Cybercrimes have increased drastically over the last few years, with major security breaches causing billions of dollars in damages. Thus, as cyberattacks increase in frequency and severity, it should not come as a surprise that the cost associated with a data breach has also increased to a record-breaking high in a year marked by skyrocketing energy prices and worldwide inflation.
According to the 2022 IBM’s Cost of Data Breaches report, the average overall cost is $4.5 million (with or without ransomware). Depressingly, 550 companies IBM contacted reported security breaches, and 85% of them had multiple breaches during the same time frame. According to the same study, breaches where working remotely was a factor increased the average cost by about $1 million.
Hence, it won’t be wrong to say that the biggest cyberattacks of 2022 so far have affected large global corporations as well as the average user. The most frequent attack method is still credential theft (19%), followed by phishing (16%), improper cloud configuration (15%), and flaws in third-party application software (13%). With these attacks occurring every day, it’s now more important than ever for businesses to get in touch with reliable IoT solutions, and consulting firms like Vates to protect themselves and prevent their data from being stolen.
Since cyberattacks are an increasing threat to businesses and consumers, it’s important to take a closer look at the biggest cybercrimes of 2022, some of the most common reasons they appeared, and what businesses can do to prevent these breaches in their networks.
Cyberattacks In 2022
1. The Russia-Ukraine war
The biggest cyberattack ever recorded was a ransomware attack on Ukraine’s power grid, most probably by Russian hackers. The hackers took control of about 10 percent of the country’s electricity supply, shutting down the power grid in parts of Crimea.
The attack was so severe that it was widely assumed to be an act of war. The hackers demanded a ransom in bitcoin, but they didn’t demand that the government pay it. Instead, they wanted it to be paid by its citizens — potentially via prepaid cards or mobile payments — which would have presented logistical problems for the government. The Ukrainian government paid the ransom by using its funds to buy digital certificates from Microsoft that allowed them to control their web traffic again. Not only this, but the hackers also targeted Ukrainian military and government agencies, as well as infrastructure companies that supply those services.
Consequently, ever since the crisis began, Ukraine has tried to make a comeback with its cyberattacks. They also successfully managed to establish a volunteer “IT Army,” that used a page listing of hostnames and/or IP addresses of popular Russian targets and has resulted in several security breaches and service outages inside of Russia (often via distributed denial of service (DDoS) attacks).
2. Conti ransomware attack in Costa Rica
In April 2022, the cybergang Conti, which has ties to Russia, was able to seriously hamper financial activity all around Costa Rica. They succeeded in annihilating Costa Rica’s export and import industry by attacking the Ministry of Finance. This was the first ransomware attack to result in the declaration of a national emergency.
The Social Security Fund was the target of a second attack in late May. Due to Conti’s involvement in the development of the Hive ransomware, which was employed in this, it has also been linked to Conti. Conti is likely using these strange activities as a sort of smokescreen as the gang seeks to reinvent itself. They worry about the effects of the sanctions put in place because of the situation in Ukraine.
If you fear being in a similar situation, get in touch with agile software development and IoT consulting firm like Vates to implement more robust and IT-resilient practices at your workplace.
3. The wild rampage of the Lapus$ group
Beginning in 2022, a group named Lapsus$ targeted several well-known companies, including Nvidia, Samsung, Ubisoft, and Microsoft. Each time, information was taken and frequently leaked online. Their business strategy is extortion, and they frequently use phishing to obtain access before searching for and stealing the most private information they can. They frequently don’t use any encryption software at all.
The Lapsus$ Group appears to be a random association of members, unlike many advanced cybercrime operations.They seemed to be looking for praise given that they used social media to publicize their attacks. They asked users to cast votes on whose data they should reveal next in polls they staged on Telegram to announce their accomplishments. All of this commotion and attention came to an abrupt end in March when British police detained seven suspects, including two 16- and 17-year-olds. After the arrests, Lapsus$ appeared to continue for a brief while, but they have now stopped.
If you’re looking to keep your operating system up-to-date and enable two-factor authentication, reach out to IT experts at Vates today!
How To Prevent Cyberattacks
To prevent these attacks, businesses need to protect themselves with a combination of technology and training. Here’s how:
Install antivirus software
Antivirus software is essential for protecting your computer against viruses and malware. Most antivirus programs can also detect and disable any malicious files that may be on your computer. This means that if you’re hit by a cyberattack, you won’t have to worry about losing data or paying for expensive restoration services.
Keep your operating system up-to-date
Operating system updates are crucial for preventing future attacks. You should install them as soon as they become available. Hackers often target updates because they contain security fixes that could help prevent future attacks from occurring. If you don’t update your operating system regularly, hackers could gain access to sensitive data and cause damage to your company’s reputation.
Back up important files
Backing up important files can help ensure you don’t lose any critical information if there’s an attack on your network or computer system. You should back up your data at least once per week in case of emergencies.
Secure Your Business With Us Today!
Are you looking for ways to secure your business operations from potential malware and phishing attacks? Vates is here to help!
As a trusted industry-leading Nearshore software development company, our team of software developers and IoT experts are committed to offering our valuable business clients secure, agile, innovative, and profitable software solutions and consulting services.
Our IT services help us serve various industry leaders across the US and mainly comprise software testing services, custom software solutions, big data analytics, and IT staff augmentation.
Schedule a call with us and avail yourself of our free quote for services today!
