Palo Alto Networks: five security megatrends for 2022

Source: Palo Alto
Networks. Lim.

by Ian Lim, Field Chief Security Officer, Asia Pacific, Palo Alto Networks

Palo Alto Networks has identified five cybersecurity megatrends for 2022:

The meteoric rise of Bitcoin will create a well-funded adversary: cybercriminals are getting richer than ever

Cybercriminals are taking data exploitation to the next level, with attackers now launching “shameware” attacks – double extortion in ransomware campaigns* – to inflict lasting reputational damage on targets who do not accede to their ransom demands. We will also see quadruple extortion tactics** rising to the forefront, as threat attackers add pressure points to coerce their victims into paying up. 

It’s no secret that cryptocurrency fuels the ransomware economy, and its continued appreciation will only spell good news for cybercriminals. Cybercriminals who have received ransom payments in cryptocurrency will have more funds and resources to launch bigger attacks on critical infrastructure. Beyond monetary loss for businesses, the systems and services entire populations depend on could be crippled.

As physical and digital lines blur, who or what we trust will impact our security even more: cyberattackers now have a bigger playing field

As we enter the era of Web 3.0, the spatial web will be brought to the forefront. We will be interacting with smart devices that have intuitive and sensory triggers such as geolocation, computer vision, and biometric or commands. Digital information will exist in physical spaces, meaning that security breaches of such devices could lead to far-reaching consequences in the real world. 

The ubiquity of IoT devices in our everyday lives has further blurred the lines between our physical and online worlds. Be it smart light bulbs or self-driving vehicles, these devices have vulnerabilities that hackers could exploit. Web 3.0 will make data breaches, or cyberattacks, a lot more impactful as these attacks will be on cars, buildings, and physical lives.

The API economy will usher a new era of digital fraud and exploits: greater reliance on digital services presents more opportunities for cybercriminals to carry out identity theft, fraud, and unauthorised data collection

While digital banking brings greater convenience and accessibility, it is not without potential risks. With the rise of open banking and solid fintech growth in the region, poor programming done at the API level can have serious repercussions as APIs are the glue that holds most digital apps and software together.

New services like “buy now, pay later” are no exception. Any security misconfigurations in APIs could be exploited as an entryway for cybercriminals to gain access to personal data, manipulate a transaction, or shut down a key service. Such data is of great value to attackers, who can not only sell the information on the dark web but also use it to carry out spear-phishing, account takeover attacks, or compromise business email systems.

Attackers will set their eyes on countries’ critical digital infrastructure: expect bigger and bolder attacks in the coming years

Critical infrastructure, with its confidential and lucrative data, is a key target for cybercriminals. We have witnessed several high-profile attacks in the region, including attacks that have shut down New Zealand’s Stock Exchange and disrupted the operations of Taiwan’s state-owned energy company. These attacks exposed a damaging weakness on critical infrastructure: the rate at which cybersecurity protocols are implemented is significantly slower than the rate of digitalisation. 

Time-sensitive and highly lucrative critical infrastructures will see more attacks from cybercriminals that can easily exploit weaknesses within their digital systems. The interconnectedness of supply chains and business applications creates further complications as cyberattackers can infiltrate critical infrastructure from the periphery.

A borderless workforce needs a borderless solution: the ‘work-from-anywhere’ genie is out of the bottle, and we can’t put it back

Threat actors have not missed out on this megatrend. With our homes now evolving into our workplaces, they have switched their focus from targeting corporate headquarters or branches to attacking individual homes. As more people settle into their home offices, the number of corporate-issued devices has increased correspondingly. Beyond laptops, devices such as videoconferencing equipment and printers can be points of vulnerability if they are not adequately configured and secured.

*'Shameware' attacks refer to cybercriminals making sensitive data public if a ransom is not paid.

**According to the Palo Alto Networks blog post, ransomware attackers can demand a ransom in four ways: to regain access to scrambled data and compromised computer systems that stop working because key files are encrypted; to prevent the release of sensitive information; to prevent the attackers from launching denial of service attacks on the victim's websites; and to keep the attackers from publicising the hack to their customers, business partners, employees and media.