During an episode of The Tea on Cybersecurity, host, Jara Rowe, asked Trava CEO and Co-Founder, Jim Goldman about his 2023 cybersecurity predictions. This blog includes Jim’s top 3 cyber threats for 2023. Listen to the podcast episode below.
The cybersecurity landscape is constantly changing. Cyberattacks and increasing cybercriminals are continually trying to find new ways to infiltrate. While the rise in technology is ideal, it also allows criminals to get smarter.
To stay one step ahead and protect your business, it is crucial to know the latest threats and the right steps to take. Here are some cyber threats that you can expect to see in 2023.
1. Ransomware Resurgence
Ransomware attacks are still one of the leading threats to businesses of all sizes. Unfortunately, since companies do not take prevention seriously and are unwilling to invest in it, we will see an increase in ransomware attacks.
Software engineers have been known to write ransomware attacks and sell them on the dark web. This ransomware economy has been around for a long time. However, while an AI application such as ChatGPT is a great addition to technology, it is a big deal to cybersecurity.
Cybercriminals can use ChatGPT to write codes and launch ransomware attacks to a wider audience. This can increase the prevalence of these attacks. Also, Several organizations use SaaS applications and tend to assume that they are secure enough to protect them from different threats, including ransomware attacks.
However, there is some ransomware attack that starts at a SaaS application and can use that entry point to attack several people who use that application. If companies do not get over the notion that SaaS applications are inherently secure, we’re going to see a lot of multi-tiered ransomware attacks or multi-tiered cyber attacks that start from these applications. It is time for businesses to look into this threat and get ways to prevent it before it gets out.
2. Cyber Warfare Growth
The resurgence of ransomware will also lead to an increase in cyber warfare. Look at it this way. Ransomware is one weapon in an arsenal of cyber weapons. However, the battlefield is cyber. Cyber warfare can take many forms, including launching denial-of-service attacks, spreading malware, and hacking into enemy state computer systems.
What is going on with Iran and China, North Korea, Russia and Ukraine, and other cyber platforms has created a lot of unrest. State and non-state players use cyber-attacks to gain an advantage in warfare.
Thanks to the increase in technology and the number of smart devices, the complexity, and scope of attacks, such as cyber warfare, are going to grow. In 2023, you can expect to see an increase in cyber warfare. This is because companies, government agencies, and public and private individuals are not taking prevention seriously.
3. Potential Third-Party Vulnerabilities
The introduction of cloud migration has allowed several companies to incorporate third-party software solutions into their company infrastructure. Many companies no longer develop their own applications and have contracted third parties to write their codes.
While this may make work easier, it also exposes a company to several risks, especially if the third party doesn’t have robust cybersecurity measures in place. Since companies assume that the third-party service provider they are working with is secure, you can expect data breaches due to third-party access to increase in 2023
Your customers trust you with their data. Therefore, you have a responsibility to ensure that their data and your vital business information are safe. Just because you are 100% SaaS doesn’t mean that you are 100% secure.
Cyber security experts and putting more emphasis on service provider risk management, third-party risk management, and vendor risk management. Therefore, even though the third-party company you are using has its own cybersecurity standards and practices in place, you need to do your due diligence to make sure that those standards and practices actually line up with yours as well.
Learn How to Protect Your Business
The impact of cyber attacks on small and medium businesses can be severe. To stay safe in 2023, SMBs must ensure they have a cybersecurity program in place. First, you may want to start with risk assessment.
This will help you understand potential vulnerabilities in your business. At Trava we offer a free risk assessment tool, and we also help you reinforce your cyber security posture through detailed guidance. Contact us and learn how to protect your business from any threat.