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Cyber Security Predictions 2023

In another tumultuous year for cybersecurity, 2022 has seen increasingly sophisticated attacks continue to proliferate across businesses both big and small, with organisations like the NHS and South Staffordshire PLC, and even technology giant Uber all making headlines having become the latest victims of cybercriminals. In light of this, 2023 is a year we should all prepare for. Here are our cybersecurity predictions for the year ahead: 

  1. New forms of attacks will emerge 

The cyber threat landscape is constantly evolving and 2023 will be no exception. New forms of attacks, such as the malicious use of deepfakes, will start to emerge. This kind of technology will appear more frequently and be used to exfiltrate funds at a lower level through fraud and bribes.  

Other emerging fields of innovation, such as electric vehicles (EVs), are also likely to see an increase in attempted breaches and attacks. Hackers are learning how to compromise vehicles and eavesdrop on conversations via microphones installed in EVs. And vehicle charging points are likely to become vulnerable to attacks. This also applies to the ever-expanding IoT (Internet of Things) – an area that businesses increasingly rely on due to the more widespread use of 5G networks. Regulation has been introduced, but it will take time to make a meaningful impact. Weak IoT security may therefore become a useful backdoor for threat actors to breach 5G networks and move laterally to internal servers.  

2. Employment law will change  

2022 was the first time a CISO was served with a custodial sentence (in the fallout of the Uber cyberattack in September 2022) but it is unlikely to be the last. The question of personal liability, and at whose door responsibility is laid, will gain prominence next year. Significant grey areas currently linger around the borders of accountability, and this is likely to be addressed by a shift in employment law. 

3. Cyber insurance may drive better compliance 

The threat landscape has undoubtedly contributed to the sharp rise in insurance premiums. The cost of premiums has continued to climb in 2022, a trend which will likely extend into 2023 and beyond. At the risk of pricing businesses out of protection, many insurers will turn to cybersecurity partners to better understand and measure cyber risk.  

Efforts to reduce premiums will become even more critical as we enter what could potentially be a two-year recession. To keep the cost of cyber insurance down, organisations will need to demonstrate a tangible security-first culture, evidenced through regular staff training initiatives, a range of security tools, and expert support to detect and mitigate threats. Although high premiums are hard to swallow, they may also be what drives better compliance in the coming years.  

Read more in the ‘Is the rise of insurance premiums actually a good thing?’ blog. 

4. Businesses will face a challenging economic environment 

As the threat landscape expands, the cybercriminal economy grows with it. In 2022, we saw ransomware attacks become more sophisticated and targeted. It is likely to grow stronger in 2023, resulting in more services being sold to less established groups. While attention is often given to high-profile, nation-state backed ransomware attacks, smaller organisations should also be cautious of less-sophisticated hackers who look to target low-hanging fruit.  

However, it’s not all doom and gloom. While businesses will likely be seeking out affordable options to protect their business in 2023, turning to third party experts to support in-house capabilities is a valuable and reliable option. For example, with an outsourced Security Operations Centre (SOC) service enterprises gain the aggregate value of in-depth knowledge of the threat landscape and complete protection against data breaches. 

Click here to learn how DigitalXRAID can support your cyber security needs in 2023.  

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