Cybersecurity 2022: More Fraud, More Fakes, More Crypto Scams

Did you know that according to expert predictions, there will be more fraud, fakes, and crypto scams in the digital space in 2022? A report by TechNewsWorld pointed out how volatile the cybersecurity landscape will be and the expected impact on businesses and customer behaviour.

According to the Identity Theft Resources Center (ITRC) in San Diego, cyber malicious actors will evolve from identity theft to identity fraud. Criminals are amassing the personal information of victims, as usual, they are not using it to attack consumers as much as before. Instead, there will be a major shift from consumer-focused attacks to credential attacks on organizations.

Evolution of Cyberattacks and Decline in Digital Reliability in 2022

Acceleration in fraud will impact the digital space significantly and alter the online habits of users. One of the major effects of an increase in fraud will be a decline in digital reliability. ITRC believes that the increase in various types of cyber scams will lead to consumers opting out of important online activities in 2022.?

Malware will be in decline, while ransomware will catch up or surpass phishing attacks as a leading cause of data breaches. Supply chain attacks will evolve and become the third most primary cause of data breaches. According to Lookout, a cyber security company in San Francisco, cryptocurrency scams will continue to evolve in complexity, prevalence, and value as digital bandits innovate to extort people.

ITRC observed that the victimization of consumers by online fraudsters will continue to grow in 2022. Users will change their online lifestyles and reconsider making online purchases due to the fear of falling victims to frauds, like spoofed emails, websites, and more.?

A drop in digital reliability will discourage users from engaging in crucial online activities, like entering their bank details online - which could lead to a significant drop in online purchases. Hence the need to implement a digital reliability engineering strategy to boost your brand’s reputation and competitive advantage.

What is Digital Reliability Engineering and How Does it Work?

This is the use of engineering concepts to ensure the dependability of a digital product, process, or system under some standard conditions for a given period of time. It is a branch of digital systems engineering that focuses on providing products or processes that are reliable and function optimally at all times.?

Reliability is the ability of a digital process, product, or system to function optimally without failure under appropriate conditions for a specified period of time. Digital reliability engineering emphasizes dependability and offers future-proof automation, stability, and security-related solutions.

Given the ongoing acceleration in digital transformation and the consequent security challenges, there is a need to make advanced digital reliability engineering an integral part of the development process and the entire lifecycle of digital solutions. Product development and maintenance processes have evolved to include an emphasis on robust multi-layer cybersecurity framework, stability, the accuracy of automation, data consistency, and reliability.

With the proliferation of decentralized, blockchain-based applications and the gradual transition to Web 3.0, ensuring the stability and reliability of digital systems is getting more sophisticated and demanding than before. Any organization that wants to stay ahead of the curve has the responsibility to integrate reliability engineering within its infrastructure, including development & deployment environments and system lifecycle management frameworks.

How Does Digital Reliability Engineering Prevent Fraud, Fakes, and Crypto Scams?

To prevent fraud, fakes, and crypto scams it is important to keep the core objectives of advanced digital reliability engineering in mind. This includes:

Security

Improving digital dependability by implementing and maintaining a hard-to-crack cybersecurity architecture is a major objective of reliability engineering. Given that cybercriminals are relentlessly refining their tactics, techniques, and procedures, dependability engineering focuses on ensuring maximum security of consumers’ data and the entire digital infrastructure of an organization.

Failure Prevention

One of the key goals of reliability engineering is to prevent failure by plugging security loopholes, reinforcing operational architecture, and implementing quality assurance best practices. Digital reliability engineers are trained to prevent failure. This involves taking proactive measures to maintain uptime and optimal running of systems.

To Reduce Frequency of Failures?

In cases where failure is unavoidable, reliability engineers leverage the resources at their disposal to minimize the frequency of failure. This can be termed a short-term remediation strategy. The long-term solution or approach involves identifying and fixing the cause of failure.

Identification and Correction of Causes of Failure

After the occurrence of failure or disruption of any kind, necessary steps are taken to identify the main cause of the interruption. The goal here is to get a lasting solution and ensure the loophole is plugged. The remediation process follows after the cause of failure has been uncovered.

Failure Management

Digital reliability engineers help to figure out ways to manage failures that occur while processes are instituted to correct their causes. In other words, this is a part of disaster recovery planning that is geared toward ensuring uptime while looking for a comprehensive solution.

Reliability Estimation

This involves estimation of the reliability of new digital systems and analysis of reliability data. State-of-the-art tools and human intelligence are deployed to analyze data and ascertain the robustness of systems.?

Why is Advanced Digital Reliability Engineering So Relevant in 2022?

The cybersecurity landscape will be increasingly volatile in 2022. Consequently, consumers will streamline their online exposure due to fear. Staying competitive in the business world will require digital dependability engineering strategies. Here are why it is relevant in 2022:

Reputation

The more reliable your products and services are, the higher the reputation of your brand. In a business space where fraud, fakes, and crypto scams are increasing by the day, improving dependability is the way to go if you want to boost your brand’s reputation.

Costs of Failure

In addition to the negative impact failure has on company reputation, it comes with severe cost implications. The warranty costs can quickly pile up and significantly impact your bottom line. Taking proactive measures to maintain stability and reliability is unarguably cost-effective.

Competitive Advantage

Having an advanced digital reliability engineering strategy in 2022 will give you an edge over your competitors. Consumers dim organizations with predicted reliability numbers more trustworthy than others that have low numbers or do not have a dependability engineering plan in place.

Is Digital Reliability Engineering Worth it?

Yes, digital reliability engineering is necessary for providing immutable digital infrastructure, stability, and dependability. Are you looking for a hack-proof infrastructure and secure development & deployment environments? You can trust Bredec for state-of-the-art advanced digital reliability engineering services. Get rid of the error-prone traditional scripting style and leverage Bredec’s comprehensive solutions and products to meet regulatory and legal requirements.

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Contributors; Andreas Schmidt? (artist), Gray Oshin (content creator), Melanie Matt (concept and strategy), and Ralph Schneider (Head of Advanced Digital Reliability at Bredec)