It’s not only the fashion industry that looks for trends in the coming years. While it may be surprising to some, the cybersecurity industry is also forward-looking when it comes to future predictions. To find out what are the biggest expected cyber threats in 2023, we’ve turned to the experts.
On the back of the global pandemic and the Russian/Ukrainian war, supply chains around the world have been noticeably stretched. Unfortunately, 2023 will likely still be seeing the effects of supply chain problems. However, some of the problems will now be caused by cybercriminals who are seeking to exploit vulnerabilities in governments, large corporations and institutional infrastructure. Cybercriminals can target the software used to manage the supply chains or attempt to limit access to hardware in short supply, such as semiconductors and computer chips.
The use of ransomware underwent a massive surge in 2022. This is a worrying trend that is unlikely to abate in 2023. Part of this has to do with the increased sophistication of experienced cybercriminals and their ability to make large institutions pay exorbitant ransoms. But there is also a large increase in the use of ransomware-as-a-service (RaaS) where amateur hackers can purchase off-the-shelf software that allows them to easily carry out ransomware attacks with very little technical know-how. Unfortunately, ransomware remains one of the biggest expected cyber threats in 2023.
A looming global recession, the war in Ukraine and a general rise in interest rates are all causing inflation that’s affecting every level of society, from individuals all the way up to governmental organizations. What this portends for business, government and institutional infrastructure is a revaluation of budgets in order to make up for fiscal shortfalls. There is a risk that these large organizations could consider cybersecurity as a low priority and end up reducing funding. Even though this could be a disastrous move, there’s a good probability that this could become a trend and create one of the biggest cyber threats in 2023.
Zero trust security is based on the IT industry idea of, “never trust, always identify.” This means that all users of a computer network, whether insiders or outsiders, need to identify and authenticate themselves every time they attempt to enter a secure area. Zero trust security has become even more important as computer processing has transitioned to the cloud, more people are using personal devices for professional purposes and cybercriminals have taken advantage of loose identification protocols.
Although Western governments have accused enemy states of state-sponsored cyberattacks for decades, this has been an ongoing method of covert war used by all governments since the dawn of the computer age. With the war in Ukraine, it’s highly unlikely we’ll see a decrease in state-sponsored cyberattacks in 2023. If anything, these types of cyber threats will only increase in the coming year.
As ransomware affects more organizations both large and small, the cyber insurance industry has gained considerable traction. It has become especially popular among small and medium-sized businesses that may not otherwise have the resources to properly protect themselves or even consider paying a ransom to retrieve intellectual property. Although highly controversial because of the contentious nature of ransom payouts, cyber insurance is sure to be one of the major trends in cybersecurity in 2023.
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