Cybercrimes have increased post-pandemic, but some predictions indicate that 2023 will see even more devastating cyber threats.
Cyber security is always a threat, but the risks have increased with evolving technologies and tools. Reports are now claiming even higher and more devastating attacks slated for 2023. Are businesses ready and armed?
According to Statista’s Average cost of a data breach worldwide from 2014 to 2022 report, in 2022, the global average price per data breach touched 4.35 million U.S. dollars for businesses worldwide, up from 4.24 million U.S. dollars in 2021. This number is only expected to go up.
Simple endpoint attacks have become even more complex; ransomware attacks are standard attacks for every sized company. Adding to the list, crypto mining attacks allowed cyber criminals an easy foothold into company networks.
These cyber-attacks were recorded after digitalization post-pandemic and made the threat landscape even more complicated. These dangerous incidents are just a part of rising cyber threats. Today, it is even more critical for businesses to safeguard their sensitive information from phishing attacks and data breaches. But, the essential thing is the awareness of the rising cybersecurity incidents.
Here are some findings listed about expected cyber incidents to fall in 2023. Businesses must stay aware of them and prepare strong security measures in advance.
Also Read: Top Ways for Businesses to Prevent Social Engineering-Based Cyber Attacks
Hacking to Happen Through Smart Devices
As A.I. and machine learning have developed, it has been more integrated into smart devices, from smartphone, tablets, and other IoT-connected devices. According to Statista, Internet of Things (IoT) connected devices will be installed base worldwide from 2015 to 2025 report says that by 2025, 75 billion Internet of Things (IoT) connected devices will be installed worldwide. Considering these figures, it is no surprise that intelligent devices will be used more as cyber-attack weapons in 2023.
The attack through intelligent devices will affect autonomous devices through multiple attack points, for example, networks, codes, or cloning apps. The widespread use of Bluetooth and Wi-Fi networks on smart devices makes them ideal targets for hackers. The attempts to gain control of the devices will become more accessible and more likely as organizations deploy more autonomous devices. Such attacks necessitate stringent cybersecurity safeguards. Security leaders should carefully and thoughtfully examine to protect enterprises from substantial loss, both financially and in terms of assets.
Social Engineering Attacks Becoming Smarter
Social engineering attacks, like phishing, are not new threats. Yet, based on facts, they have become more troubling amid the remote workforce. According to Global Newswire, APWG 1Q 2022 Report: Phishing Reaches Record High; APWG Observes One Million Attacks in the First Quarter of 2022 mentions that Anti-Phishing Working Group (APWG) observed1,025,968 phishing attacks were recorded in the first quarter of 2022. Phishing against social media services increased from 8.5 percent in the last quarter of 2021 to 12.5 percent in the first quarter of 2022.
These attacks also occur on unsecured networks businesses use and provide their employees working from different locations. Unsecured networks have been cyber criminals’ favorite route to attack, and now, they have become more accessible entry points.
These attacks increased as corporations began utilizing intra-connected communication platforms like Skype, Zoom, Microsoft Teams, and other preferred platforms. Such media are used to communicate among teams working in tiny spaces. These platforms are used in cyberattacks to trick users and employees into installing malware onto their laptops and smartphones.
Another way social engineer attacks are recorded where hackers use voice phishing – also called vishing. This attack gained prominence in 2020. Hackers used calling criteria to force businesses to grant access to the primary internal tool. Vishing targeted several companies, including financial organizations and other corporates.
Crime Turning into Business
Cybercrime is turning into a profitable business for hackers. Some threat actors are switching to charging a fee to provide their services to a larger population as cybercrime becomes more established as a source of income. The concept of “crime as a service” enables bad actors to provide other hacking services to compromise business data and achieve different goals. According to experts, one of the most significant security risks in 2023 will be platforms or service providers that give hackers access to targets. Businesses must stay cautious and alert in identifying between ethical and unethical hackers. Paying close attention to technology tools to prevent such business suffering is essential today.
Phishing and ransomware are the two most classic as-a-service cybercrime products. Security executives can use multifactor authentication, implement the zero-trust architecture, and offer regular cyber security training to guard against as-a-service assaults.
Multi-Vector Attacks
The majority of these attacks are DDoS attacks. In 2022, Google was the target of the first and most significant Direct Denial of Service (DDoS) assaults. Attackers target HTTPS, which impacted several I.P. addresses. By looking at this, large DDoS attacks are now possible as attackers take advantage of this disruption as multi-vector attacks. Experts also forecast these attacks will lead ahead as “triple extortion attempts” in 2023. In these attacks, ransomware teams will attempt to encrypt and exfiltrate data and DDoS attacks or threaten victims with data leaks. Multi-attack vector attacks are warning signals that these could become more dangerous if coupled with cybercrime as-a-service.
Also Read: Magniber Ransomware Distributed via Microsoft SmartScreen Zero-Day Exploit
Cloud Security Attacks
Cloud migration has become essential for businesses since more and more employees worldwide work remotely or in hybrid roles. Additionally, as enterprises move most of their assets to the cloud, the necessity for cloud security has grown. This demonstrates that the most significant vulnerability is the ability of cloud servers to permit users to access apps, files, and resources.
Security leaders must ensure that even a minor breach can have serious consequences when businesses put sensitive consumer data in the cloud. An attacker can quickly destroy all the data if they can access a small portion.
So, security leaders must continually analyze and enhance security protocols to maintain cloud storage security. Programs for cloud storage like Microsoft Azure and Google Cloud may feature robust security protections. However, mistakes can lead to dangerous malware and online scams, resulting in a significant cloud-storage breach.
Third-Party Access Risks
With the rise of cloud migration, more companies are integrating third-party software solutions. While many security leaders list third-party risks as one of the biggest dangers to their organization’s cyber security, other security leaders are wary of the risks involved in making such decisions. In 2023, more data breaches are expected as a result of third-party accesses. Businesses still do not have strict security procedures to prevent third-party access.
Digital transformation has opened doors for increased cyber threats, and as technologies become more sophisticated, so do the threats. This implies that cybersecurity threats will keep developing. Businesses can protect themselves from severe cyber threats in 2023 by implementing high-quality cybersecurity software solutions.
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