Cyber threats are growing more sophisticated every year. As digital transformation accelerates, attackers have more targets and pathways to exploit. Companies must diligently assess emerging risks and proactively boost their cyber defenses.
In this article, we’ll examine the top cybersecurity threats likely to make an impact in 2023 and steps organizations can take to prepare.
1. Ransomware
Ransomware attacks will continue escalating in both frequency and impact. These attacks encrypt an organization’s data until a ransom is paid. High-profile incidents in 2021 and 2022 show ransoms are often in the millions.
Sophisticated Russia-based cyber gangs like Conti and REvil pioneer “ransomware as a service” schemes to carry out tailored attacks. Phishing emails remain a common infection method.
Firms should implement layered defenses like:
- Email security and filters
- Endpoint detection and response tools
- Backup systems with isolated, offline data copies
- Incident response plans
Paying ransoms incentivizes more attacks. But restoring operations quickly without paying requires thorough preparation.
2. Supply Chain Compromises
The weakest link in a supply chain can provide access to otherwise secure organizations. For example, the 2020 SolarWinds breach used trojanized network management software updates to infiltrate numerous victims.
Supply chain attacks are increasing as more business flows via interconnected systems between companies. Steps to consider:
- Review supplier and vendor cyber practices
- Code review 3rd-party software components
- Isolate and monitor supplier access
- Negotiate cyber liability guarantees
Know your entire ecosystem and where external risks may lurk.
3. Cloud Threats
As cloud adoption spreads, attackers target misconfigurations and vulnerabilities in public cloud infrastructure. Stolen credentials also provide access.
Specific cloud security challenges include:
- Improperly configured storage buckets, permissions, and firewalls
- Denial-of-service attacks on cloud services
- Abusing features like excessive compute for cryptomining
- Insufficient identity and key management
For security, leverage cloud-native controls and tools fully alongside in-house measures.
4. API Threats
APIs provide bridges between systems, business partners, mobile apps, and more. But poor API security exposes core systems.
Common API attack vectors include:
- Broken authentication or encryption
- Rate limiting breaches to trigger denial-of-service
- Input validation failures to send malformed requests
- Information leakage exposing internals through error messages
Perform rigorous API penetration testing, monitoring, and rate limiting.
5. Nation-State Threats
Geopolitical tensions generate cyber espionage and sabotage from more sophisticated state-backed groups. Their goals include:
- Stealing intellectual property and trade secrets
- Compromising critical infrastructure like power grids
- Spreading propaganda and discord
- Disrupting operations during conflicts
Implement robust data encryption, network segmentation, and activity monitoring to deter advanced persistent threats.
6. Insider Threats
Well-meaning but careless employees and contractors remain a top threat vector. Educate all personnel on cyber hygiene basics like:
- Strong password policies plus multi-factor authentication
- Recognizing and reporting phishing attempts
- Never clicking unverified links or attachments
- Ensuring screens lock for unattended devices
- Only accessing sensitive data when required
Reinforce cybersecurity responsibilities across your workforce.
7. Internet of Things Security
Smart city infrastructure, wearables, home devices, and more expand the IoT attack surface. IoT devices often lack proper security capabilities built-in.
Attack avenues include:
- Default or stolen passwords providing access
- Unpatched firmware vulnerabilities
- Lack of encrypted data communications
- Using devices as botnet nodes to launch DDoS attacks
Implement central IoT device management, network segmentation, and monitoring wherever possible.
8. Electronic Payments Fraud
Payment systems face rising assaults, including:
- Intercepting or tampering with ecommerce transactions
- Skimming payment card data via hacked POS systems
- Stealing and selling payment credentials on dark web markets
- Exploiting mobile payment and wallet apps
Keep payment systems updated, transmit data securely, tokenize stored credentials, and actively monitor for fraudulent transactions.
9. Identity Threats
Compromised user credentials provide the keys to breach networks and data. Attacks include:
- Phishing users for account logins
- Password guessing and cracking attacks
- Social engineering support staff for password resets
- SIM swapping to intercept 2FA codes sent via SMS
- Exploiting weak identity provider security
Enforce strong, unique passwords and biometric authentication wherever feasible.
10. Crypto Threats
Cryptocurrency related threats are on the rise as adoption spreads. For example:
- Scam apps stealing coins from crypto wallets
- Password guessing to breach crypto exchange accounts
- Installing crypto mining malware on computers
- Ransomware demanding payment in Monero or Bitcoin
Use hardware wallets, store keys offline, and adopt biometric authentication for cryptocurrency security.
Bolstering Cyber Defenses
This overview outlines the diverse, expanding range of cyber risks facing organizations and individuals. Building robust, layered defenses requires:
- Implementing technical controls like multi-factor authentication, endpoint detection, firewalls, and VPNs
- Establishing clear policies and procedures on issues like passwords, data handling, and reporting incidents
- Training personnel on cyber hygiene and savvy online behavior
- Performing penetration testing and cyber exercises to validate preparedness
- Maintaining cyber insurance policies covering potential losses
Cyber threats will continue evolving rapidly. But with adequate vigilance, resources, and precautions, these risks can be managed.
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