Cyber and Network Security for Business: Trends for 2023

by David Rose
| October 12, 2022 |

Happy Cyber Security Awareness Month! This October, we’re celebrating by highlighting the importance of cyber and network security for business and how we can protect ourselves from cyber threats.

In honor of this month, we are outlining some of the biggest threats to cyber security in 2023 and what to keep in mind when planning for the next year.

Top 7 Trends in Cyber and Network Security for Business

2022 has been a devastating year for cyber security. As individuals have played out their online lives and businesses have accelerated digital adoption, threat actors have continued to come up with new sophisticated ways of exploiting vulnerabilities. This is expected to continue in 2023. Here are some trends to watch out for:

1. Attacks Will Continue to Rise

The increased adoption of technology, hybrid work, and e-commerce has resulted in people spending more time on the internet. Threat actors are taking this opportunity to exploit any vulnerabilities. According to Statista, during the second quarter of 2022 alone, internet users reported approximately 52 million data breaches.

2. Cyber crime Is Increasingly Lucrative, Even More than Drug Trafficking

Most cyber attacks are characterized by threat actors stealing data and selling it on the dark web or breaching an organization and holding sensitive data until a ransom is paid. It is thought that cyber criminals can rake in $1.5 trillion annually.

3. Mobile Devices and IoT will continue to be the Biggest Threat

Threat actors will continue to target mobile devices and IoT since most people use the same password across most of these devices, making them easier to breach. IoT devices also lack in-built security, making it easy to jump between them and other devices.

4. Attacks Will Be More Individualized

Cyber attacks will become more sophisticated, personalized, and targeted, focusing on the “human element” of cyber security. This will require more cyber security training for employees, as well as procedural changes from management to keep companies safe.

5. World Events will Alter the Threat Landscape

The threat landscape will continue to shift every time a world event occurs. For instance:

  • The COVID-19 pandemic forced organizations to shift to remote work broadening the attack surface dramatically.
  • The Ukraine-Russia conflict has resulted in an increase in global attacks.

Cyber criminals will continue to exploit these and future events in their attacks.

6. Phishing Emails May Become More Targeted

83% of data breaches are the result of phishing. Going forward, threat actors will increasingly use hyper-targeted phishing emails, calls etc. that use social engineering to trick a specific person into revealing sensitive information.

7. Medical and Finance Industry Will Be Hit Especially Hard

Ransomware attacks on US healthcare organizations increased by 94% from 2021 to 2022. Another study found that the first half of 2020 saw a 238% increase in cyber attacks against financial institutions.

Threat actors target healthcare institutions because they lack sufficient security solutions, cannot afford much downtime, and host a plethora of sensitive information. On the other hand, financial institutions are targeted because this is where the money is kept. These institutions are expected to continue to be targeted in the coming years.

How to Prepare for 2023

Invest in Cyber and Network security Insurance

While robust cyber and network security measures and tools can help protect your business against cyber attacks, they are not foolproof. Cyber insurance coverage can act as a safety net in the event your business becomes a cyber attack victim. Contracted managed threat response for expert remediation can greatly reduce your risk and relieve concern.

Implement Zero Trust Framework and MFA

Zero trust assumes that your network security is always at risk to internal and external threats and helps to organize and strategize a way of countering these threats. A zero trust framework will help prevent attacks, including those which haven’t even been developed or anticipated yet.

MFA, while a simple and surmountable level of protection, will stop a high percentage of the more basic spear phishing attacks. Secure all or as many methods of access to data with MFA as you can.

Make Cyber security Awareness Training a Key Part of Your Prevention Strategy

According to various studies, 95% of data breaches are caused by human error. Adopting a cyber security awareness training program can help ensure that employees are familiar with compliance policies and know how to handle sensitive data and information. Cyber security awareness training essentially adds another layer of security to your business.

Partner with a Cyber Security Firm Like Rose CTS to Ensure Your Cyber and Network security Plans Meet Your Individual Business Needs

Rose CTS is the only CompTIA Security Trustmark + certified cyber security firm in Vermont. We offer cyber and network security services to businesses across various industries, including CPA & tax accountants, dental and medical offices, Nonprofits, and construction firms to name a few.

We use a security-first approach to help meet your cyber security needs and help mitigate attacks. We can help you prepare for 2023 by providing you with a zero trust framework to help you become not only cyber secure, but cyber resilient. Contact Rose CTS for more information or schedule a security consultation today.

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