Cyber Security: 2023 Trends to Prepare For

Companies in every industry are prioritizing cyber security. Ultimately, data and technology play critical roles in operations across all sectors, so finding ways to secure systems and remain ahead of the threat curve is a must.

Often, the easiest way to begin is to prepare for what’s clearly on the horizon. Here’s a look at 2023 cyber security trends to prepare for, regardless of your industry.

Increasing Cloud Services Attacks

While the cloud was popular well before the pandemic, COVID-19 accelerated adoption. Companies had to rapidly support work from home, and the cloud simplified that task. As a result, adoption rates increased, at times in a surprisingly haphazard way due to the sense of urgency.

While that initial transformation push is over, companies that shifted to the cloud stayed with the cloud. As a result, cloud systems are increasingly targeted for attacks.

Internet of Things (IoT) Threats

IoT allows companies to use connected devices to monitor processes, track inventory, boost physical security, and more. However, they also represent a vulnerability. Many IoT devices aren’t as inherently secure as many businesses assume, particularly if individual device security mechanisms are lacking or rigid.

If the security associated with the device is lackluster, attackers may have an easier time gaining access to the device and impacting operations. Plus, when properly leveraged, vulnerabilities in IoT devices can give hackers entry into a company’s broader network, allowing them to access internal data and affect more systems.

As the popularity of IoT rises, attackers’ interest will also increase. As a result, IoT threats will likely go up over the next several years, if not beyond.

Multi-Factor Authentication Adoption

Multi-factor authentication has long safeguarded systems from unauthorized access by attackers. It ensures that compromised login credentials – such as email address and password combinations – alone aren’t sufficient to gain entry. Instead, another piece of information, such as a one-time PIN, is required to log in, as well.

With the rising number of threats, adopting multi-factor authentication is increasing. It’s often a simple way to ward off a variety of attacks and reduce the impact of falling victim to phishing, which is a common method hackers use to secure login credentials.

More Ransomware

Ransomware attacks are on the rise, and that isn’t likely to change in 2023. Ransomware is unique within the cyberattack space. The goal isn’t to remain undetected and quietly gather information or infect systems; the purpose is to get noticed. Additionally, it potentially results in direct financial payouts, which isn’t always the case with other types of attacks.

The fact that ransomware insurance can offset losses relating to paying the ransom may make handing over the money seem like a reasonable option to victim companies, too. As a result, hackers may view this strategy as a clear option for financial gain beyond what you get with other attacks.

Altogether, that means ransomware should be a concern for every business. Additionally, mitigating risk by using sound backup, business continuity, and disaster recovery strategies will become increasingly common for companies, allowing them to reduce the damage potential of an attack.

Ultimately, each of the cyber security trends above is worth watching in 2023. If you’d like to learn more, The Squires Group wants to hear from you. Contact us today.


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