Cybersecurity is an ever-growing concern for individuals and organizations alike. In light of the continuous advancements in technology, it is important to remain aware of potential risks associated with cyber threats. To gain insight into this rapidly changing landscape, we spoke with more than 60 InfoSec experts and Industry leaders on the cybersecurity landscape for 2023, and here are the top 10 cybersecurity predictions for 2023 based on the expert responses.
1. Technology Is Just One Step Towards Achieving Cyber Resiliency; People Are Also Critical
Humans continue to pose the greatest threat to cybersecurity, according to research, and this is usually due to ignorance, carelessness, or improper access controls. These issues cannot be resolved by cybersecurity training alone or by making everyone an expert in the field.
Enterprises will understand in 2023 that their people, not their systems, are what makes them secure and resilient. Organizations can only better prepare for the future by supporting initiatives that place a priority on well-being, learning and development, and routine crisis drills.
2. Consolidation Of Security Vendors
The industry has experienced a staggering level of M&A consolidation during the last few years. Because of this, security organizations are trying to optimize their current toolkits rather than adding to their ever-expanding technological stack. The cost of security goods and the lack of internal resources to successfully manage the systems will continue to be the driving forces behind the growing need for security vendor consolidation.
3. Business Leaders Will Prioritize Managing Cyber Risk
Business leaders are starting to prioritize security more than in the past. Security spending is predicted to climb 8.1% yearly and reach $174.7 billion by 2024, according to IDC, which comes at a time when other budgets are shrinking. Certainly, this is for a good purpose. Large-scale cyberattacks, such as data breaches or ransomware, can have the same catastrophic effects as natural catastrophes, halting operations and causing irreparable harm to a company’s reputation, client base, commercial ties, and more.
Cybercrime is expected to cost over $8 trillion by 2023, which is shocking because it represents “the biggest transfer of economic wealth in history,” as stated by Cybersecurity Ventures. Boards and chief financial officers (CFOs) should remember one thing from 2020: to always be prepared for the unexpected. To be genuinely effective, however, top management must first recognize the gravity of the threats facing their firm and adopt a holistic approach of cybersecurity.
4. Companies More Susceptible To Cyberattacks Due To Budget Constraints Brought On By Economic Uncertainty
Strong cybersecurity initiatives are necessary but not immune to budget restrictions. If the company is experiencing financial difficulties, top management will examine security spending closely to find places to make reductions. The cybersecurity market has proven to be exceptionally robust throughout recessions in the past. Currently, in the midst of a downturn, the near future seems grim.
Cybercrime cost the UK £27 billion in 2022, and this number is expected to climb as the recession continues. Businesses are facing an unprecedented volume and sophistication of threats. In light of this situation, CIOs in the UK anticipate that cyber and information security will see the greatest growth in spending (66%) throughout the year 2023. Companies must find a way to prioritize cybersecurity when planning their budgets in light of the current economic downturn.
5. Cyber Insurance Will Become A Key Part Of Understanding Cyber Risk And Building Resilience
More money spent on cybersecurity does not automatically result in greater cyber maturity, as demonstrated by the increasing frequency and intensity of disruptive cyber incidents. Over the previous two years, the top 20 cyber insurers have achieved record high loss rates, demonstrating firsthand the effects of insufficient risk assessment when covering businesses.
More money will be put towards estimating cyber risk. This will encourage improved communication and information exchange between security firms. Cyber insurance companies will work with tech companies to combine security data with insurance and risk modeling insights. Overall, this will lead to more precise risk quantification, which will make policyholders safer.
6. Cybercriminals Will Focus Mostly On Healthcare And Education Sectors
Healthcare firms will continue to be a major target for attackers in 2023, despite improvements in the detection and control of cybersecurity threats. Why? The sheer amount of private data stored makes it an attractive target for hackers.
In a ransomware or data trading scenario, health information is among the most sensitive and valuable types of data. Emerging medical innovations and transitioning to new technology, such as the cloud, automation software, and artificial intelligence, can leave healthcare businesses open to assault.
7. More Patches And Gaps In Software Security
A large number of IT teams are not aware of the software upgrades that are available to patch these security gaps. Some are aware that these updates are available, but they lack the means or know-how to keep up with their release. This is often caused by a lack of qualified team members and personnel issues. However, the Ponemon study found that 64% of American organizations are actively looking to hire more IT personnel who are focused on patching.
In actuality, antivirus software is no longer sufficient to fully safeguard you. To keep your company’s data safe, the company should hire qualified people to do things like check for patches and test your own data security measures. You must have backups and copies of your data that you can quickly restore in case of a breach.
8. More Businesses Will Switch To Zero Trust
Most businesses already have security programs in place and are actively looking for specialized solutions to hasten the transition to Zero Trust security. Organizations may determine what security solutions they need to improve their security by using the Zero Trust methodology to continuously review their security posture. Organizations are placing increased emphasis on security issues.
Organizations all across the world have learned how crucial identification is to security and Zero Trust. The concern is centered on identity because ransomware assaults, which are the most common method employed, leverage stolen credentials in over 80% of web app breaches that happened last year. As part of their Zero Trust strategy, businesses are making significant efforts to secure the new border of identity. Organizations may fully utilize identity and access management (IAM) by combining it with other crucial security solutions, creating a potent central control point to monitor access among users, devices, data, and networks, by adopting an identity-first approach to Zero Trust.
9. Steps Will Be Taken By The Government And Businesses To Eliminate Ransomware
Since ransomware is more widespread than ever, businesses and the government will have to deal with the root of the problem. The only method to completely remove ransomware is to stop paying it; otherwise, doing so merely serves to finance the activity. Although it is unlikely that any new legislation will be proposed in the upcoming year, we will undoubtedly start to see talks about what this may entail and perhaps even the first prototype of this produced.
10. 2FA Becomes Useless Due to New Phishing Attacks
Every multi-factor authentication (MFA) system is vulnerable, and in certain circumstances, it only takes the sending of a typical phishing email. The most recent phishing attempts can silently get around Two Factor Authentication (2FA) security. The number of 2FA-aware phishing assaults is increasing, according to Google researchers. Attackers are aware that firms are implementing two-factor authentication to foil phishing attempts to steal credentials.
The bad guys have, in essence, realized that SMS-based verification will be a part of the process and have meticulously created intricate imitation login sites that not only take user credentials but also make it easier to request that Google give the second authentication element. The malicious webpage simultaneously signs in to view the victim’s complete G Suite as the user enters the information. Today it’s Google; tomorrow, hackers will likely try this on every 2FA site that makes use of a single sign-on mechanism.
Cybersecurity attacks and threat detection remain top priorities in 2023 and would be at an all time high. Organizations, Education Centers, Hospitals, and Manufacturing Centers will all fall victim to the avalanche of cyberattacks that is currently being carried out by threat actors all over the world. Data breaches and the theft of sensitive information continue to be major concerns for businesses of all sizes. Data security leaders will keep finding and discussing what lies ahead as businesses seek the best resources to secure data and thwart bad actors.