Things that need attention in 2023: Cybersecurity

As 2022 comes to an end, we have seen hundreds of cyber attacks and breaches across the globe. Some of these attacks drew global attention and were heavily publicized by the breached organization, hackers, or governments. Ransomware has remained a major cybersecurity menace for years. Still, it shows no sign of slowing down as attackers continue to learn and sophisticate their methods. With the digital transformation around businesses, small or large, organizations, governments, and corporates rely on computerized systems to manage their everyday activities. Thus, making cybersecurity a key goal to protect data from potential threats or unauthorized access.

But if you think you are at the top of your cybersecurity game, new security flaws always appear- some of which can have a disastrous impact. Knowing what the future has in store can help prepare for emerging threats.

New and more dangerous supply chain threats

The ongoing geopolitical storm brings both classical cyber threats and unpredictable risks. One of the major problems in 2023 will be supply chain stability. While the supply chain is a big challenge for the government, businesses, and organizations, cybersecurity is not a tiny issue but a significant obstacle. The supply chain will become an easy target for targeted ransomware and international espionage.

More attacks by Non-Organized Attackers

According to Mandiant’s Cybersecurity Forecast 2023 report, 2023 will see cyberattacks conducted by non-organized attacks and non-nation state attackers. The report claims that the threat actors operating out of Europe and North America will be younger and conduct intrusions to brag among themselves rather than make money.

Security skill shortages

Providing employees with essential information and advice on how to stay safe online- both at work and home is important. That starts at the basic level, employees being able to identify an email compromise scam or a phishing link, which helps monitor corporate defenses. As cyber threats become more ingenious, companies need the right resources and employees with the right skill sets to fight them. Software companies and cybercriminals will always be at a face-off when a new security flaw is discovered to see whether the vendor can fix it before the hackers can exploit it. But providing people with basic knowledge about keeping themselves safe will go a long way towards combating breaches.

Cyber Insurance is harder to obtain

Whenever companies suffer a cyberattack, more have relied on cyber insurance to cover their cyber risks over the years as management has become more aware of cybersecurity risks. However, claims have also catapulted, limiting insurance companies to reassessing their risk appetite and scaling down coverage accordingly.

Despite ransomware being a well-established toolkit in many threat actors' arsenals, data shows an increase in European ransomware attacks while US ransomware attacks are on the decline. While organizations in European regions need to stay vigilant, organizations around the globe need to be prepared for the rise in extortion attempts.

We also expect 2023 to see an increase in the number of attackers motivated simply by bragging rights. These threat actors are likely young and not backed by any state or organized group. China, Russia, North Korea, and Iran are also expected to be highly active next year, using financial threats, information operations, and destructive attacks.

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