As easy and trendy as the word ‘Cybersecurity’ sounds, the job is never that easy. Yes, no cybersecurity team over the previous decade has had an easy year. Even in this century, their day hasn’t been any easier. It’s been hard! Since the year 2017, there has been a spike in cyberattacks. Since 2020, noteworthy attacks have taken place.
It won’t take a crystal ball and an oracle to predict what will happen in cybersecurity in 2023. The threats and challenges will only compound further. The landscape of cybersecurity has changed. The threat landscape is overwhelming all existing systems and professionals. That, too, is happening in the most dangerous way possible.
Cybercriminals will not let up in any way possible. Cybersecurity teams should also take notice and protect themselves. Their divisions, companies, systems plus data and information need safety from such attacks.
What is the main challenge cybersecurity teams face this year?
Cyber threats are not the only challenges cybersecurity teams have to deal with this year. Newer technologies are being adopted by all sides. If cybersecurity teams bring in new tools, so will the hackers and cybercriminals. This makes the playing field much tougher than ever.
As cyber threats continue to evolve, cybersecurity teams face numerous challenges in their efforts to protect organizations from malicious actors. From the rise of Advanced Persistent Threats to securing cloud environments, and IoT devices, and addressing insider threats, staying ahead of the curve is paramount.
By continuously updating their knowledge, leveraging advanced security solutions, and fostering a proactive cybersecurity culture, organizations can bolster their defenses and navigate the complex challenges faced by cybersecurity teams in the dynamic digital landscape.
The adoption of new technologies brings its vulnerabilities. Addressing technological issues is not easy. Perennial issues make it to the list of top challenges each year. Now is a good time to learn about the trends and challenges cybersecurity teams need to be aware of this year:
Ransomware can’t be taken for granted
2020 was the ‘Year of ransomware’, as attacks spiked upwards by around 148%. it happened during the COVID-19 pandemic. In 2021, cybersecurity experts from IBM found ransomware attacks to be prominent. It accounted for 23% of all attacks in 2020 and 21% in 2021.
These attacks reduced in numbers in 2022, but the threat is still present and persistent. Ransomware will continue to be a nuisance in 2023. Also, double extortion attacks and ransomware as a service are becoming more prominent.
Top-notch IoT security (Internet of Things)
The Internet of Things (IoT) is touted to be the best thing for humanity. It is meant to help make human lives much easier and more convenient. Both professional and personal lives can be aided by IoT gadgets.
However, these internet-reliant devices are prone to cyber-attacks. They have expanded the attacking arena for cybercriminals. Many IoT devices are not made to robust security standards.
IoT is sadly not immune to security issues (and never has been). The Mirai botnet attacks of 2016 utilized common security pitfalls in IoT, i.e. hard-coded passwords. The release of Mirai’s source code caused a lot of variants to go amok. Many of them are still at large today.
Legislations are being made to help reduce their incidences. They are aimed at controlling these preventable and recurring attacks. The IoT Cybersecurity Improvement Act of 2020 is a famous one. It has helped set strong security guidelines for all IoT devices used by various government agencies.
The White House announced in December last year about working on protecting consumer IoT devices from cyberattacks and online threats. The outcome: The national cyber security labeling program for IoT gadgets launched this year.
The United Kingdom recently passed an IoT Security legislation titled “Product Security and Telecommunications Infrastructure Act 2022”. It obtained the assent of British royalty on December 6, 2022. It will require all IoT devices to have strong security measures.
For instance, it will prevent the use of default passwords and make sure manufacturers maintain a disclosure program for all vulnerabilities present.
Artificial Intelligence – for good and for evil, and for better and for worse
Artificial Intelligence is in widespread use at both consumer and enterprise levels. It will grow more this year. Cybersecurity is both bad and good.
Let’s discuss the positive aspects first. Cybersecurity teams can incorporate AI into their daily work. They can perform the following using AI:
- Augment security operations and security analysis.
- Detect and mitigate online threats.
- Conduct fraud management plus fraud detection.
AI can also add a lot to the burden of cybersecurity teams. A lot of teams at large corporations that use AI tools need to be aware of privacy and security concerns accompanying them.
Unfortunately, AI can also be negatively used by cybercriminals. They can execute the malware on AI to test its effectiveness. They can further poison AI models with false and inaccurate data. Moreover, they can map legitimate enterprise AI use for improving their attacks.
AI can be contaminated using crooked code to break programs. This will result in adverse usage of certain software which can lead to serious loopholes. If these loopholes are not plugged in, then cybersecurity efforts will go in vain.
Deep Fakes are AI-enabled attacks. They are becoming quite realistic in scary terms, and are used in social engineering attacks. AI-powered malware is dangerous. It is trained by machine learning. It can think for itself and may become real in the future.
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Budgetary constraints and reductions
There has been a rise in global inflation rates leading to a rise in interest rates. This is affecting the gross domestic product (GDP) of many major nations across the globe. An impending recession may spell disaster for organizations across various industries. It will result in massive layoffs, austerity measures, and budgetary cuts.
In cybersecurity, there is a perception that it is safe from budgetary and staff cuts. It may be because of its high importance. Unfortunately, that is not true. Moreover, a lot of companies view cybersecurity teams as added expenses. Because the return on investment (ROI) is not calculated.
A lot of companies still doubt the importance of cyber security. They think they can outsource this work to external agencies. There are external agencies, indeed, but they prefer organizations to have in-house cybersecurity teams. The concern of most executives is a handsome ROI regardless of where they invested.
