Cybercrime (and Security) Predictions for 2023

Posted by: Interware

Threat actors continue to adapt to the latest technologies, practices, and even data privacy laws—and it's up to organizations to stay one step ahead by implementing strong cybersecurity measures and programs.

Here's a look at how cybercrime will evolve in 2023 and what you can do to secure and protect your organization in the year ahead.

Increase in digital supply chain attacks

With the rapid modernization and digitization of supply chains come new security risks. Gartner predicts that by 2025, 45% of organizations worldwide will have experienced attacks on their software supply chains—this is a three-fold increase from 2021. Previously, these types of attacks weren't even likely to happen because supply chains weren't connected to the internet. But now that they are, supply chains need to be secured properly.

The introduction of new technology around software supply chains means there are likely security holes that have yet to be identified, but are essential to uncover in order to protect your organization in 2023.

If you've introduced new software supply chains to your technology stack, or plan to do so sometime in the next year, then you must integrate updated cybersecurity configurations. Employ people and processes that have experience with digital supply chains to ensure that security measures are implemented correctly.

Mobile-specific cyber threats are on-the-rise

It should come as no surprise that with the increased use of smartphones in the workplace, mobile devices are becoming a greater target for cyber-attack. In fact, cyber-crimes involving mobile devices have increased by 22% in the last year, according to the Verizon Mobile Security Index (MSI) 2022 with no signs of slowing down in advance of the new year.

As hackers hone in on mobile devices, SMS-based authentication has inevitably become less secure. Even the seemingly most secure companies can be vulnerable to mobile device hacks. Case in point, several major companies, including Uber and Okta were impacted by security breaches involving one-time passcodes in the past year alone.

This calls for the need to move away from relying on SMS-based authentication, and instead to multifactor authentication (MFA) that is more secure. This could include an authenticator app that uses time-sensitive tokens, or more direct authenticators that are hardware or device-based.

Organizations need to take extra precautions to prevent attacks that begin with the frontline by implementing software that helps verify user identity. According to the World Economic Forum's 2022 Global Risks Report, 95% of cybersecurity incidents are due to human error. This fact alone emphasizes the need for a software procedure that decreases the chance of human error when it comes to verification. Implementing a tool like Specops' Secure Service Desk helps reduce vulnerabilities from socially engineered attacks that are targeting the help desk, enabling a secure user verification at the service desk without the risk of human error.

Double down on cloud security

As more companies opt for cloud-based activities, cloud security—any technology, policy, or service that protects information stored in the cloud—should be a top priority in 2023 and beyond. Cyber criminals become more sophisticated and evolve their tactics as technologies evolve, which means cloud security is essential as you rely on it more frequently in your organization.

The most reliable safeguard against cloud-based cybercrime is a zero trust philosophy. The main principle behind zero trust is to automatically verify everything—and essentially not trust anyone without some type of authorization or inspection. This security measure is critical when it comes to protecting data and infrastructure stored in the cloud from threats.

Ransomware-as-a-Service is here to stay

Ransomware attacks continue to increase at an alarming rate. Data from Verizon discovered a 13% increase in ransomware breaches year-over-year. Ransomware attacks have also become increasingly targeted — sectors such as healthcare and food and agriculture are just the latest industries to be victims, according to the FBI.

With the rise in ransomware threats comes the increased use of Ransomware-as-a-Service (RaaS). This growing phenomenon is when ransomware criminals lease out their infrastructure to other cybercriminals or groups. RaaS kits make it even easier for threat actors to deploy their attacks quickly and affordably, which is a dangerous combination to combat for anyone leading the cybersecurity protocols and procedures. To increase protection against threat actors who use RaaS, enlist the help of your end-users.

End-users are your organization's frontline against ransomware attacks, but they need the proper training to ensure they're protected. Make sure your cybersecurity procedures are clearly documented and regularly practiced so users can stay aware and vigilant against security breaches. Employing backup measures like password policy software, MFA whenever possible, and email-security tools in your organization can also mitigate the onus on end-user cybersecurity.

Data privacy laws are getting stricter—get ready

We can't talk about cybersecurity in 2023 without mentioning data privacy laws. With new data privacy laws set to go into effect in several states over the next year, now is the time to assess your current procedures and systems to make sure they comply. These new state-specific laws are just the beginning; companies would be wise to review their compliance as more states are likely to develop new privacy laws in the years to come.

Data privacy laws often require changes to how companies store and processing data, and implementing these new changes might open you up to additional risk if they are not implemented carefully. Ensure your organization is in adherence to proper cyber security protocols, including zero trust, as mentioned above.

Source: Cybercrime (and Security) Predictions for 2023 (thehackernews.com)