggle to meet new compliance measures, leading to more fines and other penalties. 

Supply chain attacks will continue to increase

This will be one of the biggest cybersecurity issues in 2022 and a tough one to counter. The European Union Agency for Cybersecurity (ENISA) predicted in July that the number of supply chain attacks in 2021 would be four times greater than the number in 2020.

ENISA analysed 24 attacks and concluded, “strong security protection is no longer enough for organisations when attackers have already shifted their attention to suppliers.”

To function effectively, supply chains rely on the exchange of data (often highly-sensitive in nature) by various links throughout the chain: a compromise of just one link can easily become a compromise of many.

We expect organisations in supply chains, especially the lead members, to start requiring details of partners’ security measures and demanding audits. These requirements could even extend to parties one step removed from the chain.

Some good news

The good news for cybersecurity professionals confronted by all these challenges is that unemployment is unlikely to be one of them: their skills will be in high and growing demand for the foreseeable future.

(ICS)2’s Cybersecurity Workforce Study 2021 reported that the number of cybersecurity workers in Australia had grown from 107,000 in 2019 to 135,000 in 2021 and said an additional 25,000 were needed to sustain its growth in 2022 and beyond.

Related stories
Top stories
Story image
Transport
Third-party automotive apps bear significant privacy risks
Mobile applications for connected cars provide various features to make life easier for motorists, but they can also be a source of risk.
Story image
Malware
Fortinet introduces self-learning AI in latest offering
Fortinet is introducing self-learning AI capabilities in its new network detection and response offering, FortiNDR.
Story image
Cybersecurity
What every CISO must answer to enable a best-in-class security operations program
It has been widely reported recently that South Australian government employees have been the victims of a cyberattack.
Story image
Identity and Access Management
The post-pandemic workforce requires secure IAM capabilities
HID Global discusses what identity and access management means for organisations in today's convoluted digital world.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Cybersecurity
More than 40% of banks worried about cloud security - report
Publicis Sapient's new report finds security and the lack of cloud skills and internal understanding of business benefits are big obstacles for banks moving to the cloud.
Story image
Ransomware
APAC ranks third-highest region targeted by ransomware
Asia Pacific has ranked the third-highest region globally to be targeted by ransomware, according to cybersecurity firm Group-IB.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Managed service provider
Barracuda MSP Day 2022 highlights MSP opportunities
Barracuda Networks has released a report showing global services-related MSP revenue is set to increase by more than a third in 2022 compared to 2021.
Story image
Ponemon Institute
Email revealed to be riskiest channel for data loss
More than half (60%) of organisations experienced data loss or exfiltration caused by an employee mistake on email in the last 12 months.
Story image
Data Protection
Information management capabilities to meet privacy requirements
Organisations with customers or operations across more than one country face a spate of new and proposed privacy and data protection laws.
Story image
Microsoft
Global cybersecurity insurance market worth $11.5b this year
Future Market Insights finds the cybersecurity insurance market is expected to reach USD$11.5 billion in 2022, growing to $61.2 billion in 10 years.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Cyber attacks
Devastating cyber attacks expected to hit energy sector
Energy executives anticipate life, property, and environment-compromising cyber attacks on the sector within the next two years.
Story image
Malware
New vulnerabilities found in Nuspire’s Q1 2022 Threat Report
“Threat actors are quickly adjusting their tactics and these exploits tend to get industry attention, but the threat posed by older and attacks still persists."
Story image
DDoS
NT selects Radware to improve telecom cyber defenses
National Telecom Public Company (NT) has chosen Radware to strengthen the cyber defences of its international telecommunications infrastructure.
Story image
Cybersecurity
Asia Pacific plagued by sophisticated bad bots - report
The three most common bot attacks were account takeover, content or price scraping, and scalping to obtain limited-availability items.
Story image
BYOD / Bring Your Own Device
How zero trust can lead the battle against ransomware
SecOps teams champion a zero trust strategy to support the fight against the escalating risk of cybercrime and help monitor threat actors across a network.
Story image
Qualys
Qualys updates Cloud Platform solution with rapid remediation
