Biggest Cyber Security Threats 2023

What do I Need to Know About Cybersecurity in 2023?

Cybersecurity has always been a global concern ever since the world connected through the internet and other means. The COVID-19 pandemic completely changed the way of life and forced many more people to rely on digital devices.

Cybercriminals find new ways to breach enterprise defenses and keep security teams on edge with every passing year. Malware attacks, phishing, SQL injection, ransomware and insider threat continue to be some of the top security threats to businesses and regular people in 2023.

Practicing cyber hygiene and ensuring your organisation is protected by a cybersecurity insurance is one of the surest ways to tackle these cyber threats.

What are the Biggest Cyber Security Vulnerabilities of 2023?

India alone saw a 500% increase in cyber-attacks since the pandemic, as per the National Security Agency. Cyber-attacks have become extraordinarily professional and continue to expand the threat landscape. Take a look at some of the biggest cyber challenges we can face in 2023:

1. Supply Chain Attacks

   Supply chain attacks remain a persistent threat to software developers and suppliers, where they can infect legit applications. These attacks rose exponentially in 2020 and are likely to remain a serious concern in 2023.

   Supply chain attacks are done by gaining access to build processes, source codes or update app mechanisms to distribute malware.

   Organisations need to be careful with all the suppliers and third-party vendors. It is equally important to know the components of the software the third party is using so that no vulnerable versions can pose a threat.

2. Insider Threats

   Lack of security or awareness among regular employees is one of the biggest cyber risks in 2023. Any cyber security risk originating from within the organisation is considered an insider threat.

   For business owners, having a proper strategy to tackle security threats must be a priority to deal with malicious acts. This can be caused due to a malicious insider or a negligent insider, both enough to cause serious damage to the company. This can be done by a current or former employee, or anyone with the potential to misuse network access or assets to modify, disclose or delete sensitive data.

   Tackling insider threats requires a layered approach consisting of regular risk assessments, providing security awareness to the employees, implementing 24/7 endpoint monitoring and more.

3. Phishing

   Social engineering threats such as phishing remain a huge risk in 2023. This is because this hacking technique relies more on human error than any technical vulnerabilities. With more and more Indians getting access to mobile internet without a solid knowledge of these security threats, phishing is a dangerous threat on every level.

   Phishing has affected individuals, small businesses, and multinational organisations. The attacks usually involve elaborate ways to reach employees and trick them into revealing their bank account details, credit/debit card numbers, passwords or revealing sensitive information that can compromise their safety.

4. Internet of Things

   While the use of smartphones and other smart devices has significantly improved quality of life, more than 1.5 billion breaches occurred in 2021 with attacks on these smart devices or the 'Internet of things.

   Poor cyber hygiene has enabled hackers to attack smart devices as soon as 5 minutes of connecting to the internet. As the number of these IoT devices is likely to increase in 2023, the wider network of access points is also prone to security breaches. Hackers can connect through these vulnerable devices and breach corporate as well as personal systems.

5. Ransomware Attacks

   Ransomware attacks are among the oldest cyber threats that will keep on persisting in 2023 and beyond. What's worse, they have become more expensive, especially to victim companies. On average, the system downtime after an attack is 21 days. The companies often suffer revenue loss due to the ransom, as well as the income lost while the system was down. This is also followed by dismissal or forced resignations to meet the fiscal deficit.

   2023 is likely to see a more sophisticated version of ransomware, where RaaS or 'Ransomware as a Service' will let malicious criminals deploy pre-developed ransomware tools to attack individuals and organisations.

6. Security Risks due to Mobile Devices

   Along with remote work, many organisations adopted BYOD or bring your own device policy, letting their employees work from their personal laptops or systems.

   While this has improved productivity significantly, companies have lost security visibility and the ability to tackle threats to their systems.

   The use of cyberespionage tools such as Pegasus is likely to increase this year, along with mobile malware Trojans that can gain access to target devices because of weak application security controls.

Over to You,

Cybercriminals were quick to adapt to these changes and have since then increased, improved and improvised their methods to prey on people. While there are several ways to prevent these risks, one of the safest ways to deal with the aftermath of a cyber-attack is by buying cybersecurity insurance. This insurance is a must for businesses and other organisations to cover any financial losses caused by cybercrimes.