Cybersecurity is a critical concern as large and small organizations incur high costs due to cybercrime. In fact, according to a recent study, global cybercrime damages will cost up to $10.5 billion annually by 2025. For an organization not to get caught in this landslide, they need to take in the right information and act on it quickly.
One such piece of information they should have at their fingertips is understanding the cyber threats currently plaguing businesses. This post will look at six cybersecurity threats to watch for in 2023.
Table of Contents
What Are Cyber Threats?
A cyber threat refers to any malicious attempt by a threat actor seeking to unlawfully access data, damage information, or disrupt digital operations. Cyber threats can come from a wide range of threat actors, including hackers, ransomware gangs, nation-states, and even malicious insiders.
The Cyber Threats to Be on the Lookout for in 2023
Threat actors continuously develop new, innovative ways to launch their attacks. Here are six cybersecurity threats you should be wary of this year:
1. Ransomware Attacks
Ransomware is a type of malicious software designed to deny users or organizations access to crucial files on their computer systems. By encrypting the files and demanding that victims pay ransom to get the decryption key, the threat actors put users and organizations in a position where ransom payment is the easiest way to regain access to their files. Over the years, ransomware has evolved from attacks targeting individual users to complex attacks targeting public and private organizations, and even federal governments.
Some notable ransomware attacks in recent years include the Colonial Pipeline attack, the Kaseya attack, and the JBS attack.
As the threat actors’ appetite to demand substantial ransomware grows, we’ll experience more ransomware attacks targeting both large and small organizations in 2023 and beyond.
2. Phishing Attacks
A phishing attack is a social engineering attack used by malicious actors to steal confidential information such as credit card numbers and login credentials. This type of attack occurs when a threat actor masquerading as a reputable or trustworthy entity tricks a victim into opening a text message or email that has a malicious link.
According to IRONSCALES, 80% of organizations have experienced increased phishing attacks since 2020. Unfortunately, this trend is not expected to wane soon, especially given how effective these attacks are.
3. Supply Chain Attacks
Supply chain attacks typically target organizations by focusing on the vulnerable areas of an organization’s supply chain. The supply chain encompasses everything from delivering materials from suppliers to the manufacturer of a given product to its delivery to the end user. Supply chain tracks make it possible for cybercriminals to target specific areas, and the attack vector can grow quickly, especially if a vendor has a lot of customers.
Supply chain attacks have been on the rise in the last couple of years. In fact, a recent study found that supply chain attacks impacted more than 10 million people in 2022. In 2023, the number of supply chain attacks will only increase as threat actors come up with new ways of exploiting supply chain vulnerabilities.
4. Attacks on Cloud Security
More and more organizations are embracing the cloud. In fact, a survey discovered that 70% of organizations accelerated cloud migration in the last year, and it’s not hard to see why. The cloud offers many benefits, including increased flexibility, cost savings, and collaboration.
Even so, the cloud also poses a significant security risk. Threat actors are increasingly exploiting cloud computing vulnerabilities to steal sensitive data. And as more organizations migrate to the cloud, the attacks on the cloud will also increase.
5. Man in the Middle Attacks
These attacks occur when a threat actor inserts themselves into a two-party transaction. Upon interrupting interaction, the threat actor filters and steals data. Users are often exposed to man-in-the-middle attacks when they use an unsecured public Wi-Fi network. These attacks have become prevalent in recent years and will only increase in 2023.
6. Password Attacks
Another common way threat actors gain access to confidential information is by using password attacks. Threat actors use social engineering to trick people into revealing their logins. They could also locate your password through a password database or just guess outrightly.
With most people choosing weak passwords or using the same password for multiple accounts, we will continue to see an increase in password attacks.
Best Practices for Preventing Cyber Attacks
Most individuals become victims of cybercrime because of poor or ineffective cybersecurity strategies. Some best practices for preventing the cyber threats outlined above include:
- Adopting a Multi-Layered Approach: Effectively securing your organization against cyber threats is a comprehensive approach rather than a one-step process. It entails you implementing a multi-layered approach that includes malware scanners, antivirus software, intrusion prevention technologies, and other security solutions and strategies.
- Using Multi-Factor Authentication: Multi-factor authentication provides an extra layer of protection other than your password. Using multi-factor authentication ensures that even if someone breaches your password, they won’t be able to access your account.
- Implementing a Zero Trust Architecture: Zero trust is a security policy that requires the continuous authentication, authorization, and validation of all users in an organization for security configuration and posture before granting them access to data and applications. This policy strengthens an organization’s security by ensuring that an organization’s data and applications are secure regardless of where a user accesses them from.
- Backing Up Your Files: While you may take every measure to protect your files, a data loss event may lead to you losing them. When you have a robust data backup and recovery strategy, you can be sure that you can restore your system to its current working condition in the event of data loss.
The cyber threat landscape is only worsening as the world becomes more digitized and threat actors develop new ways of launching their attacks. To safeguard your organization, you first need to understand the cyber threats you face and develop sound strategies for securing your organization against them.