Cyber Defense eMagazine March Edition for 2022

1. Cybersecurity Incidents Will Become More Expensive
Cybercrime is big business, collectively netting more than $1.5 trillion annually, making it more valuable
than many of the biggest companies in the world. Money is the main motivator for today’s threat actors,
who often view cybercrime as a low-risk, high-reward financial opportunity.
Therefore, companies shouldn’t be surprised that cybersecurity incidents are becoming more expensive.
Most notably, ransomware payments are soaring. In 2018, the average ransomware payment
approached $7,000. By 2020, many companies were paying more than $200,000. This year, the average
ransomware payment increased by 518 percent, a shocking surge reflecting digital infrastructure’s
centrality for many companies' operational continuity.
At the same time, the cost of a data breach reached a record high in 2021, surpassing $4 million for the
first time. With cybersecurity insurance premiums similarly increasing, rapidly, companies are left with
little recourse for mitigating the cost of a cybersecurity incident.
While companies may be tempted to rely on previously purchased IT-focused cybersecurity products,
the rising costs of failure are a reminder that investing in an OT-specific cybersecurity solution is an
investment with tremendous returns.
2. Failure to Secure Digital Infrastructure Will Have Real-world Implications
In 2021, cybersecurity failures interfered with manufacturing operations, exposed sensitive data, and
eroded brand reputation. Cybersecurity incidents will have even more heightened real-world implications
that put people at risk in the year ahead.
For example, looking to leverage access to company networks, ransomware gangs are exfiltrating
company data, raising the stakes for victims while increasing their leverage to extract high payouts. This
trend will continue in 2022, compounding the consequences of a cybersecurity incident.
Most importantly, as manufacturers, energy producers, and utilities continue integrating IT and OT
systems, cybersecurity incidents put public safety on the line. A 2021 event in Oldsmar, Florida, where a
threat actor capitalized on an IT vulnerability to access OT capabilities in an attempt to poison the city’s
water supply, is emblematic of the challenges many companies and municipalities face.
This year, cybercriminals demonstrated the capacity to instigate fear, uncertainty, and chaos, causing
long gas lines, production shortages, and close encounters that make it clear that companies need to
prepare for the failure to secure digital infrastructure to have real-world implications in 2022.
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