Cybersecurity Predictions and Trends for 2023

All companies are sharing the concern of cybersecurity thanks to the rise of new technologies. Cybersecurity affects companies in every sector from SMEs to large companies. Various companies suffered huge losses due to cyber attacks and data breaches. Criminals are attacking the large shift to digital transformation and are exploiting the evolving landscape. To change this you can either invest in technology that can keep up with the changing times or invest in people that can protect the data of your company. Every person in the company must be educated and prepared for cyberattacks. 

There are various possibilities and trends that can affect cybersecurity. Let us take a look at some of them.

Global economic concerns increased the risk of cybersecurity

A looming recession and signs that it will last are continuing this year. This will spill over to the issue of security breaches. It is believed that soaring inflation could lead to employees assisting random criminals since financial difficulties make them vulnerable. The recession is also impacting the budgets of IT teams and cutting them down resulting in their being ineffective. Decision makers will have to implement risk and mitigation strategies to combat the current economic situation. Cyber criminals on the other hand are working harder and smarter and as businesses try to keep pace, the cybersecurity will see significant growth in the year 2023.

Challenges for cybersecurity leaders

As cyber threats increase, the roles of cybersecurity leaders have also evolved. They are coming into leadership roles and are being involved in decision-making. The role of the chief information security officer (CISO) is in the spotlight and becoming more challenging day by day. CISOs are stressed out and constantly fighting for larger budgets. They are being personally held responsible for security breaches and this makes the job even more stressful.

Risk to infrastructure

Cybercriminals target vital sectors and target the critical infrastructure industry like those in manufacturing, water or even energy. Several geo-political conflicts and the current economic climate increase the risk of targeted attacks. More infrastructure and core services are increasing their IoT footprint thus making them more susceptible to attacks.

Remote work

Post-pandemic, many companies have been forced to adopt remote working. While these global lockdowns have been a boon to employees, it has raised concerns and made businesses more vulnerable. These hybrid models of working will affect the traditional security architecture. Remote work has extended the enterprise perimeter and also the attack surface. Protecting users, devices, data and applications will need a complete revamp and rethinking. Remote desktop protocol is open to threats from attackers who disguise themselves as system administrators. Overall the entire remote working paradigm has to undergo a sea change as far as cybersecurity is concerned.

Ransomware 

Cybercriminals use various tactics but ransomware is one of their most damaging tools. Essentially ransomware is a malware that is designed to deny a user or organization access to their own files. These files are encrypted and a ransom payment is demanded for the decryption key. Companies are increasingly outsourcing the roles of cybersecurity because of growing concerns. Industry along with governments have to work together to eliminate ransomware from the future. 

Supply chain attacks

Many tech businesses are interconnected and this means that supply chains have been the targets of many attacks. This poses a massive risk to companies and vulnerabilities have been exploited within minutes in certain cases. In 2023, it will be important to prepare for future risks before the threat landscape further quickens keeping the defenders a step behind. 

AI will be a boost

AI technology has leaped in the last few years bringing with it risks and benefits to various industries. Attackers are using the AI and machine learning capabilities to strengthen their attacks by using them to gather data on businesses and employees. On the other hand, AI can also strengthen cybersecurity capabilities and detect threats faster and respond to incidents quicker. Individuals should monitor their accounts regularly, especially in banking and financial services.

Multi Factor authentication

Banking and social media have started using multi factor authentication (MFA) which is more secure than a single password. It provides more layers of security. Although MFA is an added security feature, criminals exploit the fact that people have an “MFA fatigue”. So the MFA is not a fully safe option and the industry is already searching for various other options.

Skills shortage

There is a huge skill gap in the cybersecurity space and while the market is highly competitive, many companies are turning to automation to address their security needs. The skills gap will come to a head in 2023 and the shortage of talent can result in significant attacks on an overburdened employee or an understaffed team. 

Conclusion

Cybersecurity Predictions and Trends for 2023

The cybersecurity industry will have to consolidate and respond better in the rapidly evolving landscape. Industry and governments must work together to come up with solutions. As environments are becoming more connected, a more structured approach to cybersecurity will be required. Organizations will have to come up with a consolidated approach towards cybersecurity rather than a fragmented approach or coming up with knee-jerk reactions.