Part 2 will cover Increased MFA Implementation, Rapid Growth of IoT Devices, Remote Work Vulnerabilities, and Rise of Ransomware Attacks.

3) Increased MFA Implementation

MFA (multi-factor authentication) requires a user to utilize two or more devices to confirm their identity. Employees trying to log in and use their company’s file sharing services must first enter their user name and password on their computer. This is followed by receiving a voice message, text message, or app notification that provides a code needed to complete the login process.

Although MFA is a very effective approach for securing accounts and preventing cyberattacks and data breaches, hackers may be able to bypass SMS and voice types of authentication because they lack encryption. Thus, experts are recommending transition to encrypted app-based MFA.

4) Rapid Growth of IoT Devices

One significant factor in the increase of cyberattacks is the rapid growth of new tech and devices that can be easily exploited. In five years, experts project that at least 40 billion IoT (Internet of Things) devices will be online. IoT devices, including baby monitors, smart plugs, and wearable fitness apps, may become the focus of cybercriminals because of weak security.

5) Remote Work Vulnerabilities

Remote workers have increased exponentially due to the COVID-19 pandemic. By 2025, almost 41 million Americans will be working remotely, an increase of almost 90% prior to the pandemic. Although many employees prefer the flexibility of WFH (work from home), the growth increases the risk of cyberattacks.

Cybercriminals are exploiting unsecured home devices and networks and improperly configured cloud security solutions. Perhaps the greatest vulnerability is an employee who is untrained in dealing with phishing attempts by email, malicious links, text, and voice.

6) Rise of Ransomware Attacks

A key factor causing the rise of cybersecurity attacks is the growing ability to monetize ransomware. When successful, cybercriminals can access a victim’s data, encrypt it, lock the victim out, and demand ransom that many desperate businesses are forced to pay. New anonymous communication apps like Tor also make it much easier to carry out ransomware negotiations with victims.

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