A slew of fresh and advancing cybersecurity threats has put the information security sector on high alert. Increasingly sophisticated cyberattacks, encompassing malware, phishing, machine learning, artificial intelligence, cryptocurrency, and more, constantly endanger the data and assets of corporations, governments, and individuals.
The industry grapples with a severe shortage of cybersecurity professionals, and experts caution that the stakes have never been higher. The cybercrime epidemic even jeopardizes public faith in revered ideals like democracy, capitalism, and personal privacy. “To be honest, we’re all susceptible,” Heather Ricciuto from IBM Security stated, “whether you’re referring to a large corporation or an individual.”
The nonprofit Information Security Forum, self-described as the “world’s foremost authority on cyber, information security, and risk management,” highlights in its annual Threat Horizon study an increased potential for:
Disruption: Excessive reliance on fragile connectivity increases the risk of deliberate internet outages capable of crippling commerce, alongside a heightened threat of ransomware commandeering the Internet of Things.
Distortion: The deliberate dissemination of false information, including through bots and automated sources, undermines trust in the accuracy of information.
Deterioration: Rapid advancements in intelligent technologies, coupled with evolving national security and individual privacy regulations, detrimentally affect organizations’ ability to govern their own information.
Rising Cybersecurity Trends in 2023
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With a forecasted annual cybercrime-related damage of $10 trillion by 2025, let’s delve deeper into the foremost cybersecurity threats of 2023, including those concerned about cyber security in Chicago.
As per additional data from Statista, cloud security stands out as the swiftest-expanding segment within the IT security market, with an anticipated growth of nearly 27% from 2022 to 2023. This surge is primarily attributable to the rising demand for cloud solutions following the outbreak of COVID-19. While more companies opt for cloud-based data storage for its convenience and accelerated accessibility, there is also an escalating requirement to safeguard cloud data during both transmission and storage, thereby preventing unauthorized access.
Risky Hybrid or Remote Work Settings
The COVID-19 pandemic significantly popularized the concepts of hybrid and remote work. According to Gallup, approximately half of full-time employees in the U.S. (60 million individuals) state that their current job can be performed remotely from home, at least on a partial basis. Prior to the pandemic, around 8% of workers were exclusively remote; this figure surged to 39% in 2022. Projections for 2023 and beyond estimate it to stabilize at 24%.
While hybrid and remote work setups bring numerous advantages for both workers and employers, they also introduce additional threats. Common security risks associated with remote work encompass accessing sensitive data via unsecured Wi-Fi networks, utilizing personal devices for professional tasks, employing weak passwords, and engaging in unencrypted file sharing.
Heightened Emphasis on Mobile Cybersecurity
In line with Statista’s data, there are presently 6.5 billion smartphones in active use as of 2022. As individuals expand their reliance on mobile devices for personal and business communication, online shopping, banking, and travel reservations, these devices increasingly present attractive opportunities for cybercriminals.
The mobile apps we install also pose potential risks, and cunning developers employ crafty methods to evade the protections of mobile app marketplaces.
As reported by Cybernews, in 2021, Apple thwarted over 1.6 million apps and updates that aimed to deceive users, thereby safeguarding approximately $1.5 billion in potentially fraudulent transactions through its App Review process and Developer Code of Conduct. Expect greater vigilance from major tech companies as we venture into 2023.
In tandem with the escalating frequency and severity of cyberattacks, new industries are emerging to address these risks, among which is cyber insurance. Organizations resort to it as a means to reduce vulnerabilities and mitigate financial losses resulting from cyberattacks.
To secure comprehensive insurance coverage, demonstrating the adequacy of a company’s protective measures is steadily becoming obligatory. Small and medium-sized businesses may require assistance in meeting the cyber insurance prerequisites aimed at safeguarding company data.
Phishing Grows in Complexity
Phishing assaults, wherein meticulously targeted digital messages are dispatched to deceive individuals into clicking on a hyperlink that can subsequently implant malicious software or unveil sensitive data, are progressing in sophistication.
Given that employees in the majority of institutions now possess a heightened awareness of the perils associated with email phishing or interacting with dubious-looking hyperlinks, cybercriminals are intensifying their efforts. For instance, they employ machine learning techniques to swiftly fashion and disseminate persuasive counterfeit messages, with the anticipation that recipients will inadvertently jeopardize their organization’s networks and systems. Such tactics empower hackers to purloin user credentials, credit card information, and various categories of personal financial data, as well as gain entry to confidential databases.
Attack detection tools are no longer a luxury.
Each attack can lead to severe consequences when safeguards are absent or unavailable. A data breach, when successful, can incur costs in the millions, contingent on the attack type and its duration. This includes the damage to reputation, loss of customer loyalty, and even customer attrition. No industry or business is immune; any company storing network data is susceptible.
To thwart attacks or minimize their impact, organizations must spot unusual activities across their user base, applications, and infrastructure. This is why AI and ML will see growing utilization by providers.
Gartner anticipates a substantial surge in demand for cloud-based detection and response solutions in the coming years.
The ongoing battle against cyber assailants, security breaches, ransomware, and phishing attacks remains ceaseless, as both factions continually vie to outmaneuver each other. Consequently, capitalizing on the emerging trends in cybersecurity becomes paramount in securing victory against cyber threats within your organization.
From heightened user consciousness to the prevailing patterns in ransomware assaults, we’ve furnished a quick reference guide encompassing the top 10 burgeoning cybersecurity trends slated to materialize in 2023. Nevertheless, should your organization necessitate a dedicated squad of cybersecurity professionals equipped with the requisite access, infrastructure, and proficiency to assist in your preparedness for the latest cybersecurity technology trends, do not hesitate to seek support from experts in the field of cybersecurity.