Cyber Security Challenges for Businesses in 2023

In the 21st century, technologies are creating new opportunities for businesses while also introducing risk factors for companies utilizing technological means to accomplish the operations of the organization. Due to a significant rise in cybercrimes during the COVID pandemic, insurance companies were compelled to increase the price and deduct coverage. Cyber security might emerge as one of the biggest challenges in 2023 and can increase cyber liabilities for organizations and insurance companies.

Read more
Get ₹5 Cr Cover starting at ₹4,60,000*

Get right expert advice

Hassle free policy

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Fast-track your search with instant quotes from top insurers

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 1/2

Don't Gamble with Cybersecurity - Insure Your Business Now!

secure-icon We don't spam
Are you buying the policy for?
Get Updates on WhatsApp
Check Plans for Free

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Cyber Security Challenges in 2023

Let us discuss the potential cause of the cyber security challenges in 2023.

Advancement in Technology as Cyber Security Challenge

IT sectors all across the world are planning to make massive investments in the IT sector for technological advancement. The initiative created by these sectors is likely to bring new opportunities for various businesses and opportunity seekers. However, cybercriminals or hackers may get the first mover advantage for this initiative. The investment amount in digital transformation will be huge, approx $1.8 trillion, indicating rapid growth in technological transformation. Cybercriminals may cause massive and considerable damage and financial losses due to the growth in technology.

Previous Years Attacks Indicates Cyber Security Challenges in 2023

The incidents that took place in the last few years are a significant indicator of the cyber security challenge in 2023. Since the pandemic outburst in 2020, Indian companies have become the soft target of cyber-attacks. In India, 68 percent of companies witnessed some sort of cyber-attacks on their data. On top of that, Sopho, a cyber-security firm, revealed that in 2022, seven out of ten firms in India endeavored to survive through ransomware attacks. 

About 674,000 incidents of cyber-attacks occurred in India in 2022. The business executive in India has predicted an increase in the cyber security budget in 2023 to survive against cyber threats. These organizations also believe that cyber hackers may affect their business, become the biggest threat, and cause severe damage to an organization. They could even damage the reputation of the organization. Hence, hackers will be one of the biggest cyber security challenges in 2023.

Cloud Attacks as Cyber Security Challenges

Various businesses are utilizing cloud computing to run their operations. They use this software to store their data and sensitive information. Cloud offers its services at a low cost and increases the efficiency of an organization. However, it has become the primary target of hackers. The Cloud lacks encryption facilities and does not include proper configuration for setups. 

In addition, there is no appropriate authentication involved in cloud software. Hence, organizations need to be concerned about cloud security and data protection. In 2021, Microsoft made a headline where the company experienced a cyber-attack that lasted for 10 minutes. A company like Microsoft, which utilizes best practices to avoid cyber security challenges, faced cloud attacks. Hence, it is impossible for small companies to be exempt from cloud attacks.

Cyber Security Insurance

Cyber insurance companies have hiked the premium prices due to a significant increase in cyber-attacks. The cost of the premium is likely to increase in 2023 if the attacks continue to grow. However, organizations should not preclude themselves from buying cyber security insurance, or their business will get more vulnerable. They should bear the cost of the premium to save the confidential data of their companies. They may work on their data security and enhance them to avoid cyber threats. Further, they may also install modern encryption software to tighten the security measures.


Cyber threats could be the biggest challenge for IT firms and companies. The ransomware threat has constantly been taking place in the past few years. In addition, cyber security insurance companies have also become vulnerable to these threats, as the loss ratio of these companies has also risen in the past few years.

Written By: PolicyBazaar - Updated: 10 January 2023
Cyber Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
Cyber Insurance Articles
As per the Indian Computer Emergency Response Team, 12.67 lakh cyber-attacks were registered by November 2022...Read more
21 Mar 2023 by Policybazaar 9663 Views
We live in the digital era. Now, almost everything is possible online as every other organization is going digital...Read more
12 Apr 2022 by Policybazaar 10843 Views
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure...Read more
29 Apr 2022 by Policybazaar 5636 Views
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in...Read more
31 Mar 2022 by Policybazaar 4217 Views
Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a type of insurance that...Read more
30 Jan 2023 by Policybazaar 1593 Views
Cybersecurity vigilance is crucial to safeguard against phishing...Read more
15 Mar 2024 by Policybazaar 80 Views
In a fast-paced business environment where every minute counts...Read more
13 Mar 2024 by Policybazaar 105 Views
Ransomware risks are on the rise, posing a significant threat to...Read more
13 Mar 2024 by Policybazaar 95 Views
The rise of smart automobiles has ushered in a realm of...Read more
27 Dec 2023 by Policybazaar 287 Views
Wearable technology has revolutionized healthcare, offering a...Read more
15 Dec 2023 by Policybazaar 240 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
Based on 47 reviews
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
4.3 October 06, 2022
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
4.5 October 04, 2022
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
4.5 October 03, 2022
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
4.5 October 02, 2022
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
4.5 October 01, 2022
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
4.5 September 30, 2022
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
4.8 September 29, 2022
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
4.5 March 17, 2022
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.