Cyber Security Threats In 2023: What To Expect
Cybercrimes committed worldwide show no sign of slowing down. They remain the number one cause for concern among Chief Information Officers (CIOs). As a result, the market for cyber security is projected to grow from around USD$173.5 billion in 2022 to more than USD$266.2 billion by 2027.
As these figures indicate, businesses today have included cyber security as a significant part of their operation. Keeping ahead of cyber criminals has become a serious concern, as hackers are getting more creative. And that’s to be expected, considering that cybercrimes, at an estimate, cost the world around USD$7 trillion in 2022.
An increase in financial losses due to BEC
A rise in the average cost per cybercrime report to all Australian businesses
150,000 to 200,000
Australian homes and small businesses are vulnerable to compromise including by state actors.
An overview of cyber security threats
Cyber security threats refer to threats of attacks on websites, software, systems, servers, or networks. They can potentially corrupt or steal data, effectively destroying a target’s digital assets. Threats like these are intentional and malicious, often originating from a single hacker, an organisation, or an individual who acts on behalf of a government agency, also known as a ‘state actor.’
It all started when the first computer worm was created in 1988. This worm, a malware that self-replicates and spreads to other computers, made the internet crawl. An investigation was launched, resulting in the arrest of one Robert Morris, a student at Cornell University, making Mr. Morris the first to be convicted under the Computer Fraud and Abuse Act, passed by the US Congress in 1986.
From a simple but destructive worm, emerging cyber security trends have become increasingly sophisticated. This development has been magnified since the shift to remote working. Modern cyber security threats have gotten more insidious and more complex.
Cyber security threats to expect in 2023
Definitely, there are some carryovers from 2022. This year’s threats are problems that still need to be addressed. However, evolving techs and a dynamic world make cyber security threats 2023 present new challenges for security experts.
Below are a few modern cyber security threats to watch out for in the coming year:
1. User error
User error remains the biggest security threat for 2023. You can employ the most unforgiving cyber security money can buy, but an unsuspecting employee can undo your security faster than Alexander the Great undid the Gordian Knot. Around 80% of data breaches are caused by user error.
Phishing, attachments, malicious links, and spoofing are just some of the scams that trick users into letting cyber criminals have a foot in the company’s digital door. There are two categories under which user or human errors fall. These are:
- Skill-based error: Mistakes that happen when a user is doing a familiar task due to a lapse in concentration. This error makes a user fall for phishing scams.
Decision-based error: Mistakes that happen when a user makes an erroneous decision. This situation can occur when the user doesn’t have sufficient knowledge or information. They may not even realise they’re making a wrong decision.
2. Cloud security breaches
One of cloud computing’s benefits is making it convenient to access data wherever you are. But as with everything else, there’s a downside. If your cloud security is breached, your information will be free for the taking, like a data smorgasbord laid out for cybercriminals to feast. In 2021, around 40% of businesses surveyed experienced a cloud security breach, compromising their data.
Typically, breaches in cloud security occur due to the following:
- Compromised credentials
- Exploited vulnerabilities
- Incorrect configurations
- Improper data sharing
Checking cloud configuration often, using encryption, and implementing multi-factor authentication can lessen this threat.
Software written specifically to cause trouble is collectively called malware. Variants include the following:
- Trojan horse
Usually, malware can find its way into computer systems via accidental click of a malicious link or attachment.
Malware inside a computer system can cause a lot of mischiefs, like stealing your data. It can cause your network to be compromised. Your company might be locked out of the system or, in the case of ransomware, hold your data hostage by encrypting it. You can take control of your data only after paying the hackers.
You can lessen this threat by getting a robust, professional security solution for your network.
4. Internet of Things (IoT) attacks
Attacks on IoT devices have been rising steadily. And judging by the latest figures, it shows no sign of letting up. But despite these threats, the use of IoT devices is increasing. Undoubtedly, they have become essential to businesses. IoT devices connected to printers, lighting, cameras, HVAC systems, and others have become a fixture among companies.
With an increase in usage, security risks also grow. Convenient and useful these devices may be, they’ll be a tempting target for 2023 hackers.
To mitigate the threats to your devices, you should:
- Update firmware
- Use a separate router for your IoT devices
- Enable multi-factor authentication
IoT devices will continue to be a target for hackers in the coming year, so if your business uses any of these devices, it pays to invest in their security.
Cyber security threats continue to be the top concern of security experts worldwide. Companies will continue to invest in cyber security. Some security threats, such as user error and cloud security breaches, will continue to be a concern in 2023. A robust, professional security solution will help protect your company against these threats.
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- CISA. “Home Network Security | CISA”. Cisa.Gov, 2022. https://www.cisa.gov/uscert/ncas/tips/ST15-002.
- Liu, Jennifer. “61% Of People Working From Home Are Doing So Because They Want To, Even Though Their Office Is Open”. CBNC, 2022. https://www.cnbc.com/2022/02/18/people-are-working-from-home-out-of-preference-not-just-necessity.html.
- Microsoft. “Microsoft Digital Defense Report – Microsoft Security”. Microsoft.Com, 2022. https://www.microsoft.com/en-us/security/business/microsoft-digital-defense-report/.
- Williams, Shannon. “Phishing Email Attacks Targeting Remote Workers On The Rise”. Securitybrief Asia, 2022. https://securitybrief.asia/story/phishing-email-attacks-targeting-remote-workers-on-the-rise.