Cyber threats are not diminishing, they are becoming more sophisticated. The first data breach of 2023, which occurred between January and February, is a clear sign that cybercriminals are not stopping or slowing down. Top companies such as PayPal, T-Mobile, JD Sports and Activision are just a few of the many companies affected.
Security analysts have predicted that by 2023, businesses such as big tech companies, crypto trading, health-related industries, insurance and banking, to name but a few, will experience more AI-enhanced attacks. According to current statistics, ransomware attacks alone hit organisations somewhere in the world every 11 seconds.
With all of this in mind, let's look at the cyber threats and challenges facing organisations large and small in 2023.
Cybersecurity collateral damage from state-sponsored threat actors: this is one of the biggest challenges facing cybersecurity, as nation states take advantage of the increased reliance on technology for espionage, sabotage or misinformation. They do this by sponsoring a threat actor. Some host cyber threat actors as long as they attack other nations' companies.
Trusted insider threats: 25% of data breaches recorded to date come from a trusted insider who is either compromised or disgruntled, especially former employees. This is also one of the biggest challenges facing cybersecurity in 2023.
Ransomware threat: This is one of the most well-known cyber threats. However, it has evolved into a more sophisticated form and threat actors are growing exponentially in 2023, hence the 11-second attack interval recorded globally.
Phishing and Smishing: A more convincing phishing and smishing method has been experienced in 2023, which is suspected to have been developed by AI. It has caused countless financial losses every year, and 2023 is no exception.
Malware attack: subtle ways to get infected with malware are on the rise now, and just like other threats, it can heavily impact a network by either stealing data and passwords, controlling the system remotely, slowing down system operation or deleting files completely.
Zero-day attacks: famously known as the ability to exploit unknown vulnerabilities in cybersecurity on a macro level and take advantage of them before the developers get to know them. They are on the rise these days, and most big tech companies have patched a lot of zero-day attacks this 2023.
Other threats and challenges include limited cybersecurity experts, unintentional disclosure, cloud storage attack, business email compromise (BEC), supply chain attacks, and cryptocurrency theft and fraud. Overcoming these threats requires regular updating and integration of old and current security measures, respectively, as well as limiting or regulating access to sensitive company data without failing to cultivate better cybersecurity hygiene.