SOJOURNERS

Top 5 Cybersecurity Predictions For 2023

“Cybersecurity will continue to be a major focus for company leaders as they bolster their digital defenses in 2023 and beyond. “

Several factors will influence how corporate leaders strengthen their digital defenses in 2023, and cybersecurity remains a top priority. Ransomware attacks are rising, zero-trust models are becoming more popular, and there are more state-sponsored attacks than ever before because of the ongoing conflict in Ukraine.

More companies are using online technologies to automate their operations, which has resulted in an abundance of data on the internet. However, moving online brings a pandora’s box of internet security risks, including data breaches and theft—this is common for small businesses, individuals, and big companies alike.

Work from anywhere and the relentless shift to cloud computing services have accelerated cybersecurity risks in companies. The most common cyber attacks experienced by US companies are phishing (38%), network intrusion (32%), inadvertent disclosure (12%), stolen/lost device or records (8%), and system misconfiguration (5%).

Those in charge of security and risk management are at a turning point as a company’s digital footprint grows, rendering centralized cybersecurity control useless. Consequently, new threats have been posed by the hybrid labor trend and digital business operations in the cloud. Meanwhile, sophisticated ransomware, cyber-attacks on the digital supply chain, and deeply ingrained weaknesses have revealed technical gaps and a lack of skilled workers to combat the challenge.

Understanding the key tendencies in the cybersecurity world can help individuals better confront emerging dangers and advance their roles.

Here are are some Cybersecurity predictions for 2023 captured by Research Analysts.

1. Supply Chain And Geopolitical Risk Will Dominate Cybersecurity

A broad array of geopolitical risks continue to affect organizations worldwide and in 2023; many will emerge as supply chain exposures. The pandemic, social and political polarization, digital ethics and privacy challenges, and climate change impact partners and trusted third parties.

This puts enterprises and their supply chains at increased risk for malware attacks, attacks on cloud infrastructure, attacks on system integrity and availability, such as Distributed Denial of Service (DDoS), and data theft or loss.

Organizations must build in effective security controls to manage all types of supply chain risks that they face. In 2023, Supply Chain Cybersecurity risks must be addressed as a socio-technical challenge.

These are not solely IT security risks, but rather they emerge from challenges such as hardware and software sourcing, business continuity and transportation problems.

2. Emerging Architectural Patterns Will Streamline Security

Security teams must be able to dynamically identify gaps resulting from either new IT strategies — such as moving to the cloud or increasing use of container technologies — or emerging threats, so that risks can be prioritized and addressed.

Large security vendors are building out unified Cybersecurity platforms, defined by their underlying data lake-oriented capabilities, as Cybersecurity Mesh Architectures (CSMAs). These solutions aim to implement a single console; provide integrated Machine Learning (ML), orchestration and automation; and support third-party integration.

These platforms are built over time, and expand with new types of capabilities and integration as client needs arise. CSMAs will help organizations simplify the complexity of managing multiple point products.

3. Cryptocurrency Scams On The Rise

With the collapse and bankruptcy of cryptocurrency exchange FTX in November 2022, the entire cryptocurrency market is now under a microscope. Additional concerns about what happened to the company’s money and the impact on its customers and investors have cybersecurity experts warning about phishing, deepfakes and other scams associated with FTX’s implosion.

This is one reason why cryptocurrency scams are likely to increase in 2023.  The FBI recently published a report that found senior citizens were especially vulnerable to phishing and other scams and frauds that use cryptocurrency as a hook.

These types of frauds are only likely to multiply over the next year, especially when combined with financial uncertainty about rising interest rates and inflation.

We expect to see this trend accelerate in the coming year as we move into an economic downturn and recession, which will lead to still more desperation.  Unfortunately, more seniors will fall prey to these kinds of get-rich-quick schemes as crypto scams from bad actors become more prevalent. In addition, service providers like GoFundMe will have an increased responsibility to verify the legitimacy of campaigns on their sites by putting in more brand protection controls. This goes back to questions such as: ‘How do you verify and validate if this is a real user, real campaign or real piece of information on the site?’ We may even see government regulation start taking shape to enforce this responsibility.

4. Small Businesses Will See Cyber Threats

With the financial damages from cyber threats expected to top $10.5 trillion annually by 2025, according to one report, organizations of all sizes must invest more in their defenses and hire the talent needed to fend off these attacks.

For small and midsized businesses, however, competing with larger enterprises for talent is a tall task. With an economic downturn expected next year, finding the money to invest in Cybersecurity will likely prove difficult for many organizations.
These issues are happening at a time when small firms are increasingly targeted by cybercriminals and threat actors at a much higher rate, which will require new ways to confront these issues.

The U.S. Small Business Administration reports small businesses make up 99.9 percent of all U.S. businesses. Yet, we’ve all seen the news headlines and read the stats—many SMBs are just one cyberattack away from being forced to shut their doors. In 2023, cybersecurity vendors will put greater focus on the highly exploited SMB market, providing the cyber defense tools it needs. For both enterprises and SMBs, in 2023, we will see cybersecurity solutions that are simpler to provision by IT departments, easier for the employee to use and more cost-effective.

5. Keep An Eye On Quantum Computing

While Quantum Computing might still seem like a faraway concept, security experts note that the technology continues to advance and that Quantum is likely to become a security threat at some point.

In 2022, the White House issued an executive order about Quantum Computing that outlined the technology’s security threats. Congress is considering legislation around the tech, and agencies such as the Department of Homeland Security and the National Institute of Standards and Technology have created working groups to study the issue. And while Quantum is likely to remain within the realm of governments and highly specialized technology firms, Cybersecurity and tech pros must follow these developments.

Many nations and attackers believe that Quantum is the future of cyber power which has started a race to develop the strongest capabilities in this area. However, this comes with a big risk as the technology has the potential to cause huge disruption and damage if it falls into the wrong hands.

Western governments and companies hold some of the most cutting-edge research in this area and it needs to be protected. The cybersecurity sector should be keeping a close eye on this because whilst overall adoption of the technology is still relatively low, it’s increasing steadily.

Final Thoughts

It’s imperative to remember that most data breaches still involve human mistakes, proving that conventional methods of security awareness training are still inadequate. With the right budget in place, modern businesses must move away from old-fashioned compliance-based awareness efforts in favor of comprehensive behavior and culture change initiatives that encourage safer working practices.

🅐🅚🅖

Interested in Management, Design or Technology Consulting, contact anil.kg.26@gmail.com
Get updates and news on our social channels!

LATEST POSTS

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.