Expect the hits to keep coming in 2022
We’ll continue to see ransomware attacks in 2022. Why? Because they are still successful.
One of my favorite lines from a movie was in Top Gun. Maverick and Goose had just been chewed out by Viper for pulling some stupid stunt in their jet. Goose walks out of Viper’s office, puts his back against the wall, “Thanks, Mav, that was really great. Oh, crap! Maybe I should become a truck driver. Mav, do you remember the number of that truck driving school that was on TV the other night, Truck America or something like that?”
I’m not going to lie — this past year will make anyone second guess their career path. Another favorite movie quote of mine, “the hits just keep on comin’,” resonates here too. Sadly, I don’t see any relief in sight. It’s just a weird, chaotic time we’re in right now. We keep hoping for a little normalcy but I’m not sure we’ll ever get back to how it was before. Keeping things positive can be a challenge — but maybe not going back to normalcy can be a good thing. Perhaps change is good? It’s the mindset of being positive or calling 1-800-truckers.
We saw more of the same in 2021 — massive supply chain attacks, more sophisticated state-sponsored ransomware attacks and a massive Microsoft Exchange exploit. What was weird about that exploit was those that did not patch were better off than those that did — completely opposite of what we’ve always been told to do: patch, patch, patch!
Six ransomware groups attacked more than 292 organizations collecting over $45 million in ransom. (ZDNet, 2021). The Colonial Pipeline attack stood out because it was an attack against our nation’s critical infrastructure. We knew it was going to happen sooner or later — it’s just a matter of time if you don’t address the problem. That attack also has led to more “mandatory” guidelines being handed out by the Department of Homeland Security, and I’m sure we’ll see more. Other companies have been attacked, such as computer manufacturer Acer, the large meat processor JBS Foods, the National Basketball Association, automobile manufacturer Kia and even large cyber insurance providers AXA and CNA. Talk about ironic? This is just a sample of the total attacks. No sector has been left out.
- In 2021, the largest ransomware payout was made by an insurance company at $40 million, setting a world record. (Business Insider, 2021)
- The most common tactics hackers use to carry out ransomware attacks are email phishing campaigns, RDP vulnerabilities and software vulnerabilities. (CISA, 2021)
- 42% of companies with cyber insurance policies in place indicated that insurance only covered a small part of damages resulting from a ransomware attack. (Cybereason, 2021)
- LokiBot has targeted more than 100 financial institutions, getting away with more than $2 million in revenue. (Hub Security, 2021)
What about 2022?
I hate to be the party-pooper, but I believe 2022 will be even more challenging. I haven’t even mentioned the supply chain shortage that has been an issue over the past year, mainly related to chip manufacturing. Not only is there a delay in getting new equipment, but companies are paying almost double the cost. Here’s the scary part: 92% of chips are manufactured in Taiwan. Talk about all your eggs in one basket? I don’t want to make this cyber article political, but this stuff is getting real folks.
We’ll continue to see ransomware attacks in 2022. Why? Because they are still successful. We don’t hear about all the small businesses being impacted. Maybe because the ransom is much lower, but nonetheless, the results are the same — money going out the door. I also think we’ll see an uptick in security spending, specifically the security services area. Most of this, I believe, is being driven by the supply chain risks and attacks. There are simply too many risks and regulations for one IT or security team to address. It’s a big ocean. Don’t be afraid to ask for help and be sure to address these risks with your Board of Directors’ help.
For more information visit the Texas Bankers Information Sharing and Analysis Organization at www.texasbankers.com/tbisao or reach out to me at [email protected].