The new update is designed to enable organisations to fix asset misconfigurations, patch OS and third-party applications, and deploy custom software.
Story image
Cybersecurity
Noname Security partners with Netpoleon to target API issues
Specialist API security firm Noname Security has appointed Netpoleon as its distributor in Australia and New Zealand.
SonicWall
Find out how you and your business can prevent being caught out by everything from ransomware to cryptojacking.
Link image
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Migration
Let’s clear the cloud visibility haze with app awareness
Increasingly, organisations are heading for the cloud, initiating new born-in-the-cloud architectures and migrating existing applications via ‘lift and shift’ or refactoring.
Story image
SaaS
Rubrik Security Cloud marks 'next frontier' in cybersecurity
"The next frontier in cybersecurity pairs the investments in infrastructure security with data security giving companies security from the point of data."
Story image
Surveillance
i-PRO releases smallest AI-based surveillance camera on the market
The new i-PRO mini network camera is now available, with a pocket-sized form factor and full AI analytics functionality.
Story image
Artificial Intelligence
Gartner reveals top three tech trends for banks this year
Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.
Story image
Check Point
Check Point and CCTV expert join forces to boost protection
The partnership will involve Check Point Quantum IoT Protect Nano Agent being embedded in Provision-ISR’s CCTV cameras for on-device runtime protection.
Story image
Kubernetes
Sysdig unveils new Kubernetes troubleshooting and cloud innovations
Sysdig has introduced two new innovations that look to help bolster cloud services and simplify Kubernetes troubleshooting.
Story image
Supply chain
Jetstack promotes better security with supply chain toolkit
The web-based resource is designed to help organisations evaluate and plan the crucial steps they need to establish effective software supply chain security.
Story image
Training
Trojan cyber attacks hitting SMBs harder than ever - Kaspersky
In 2022 the number of Trojan-PSW detections increased by almost a quarter compared to the same period in 2021 to reach 4,003,323.
Story image
Silver Peak
The path to an adaptive, modern network
Managing and securing the network looks different than it did just two years ago—especially given that most of these networks are made up of multi-generations of infrastructure stitched together over time.
Story image
Malware
'Alarming' rise in ransomware threats - Verizon report
As criminals look to leverage increasingly sophisticated forms of malware, it is ransomware that continues to prove particularly successful.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Ransomware
APAC organisations fail to disclose ransomware breaches
85% of organisations in APAC were breached by ransomware at least once in the past five years, but only 28% publicly disclosed the incident.
Story image
New Relic
New Relic launches vulnerability management platform
New Relic has introduced New Relic Vulnerability Management to help organisations find and address security risks faster and with greater precision.
Story image
Phishing
WhatsApp and QR codes the next scam threat - report
KnowBe4 has warned it expects to see an increase in QR Codes and the WhatsApp chat platform being used for phishing and other scams. 
Story image
Apricorn
Data backup plans inadequate, data still at risk - study
The Apricorn 2022 Global IT Security Survey revealed that while the majority organisations have data backup plans in place, data for many are at risk.
Story image
Ransomware
Ransomware hits 65% of organisations in Singapore
Next-generation cybersecurity firm Sophos has released its annual survey and review of real-world ransomware experiences in the State of Ransomware 2022.
Story image
Training
Infosec unveils role-guided cybersecurity training roadmaps
Infosec Skills Roles maps hands-on training and certifications to the 12 most in-demand cybersecurity roles to maximise training efficiency.
Story image
Remote Working
Successful digital transformation in the hybrid work era is about embracing shifting goalposts
As organisations embraced remote working, many discovered they lacked the infrastructure needed to support history’s first global load test of remote work capabilities.
Story image
ChildFund
ChildFund launches new campaign to protect children online
ChildFund says WEB Safe & Wise aims to protect children from sexual exploitation and abuse online while also empowering them to become digitally savvy. 
Story image
Ransomware
Employees on the frontline of cyber defense - report
In the first quarter of 2022, employees found themselves more than ever at the frontline of cyber defense, according to a new report from Kroll. 
Story image
Cybersecurity
Accenture - a collective security approach a driving factor for cyber resilience
With the approaching Davos World Economic Forum upon us, it is even more imperative to discuss the impact of cybersecurity on business operations leading into the future.