Cybersecurity predictions for 2023

Cybersecurity predictions for 2023

Now more than ever, it's important for businesses and individuals alike to always be prepared for the next big cyberattack. To help achieve that, IT experts stay on top of cybersecurity news and trends. This enables them to better predict the new threats we'll likely face in the coming year and how we can best protect ourselves from these.

Here are some of their top cybersecurity predictions for 2023.

Ransomware will continue to be a major problem

The number of businesses worldwide victimized by ransomware has been increasing over the years. In 2022, 71% of businesses have experienced a ransomware attack. It’s no surprise then that in the same year, ransomware was deemed the top cyberthreat to large companies as well as small- and medium-sized businesses (SMBs), and ransomware will likely remain so in 2023.

Almost all ransomware gangs are already employing tactics like double extortion and doxing, in which they exfiltrate data before encrypting it and then threaten to publish stolen data unless they are paid the ransom. But in 2023, more and more ransomware attacks will focus on corrupting data rather than encrypting it since data corruption is faster and easier than full encryption. If the victim's data is corrupted and they don't have a backup, then they'll be more likely to pay the ransom so they don't lose their data.

This underscores the importance of having a data backup and recovery plan as well as security solutions that allow them to spot and respond to suspicious activities quickly.

People will still be the weakest link in the security chain

According to Verizon's 2022 Data Breaches Investigations Report, 82% of data breaches involved the human element, whether because of human error, misuse, or falling victim to social engineering attacks. And we can expect the same trend in 2023, as cybercriminals increasingly target humans rather than technology.

To effectively manage the human risk, businesses must provide their staff with security awareness training. This would better equip employees in detecting and responding to potential threats and also help them practice better cyber hygiene, such as using strong passwords and being wary of clicking links in unsolicited emails.

Supply chain attacks will become more damaging

In recent years, cyberattacks that exploit vulnerabilities in an organization's supply chain have been on the rise. Examples of such attacks are those launched against Target in 2013 and Equifax in 2017, where hackers used their HVAC vendor and their software provider, respectively, as entry points.

Most supply chain attacks are financially motivated, while some are done for political reasons. An example of the latter is the SolarWinds supply chain attack in 2019, in which Russian cybercriminals injected malware into SolarWinds Orion’s software update. This allowed them to monitor the IT systems of the US Treasury and Departments of State, Defense, Homeland Security, and Commerce.

With the current geopolitical landscape, we can expect bigger supply chain attacks in 2023. State-backed Russian cybercriminals will likely target critical infrastructure suppliers (e.g., communications, utilities) of Ukraine and other allies like the United States. Any successful attack could cause widespread outages that would affect entire countries.

Businesses can mitigate the risk of supply chain attacks by thoroughly vetting their vendors and suppliers and verifying that these third parties have strong cyber defenses.

Businesses will increasingly rely on Cybersecurity-as-a-Service

As the global cybersecurity skills shortage continues, more and more businesses will partner with managed security service providers (MSSPs). This trend is already apparent in the growth of the MSSP industry, which is expected to reach $77.01 billion by 2030 — up from $22.45 billion in 2020.

MSSPs have the right tools, personnel, and expertise needed to effectively bolster the security posture of businesses. Not only that, but MSSPs can also ensure that their clients are meeting all relevant cybersecurity regulations.

You can turn to SpectrumWise for all your company’s cybersecurity needs. We created a seven-layer security strategy that ensures complete protection of your data and IT systems. Schedule a FREE consultation with our IT security experts today.