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January 23, 2023

The 3 Cybersecurity Threats to Watch For in 2023

Cybersecurity remains a major priority for organizations whether they are private enterprises or public institutions. The need to increase the security postures of these organizations will only increase in 2023 as industry experts see a growing trend in cyberattacks.

During the past two years, cybercrime rose massively as hackers and data thieves are developing more advanced ways to steal information and infiltrate secured networks. Malware activity has increased by more than 3,000% between 2019 and 2020.

The situation will only become more worrisome as cybersecurity threats are expected to cost businesses over $10.5 trillion by 2025, according to Cybercrime Magazine.

With this in mind, how will leaders of large organizations prepare for such threats? The first step involves understanding the threats that they should be prepared for.

What cybersecurity risks will you be facing in 2023? How can you prevent the latest threats from stealing critical data and sabotaging your network? Let's find out:

Rising Phishing and Malware Attacks

While there are ways to fight off phishing and malware, individuals orchestrating these attacks are coming up with more sophisticated ways to cause data breaches and inject malicious software undetected. 

According to an article in Security Magazine, more than 250 million phishing attacks have been reported this year alone. These will become even more prevalent as phishing kits and ready-made malware can be bought using cryptocurrencies in underground marketplaces.

This is not just a security issue for businesses. Governments will also need to prepare for more advanced phishing and malware techniques. That is why many public institutions are ramping up their recruitment of cleared cybersecurity experts through a government staffing agency or private individuals.

In any case, organizations will have to focus on providing their staff with the means to recognize phishing attempts and detect malware. Spending on key software and adding layers of security will make all the difference.

Pig Butchering Scam

Despite recent controversies hounding the cryptocurrency sector, many people will still want to take part in it. Lured by the prospect of getting rich quickly, they could easily fall victim to scams that take advantage of the cryptocurrency hype.

A type of cryptocurrency scam that's expected to become more frequent in 2023 is pig butchering. This technique involves a team of scammers who reach out to victims on sites like Tinder and WhatsApp. Using a fake profile, these scammers will first gain their victims’ trust before pitching a cryptocurrency investment “opportunity”.

Once convinced, the victims are led to a website or app where they can deposit their initial investments into what seems like a legitimate cryptocurrency platform.

After some time, the scammers will convince the victims to deposit larger amounts and may even allow the victims to withdraw small amounts. When the victims start to ask about the profits they are supposed to get, the scammers will come up with excuses until they become unreachable.

Pig butchering uses a variety of social engineering strategies, from flirting to event networking. The scam will become more common in 2023 as cryptocurrency remains popular. One way you can avoid this scam is to do a background search on the person reaching out to you and check the reviews on the cryptocurrency platform to see if it’s legitimate.

Attacks on Cloud Platforms

Cloud technology has provided individuals and organizations with a supposedly secure way to back up data when physical servers and on-site data centers are more prone to breaches. However, while they have come a long way, cloud platforms are becoming increasingly vulnerable to hackers.

There are still several security issues that cloud users must address. For one, cloud platforms can be breached by individuals who acquired login credentials from employees. Weak passwords and a lack of multi-factor authentication can increase the likelihood of unauthorized access.

Other than that, poor cloud setups can also lead to breaches. Organizations that are ill-equipped to build their cloud infrastructures are at greater risk. For this reason, they will need a third-party service provider to manage every aspect of cloud security.

While cloud technology provides you with a means to keep data safe off-site, it doesn’t guarantee optimal security. Cybercriminals can take advantage of human errors and use social engineering techniques to gain access to sensitive data on the cloud.

For this reason, your best defense is training your employees on how to keep their login credentials safe. It also matters to develop clear cloud security policies and monitor usage.

Preventing cybersecurity issues comes after knowing the threats that will have a massive impact on your business or organization.  So, learn as much as you can about the threats above and prepare a successful security plan for 2023.

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