A lot of top tech executives and cybersecurity teams are at the mercy of budgetary issues. There have been spending reductions that are putting a dent in cybersecurity efforts. A lot of companies have even opted for affordable packages which do not offer the needed measures. The result of such austerity measures is obvious.
Maintaining the cybersecurity mechanisms of companies and their employees is a necessity. Due to budgetary constraints, employees are getting burned out. Hence, companies need to be careful about it.
In this blog, you will learn about how growing businesses can handle cybersecurity challenges.
1. Phishing Detection and Remediation
They are one of the most common types of cybersecurity attacks targeting small businesses. Phishing attacks have been a nuisance. Everyone wants to protect dedicated server hosting for their business from these phishing attacks. They must invest in a robust security information and event management platform. Choose a SIEM platform that offers you built-in phishing detection and remediation capabilities. This will go a long way in making sure that your employees stay safe, especially when communicating on communication channels.
You can minimize the risk of phishing attacks by increasing employee awareness through cybersecurity training. This way, hackers will not be able to trick your employees into sharing their sensitive information with them. The more aware your employees are about phishing attacks, the less likely they are to fall victim to such attacks.
Restrict employees from sharing their sensitive information online. Tell them to check every link through a link-checking tool before they click on it. This will save them from clicking on malicious links that point to malicious websites that could infect their computers.
2. Be aware of Insider Threats
According to insider threat statistics, more than one-third of businesses around the world are affected by insider threats every year. Insider threats cost businesses $2.79 million. You will be amazed to know that two-thirds of businesses consider malicious insider attacks. And accidental data breaches are more likely than external attacks. What is even worse is that the number of insider attacks has increased by 47% in the last few years. 70% of insider threats are not even reported externally. And they are handled internally due to the risk of reputation damage.
Add to that the number of employees working remotely right now and it has become a serious problem for businesses. Cybercriminals target employees, contractors, suppliers, vendors as well as privileged accounts to coordinate these types of attacks. To identify and curb insider threats, you should have a user behavior analytics system in place. This will help you to understand the risks linked to the suspicious activity of different users on your organization’s network.
3. Nullify Ransomware Attacks
Ransomware attacks are not only growing in numbers. But they are also becoming more and more sophisticated with each passing day. Their focus has shifted from businesses to critical infrastructure such as the best dedicated server, power plants, or traffic control systems, but that does not mean that businesses can relax. Thanks to its low cost, and high profitability. Hackers can easily launch hundreds of these attacks with minimal effort and cost.
According to Cisco, it is the top cybersecurity threat that is most likely to cause a 24-hour outage. And if you operate in a time-sensitive industry such as E-commerce, you cannot afford an outage like this. In an industry like E-commerce, an hour-long outage could cost you hundreds and thousands of dollars in lost revenue. You can imagine how much a 24-hour-long outage could cost your business.
Small and medium-sized businesses must back up their data. So they can easily restore it, even if they must buy more storage for it. Otherwise, they will have to pay a huge ransom and still be unsure whether they will get access to their data back or not. It is better to stay safe than sorry. Look for ransomware detection and mitigation features when choosing a threat management system.
4. Use Artificial Intelligence
If you create a list of the biggest challenges the cybersecurity industry is facing right now, talent shortfall should be on top of the list. It has aided in the creation of millions of jobs. However, lack of talent is evident in filling these positions.
Organizations can fill that gap by using artificial intelligence and automation in their cybersecurity. Platforms like IBM can significantly boost the knowledge available to cybersecurity professionals and help them make the right decisions.
Additionally, AI can also help businesses with developing a better understanding of cybersecurity patterns and malware through data analysis. By having the ability to separate real threats from fake ones. Cybersecurity analysts can spend less time investigating threats and more time preventing cybersecurity attacks and data breaches that can detail their business. Moreover, it also helps you with taking action immediately, thus, minimizing the damage from cyber-attacks.
5. Threat Detection and Response
Just like managed cloud services, there are also managed security service providers. Small and medium-sized businesses can hire these managed security service providers especially if they cannot deal with cybersecurity challenges. They can do a great job when it comes to threat detection, investigation, and response primarily. Because they focus on these areas and have the resources and infrastructure to manage them efficiently.
Since these managed security service providers use advanced frameworks. This allows them to help small and mid-sized businesses with accessing, implementing, and increasing their cybersecurity posture by using a common language. And for knowledge sharing about threat actors and the tactics they use to target your business. Small businesses can benefit from their state-of-the-art security operations processes and architecture.
This also enables small businesses to safely transform their business without worrying about issues and hurdles associated with digital transformation.
Conclusion
Cybersecurity is no longer just any buzzword or fancy term. It is a discipline that cannot be taken for granted at any cost. The year 2023 is laying the foundation for challenges cybersecurity teams face around the globe.
Now these very teams have to be at the forefront of tackling cyber attacks. They must keep homes, companies, systems, and networks secure. Even state and municipal governments fell victim to cyber-attacks last year.
Cybersecurity needs to be taken seriously. Companies need to add sincere efforts to protect themselves from all online attacks. Budgetary cuts due to the current economic climate are a cause of concern. If austerity measures continue to harm cybersecurity teams, then no business is secure.
This year 2023 is going to be a challenging one. It is time that no one took cybersecurity for granted at any cost.
