https://cybersecurity.att.com/blogs/security-essentials/a-mid-year-update-for-cybers
It is nearing the mid-year point of 2021, and already it can be characterized as” the year of the breach.” Many companies and institutions saw their security perimeters pierced by hackers including the mega-breaches of Solar Winds and the Colonial Pipeline. The scale of penetration and exfiltration of data by hackers and the implications are emblematic of the urgency for stronger cybersecurity. Although there are a variety of trends emerging in the first six months, below are four that stand out as barometers of what lies ahead.
1. Ransomware attacks are taking center stage as Cyber-threats
There is ample evidence that ransomware has become a preferred method of cyber-attack choice by hackers in 2021. As of May 2021, there has been a 102% surge in ransomware attacks compared to the beginning of 2020, according to a report from Check Point Research.
Hackers have found ransomware ideal for exploiting the COVID-19 expanded digital landscape. The transformation of so many companies operating is a digital mode has created many more targets for extortion. One office with 4,000 employees has become 4,000 offices. In addition to an expanding attack surface, hackers are more active than before because they can get paid easier for their extortion via cryptocurrencies that are more difficult for law enforcement to trace. Criminal hacker groups are becoming more sophisticated in their phishing exploits by using machine learning tools. They are also more coordinated among each other sharing on the dark web and dark web forums.
In 2020, according to the cybersecurity firm Emsisoft, ransomware gangs attached more than 100 federal, state, and municipal agencies, upwards of 500 health care centers, 1,680 educational institutions and untold thousands of businesses. As a result of the Colonial Pipeline Ransomware attack and others, the U.S. Department of Justice and the FBI have prioritized investigating and prosecuting hackers who deploy ransomware.
The impact for the rest of 2021 will be more ransomware attacks against institutions and corporations who are less cyber secure, especially to targets that cannot afford to have operations impeded such as health care, state & local governments, educational institutions, and small and medium sized businesses.
See: The New Ransomware Threat: Triple Extortion – Check Point Software
Why Ransomware is So Dangerous and Difficult to Prevent | Manufacturing.net
2. Cyber-attacks are a real threat to commerce and economic prosperity
So far this year, cyber-attacks have grown in number and sophistication, repeating a trend of the last several years. The recent cycle of major industry and governmental cyber breaches is emblematic of growing risk. The attacks are also becoming more lethal and costly to industry. A new NIST report was released on the economic impact to the U.S. economy by breaches, and it is alarming. The report suggests that the U.S. Loses hundreds of billions to cybercrime, possibly as much as 1 % to 4 % of GDP annually. The beach stats are part of a bigger global trend. The firm Cybersecurity Ventures predicts that global cybercrime damages will reach $6 trillion annually by this end of this year. The firm’s damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface.
In both the public and private sectors, there is a growing understanding of the seriousness and sophistication of the threats. The list of adversarial actors is a large one that include states, organized crime, terrorists, and loosely affiliated hackers. To protect economic prosperity, there has been a movement for more threat information sharing and technical coordination between industry and government to filed tools and procedures that can better protect the crown jewels of critical infrastructure.
See: Evidence suggests that the U.S. Loses Hundreds of Billions to Cybercrime, Possibly as much as 1 % to 4 % of GDP Annually | NIST
Global Cybercrime Damages Predicted to Reach $6 Trillion Annually By 2021 (cybersecurityventures.com)
3. Emerging technologies such as 5G and artificial intelligence are impacting the digital ecosystem