Cybersecurity Predictions For 2023
Top trends and predictions for 2023
Top trends and predictions for 2023
What will the cybersecurity landscape look like in 2023? It’s hard to say, but we can make educated guesses based on current trends. Cybercrimes are expected to cost more than $8 trillion in damages by 2023, while investments in cybersecurity are likely to reach a new all-time high of $181 billion, according to Digital Security Magazine. Both of these predictions are based on current trends. It is projected that 2023 will be even worse than 2022, a record-breaking year for cybercrime.
Here are my predictions for 2023:
There will be more extortionists by threat actors using ransomware. The impact of cyber attacks using ransomware will continue to get worst.
As the price of Bitcoin and other cryptocurrencies has increased, there has been a rise in ransomware attacks. This rise is because cybercriminals can now make considerable earnings from their activities. Since so many businesses and people use EternalBlue exploits, a backdoor implant tool, there is a greater chance that they will be attacked. These exploit tools can be used to transmit ransomware, making them particularly dangerous.
Attacks that are specifically targeted will grow increasingly sophisticated. The WannaCry and NotPetya attacks showed that even very simple cyberattacks could significantly impact businesses, and this trend will likely continue. On the other hand, attacks that are getting more complicated and use zero-day exploits and social engineering techniques are likely to become more common. These assaults are frequently challenging to detect and can significantly and negatively affect organizations.
The internet of things is going to introduce brand new dangers. The increasing number of smart gadgets, such as medical devices and industrial equipment, that are connected to the internet gives new opportunities for those who would like to commit cybercrime. Because of this weakness, these devices usually need more security, which can be used to launch attacks or get access to sensitive information.
2. The cost of recovery from a cyberattack will increase.
Since cybercriminals keep changing their methods, it’s unlikely that recovering from the effects of a cyberattack will get cheaper in the near future. The recovery cost will likely continue climbing as cybercriminals discover new ways to attack vulnerable companies. Taking precautions to protect against cyberattacks is essential, but these measures will likely fail. Because of this, businesses will have to keep investing in cyber security to safeguard their data.
3. More compliance and regulations will be globalized to protect the organization’s data assets.
Cybersecurity experts suggest that organizations will invest in information systems to secure data and strengthen processes to be managed the same way worldwide. Teams in charge of data privacy, security, and compliance can work together to ensure that data is safe and that government and industry standards for compliance are met. Also, companies will give their workers more training on protecting data assets and implementing data privacy and security rules.
The globalization of data privacy regulations and security compliance is a problem for organizations. Because of the ever-increasing amounts of data being gathered and kept, companies need to be ready to manage this data in a way that satisfies the standards for compliance and prevents the data from being compromised.
4. The weakest link in data governance is the human factor.
Regarding data governance, there is little doubt that people are the weakest link in the chain. Quite frequently, we are the ones who make errors that may result in a breach of data or a violation of privacy. When we share information with others, whether in person, on the internet, or in any other way, we might not even be aware of the potential dangers.
For this reason, it is of the utmost importance to have policies and procedures in place to ensure data protection. Training for corporate staff on the appropriate handling of information should be included in these measures. In addition, businesses should consider investing in technology that can automate some of the procedures involved in data governance to reduce the possibility of making mistakes caused by human error.
5. According to the Verizon Data Breach Investigations Report findings, 63 percent of confirmed data breaches were the result of passwords that were either insufficiently secure or that needed to be changed more frequently. Over the past few years, weak passwords have led to high-profile data breaches. Some examples of these breaches include the data breach at Ashley Madison and the data breach at Equifax, to name just a few.
Users get access to data by using a password, a coded word, or a phrase to check their identity. Most passwords are between six and eight characters long, and it is essential to remember that they are case-sensitive. For a password to be effective, it needs to be a random mix of letters, numbers, and other symbols.
Even though passwords are the most common and most used way to prove who you are, they are also the least secure. A password that is difficult to guess is strong; nonetheless, the strength of a password is only as good as the security of the system it is being used to protect. As cybersecurity researchers, we suggest that users use a passphrase instead of a short password. Additionally, users should use a password management system to encrypt all passwords and phases.
A multi-factor authentication (MFA) system is another way to make passwords safer. Multiple-Factor Authentication (also known as MFA) is a type of authentication that checks a user’s identification with the help of more than one piece of evidence.
There are two varieties of multi-factor authentication (MFA): passwordless authentication and two-factor authentication (2FA). Two-factor authentication (also known as 2FA) requires that you provide evidence of either two or three different aspects of your identity, including what you know, what you have, and who you are. In two-factor authentication, “something that you know” can be a passcode or personal identification number (PIN), “something that you have” can be a security token, and “something that you are” can be a biometric, such as a fingerprint or an iris scan. Users of banking apps, online stores, and students at educational institutions most commonly utilize two-factor authentication. A similar process is known as passwordless authentication, except instead of using two or three factors, it only requires one.
These suggestions are methods that organizations could use to protect themselves from cyber threats. Businesses will continue to teach their employees about cybersecurity, set up rules and protocols, and work with law enforcement to fight threats this year. Companies that invest in improving their cybersecurity awareness will be less likely to be attacked by hackers in the future.
Stay tuned to my newsletters for information about the top threats and solutions you need to watch out for in 2023 and how we think these attacks will change so you can make smart investments in cybersecurity.
About the Author
Mack Jackson Jr. is the CEO of Vanderson Cyber Group. In the age of global cyber threats, Vanderson Cyber Group helps businesses protect themselves from cyberattacks by teaching them cybersecurity awareness. Vanderson Cyber Group uses state-of-the-art practices in security policy development and comprehensive employee training. One of the essential services is phishing simulation and compliance training, which keep employees up-to-date on the threat landscape. Vanderson Cyber Group also provides resources for cyber insurance, managed services, and legal representation. For more information: http://www.vandersoncybergroup.com