Cyberattacks pose significant dangers to companies worldwide. Attackers use innovative methods to steal sensitive data and crack security defenses. As the world moves into 2023, it’s important to remain alert and informed about common cyberattack methods.
More Threats Than Ever
Cybercrimes have increased by 300% since the onset of the COVID-19 pandemic and have grown exponentially every year afterward. As we enter 2023, the United States faces various economic and political factors that fuel cyberattacks.
For example, rising inflation levels have caused many to take drastic measures to meet financial needs. In addition, growing access to ransomware makes it easier for attackers to target businesses and individuals.
Companies must stay aware of cybersecurity dangers to protect data and assets. Here are some current cybersecurity attack statistics to note:
- Cybercrime caused about $6 trillion of damages in 2022.
- Experts estimate bad actors will breach more than 30 billion accounts in 2023.
- It costs businesses an average of $1.85 million to recover from a cyberattack.
- Attackers are increasing attacks on medium and small-sized businesses due to their weaker defenses.
8 Biggest Threats to Cybersecurity 2023
By staying updated on cyber security threats, your business can prepare more thoroughly. In addition, a robust security plan that includes identity access management can help you increase your protection against increasing attacks.
Here are eight of the biggest threats to cybersecurity in 2023.
1. Phishing
Phishing is one of the most commonly used attack methods in cybercrime. During this technique, attackers contact victims through emails, text messages or telephone calls. They pose as legitimate companies in the messages to gain trust, then ask for sensitive data like personal details, passwords or credit card information.
The scams often include features like:
- Eye-catching statements, such as news of you winning a large prize.
- Messages urging you to act quickly, maybe within 24 hours.
- URLs leading to dangerous websites.
- Unusual attachments.
Nearly 90% of data breaches occur due to phishing, making it a severe threat to companies worldwide. Attackers often send emails directly to employee email accounts, so they have a stronger opportunity to steal company data.
Businesses can protect against phishing scams by providing training materials for employees. They can educate them on how to identify attempted phishing and other best practices. It is also good to set up multi-factor authentication (MFA) on all applications as part of a complete identity access management plan.
2. Lack of Employee Understanding
Another cybercrime threat is human error. While many attacks occur because of hacking practices, a lack of employee knowledge can also give bad actors a simple entry path into company systems and data. Recent research estimates that 95% of breaches happen because of human error, making it a significant danger for companies.
Employees can engage in a variety of behaviors that threaten company security. For instance, they might:
- Use weak passwords: Company personnel should use strong password practices when registering accounts. Attackers are more likely to guess simple passwords and can even use brute-force attacks to break into multiple accounts at once. Some best practices for passwords include using at least eight characters and a combination of letters, numbers and special characters.
- Send sensitive information over email: Employees might send highly sensitive data through emails or other identifiable channels. These behaviors make it easier for hackers to access the information without additional encryption or security measures.
- Fall for phishing or other scams: If employees are unaware of common phishing techniques, they become more likely to click on false links or attachments.
Again, educating your team members is crucial to mitigate human error as much as possible. Often, a staff that’s well-versed in identifying scams is the best defense.
3. Cloud Security Vulnerabilities
Remote work is becoming more popular and common for companies. As businesses transition to hybrid models, they might rely more on cloud software to store applications, documents and data. The more you store in the cloud, the more important cloud security becomes.
Security vulnerabilities could lead to severe consequences, such as bad actors accessing sensitive employee or customer data. A successful attack could allow them to reach massive amounts of data and compromise the entire company.
Many cloud platforms feature thorough protective measures, but human error and other poor practices make it easier for attackers to break through. In addition, targeted attacks on cloud networks can cause significant damage to companies.
4. Growing Third-Party Access
The growth of cloud-based infrastructure has caused an increasing dependence on third-party applications and vendors. While these partnerships and investments can improve efficiency, they also open more opportunities for sensitive data accessibility.
In particular, a lack of identity and access management structure can damage security measures. For example, you should only grant a third-party the access level they need to complete tasks. The more access they have, the easier it becomes for hackers to break into secure systems.
5. More Sophisticated Cyber Scams
As time passes, cyber attackers create more innovative and sophisticated ways to break defenses. They adapt to trends and find new ways to work around security measures. Attackers use evolving techniques like:
- Switching to mobile-based attacks: Many people use their mobile devices to browse the internet and complete essential tasks. In response, scammers have shifted their methods to focus on mobile-based attacks. A growing number of bad actors use voicemails to target mobile users and attempt to boost their credibility.
- Monitoring current events or stressors: Some bad actors plan their strikes around current events to make it more likely for victims to respond. For example, they might launch attacks during tax season using ads for tax filing assistance.
- Studying formats and phrasing: Attackers study institutional messaging formats, then align their attacks to match them as closely as possible. The closer their messages appear to the originals, the more likely victims will click on hyperlinks or attachments.
6. Attacks Conducted by Nation-States
These attacks come from outside countries that use malware or malicious schemes to target other nations. For example, Iran launched a cyberattack on Albania in 2022. These attacks are more difficult to predict, making them a significant challenge for businesses and institutions in 2023.
7. Multiple Threat Vectors
In addition, another likely 2023 cybersecurity threat is multiple-threat attacks. These strategies consist of several attacks at once, weakening an institution’s defenses on all sides.
Bad actors often launch the threats in waves. While a company manages the initial attack, the scammers attack from a different angle. With so many threats at one time, it becomes difficult or even impossible for companies to combat all of them.
Multiple-attack vectors become even more popular as teams of cyber attackers join forces. Teams work together and combine expertise, making large-scale attacks easier to manage.
8. Smart Devices Being Targeted
Attacks on smart devices are likely to continue into 2023. According to cybersecurity statistics, 2022 saw many advances in automation and artificial intelligence (AI).
These tools are valuable in many industries, leading to improved efficiency and accuracy. AI has been implemented in many products, from lightbulbs to cars. However, cyber attackers will likely anticipate the growing use of smart devices and target attacks for them.
Future-Proof Your Business
Companies need to protect their data, employees and clients from these cybersecurity threats. By investing in comprehensive security solutions, like identity access management, they can strengthen their defenses and minimize attack consequences.
Optimal IdM is a leading provider of identity and access management solutions. Our comprehensive IAM platform, The OptimalCloud, can help you shield your business’s digital environment from evolving cyberattacks. The OptimalCloud includes high-end and thorough security procedures that assist with user management, compliance and more.
Notable features include:
- Multi-factor authentication included with all pricing packages, because proper security shouldn’t cost extra.
- Optimal AI™ that includes DOS detection/prevention, email blocking, GeoAccess/location blocking, IP blocking, session blocking, and more.
- Delegated Administration allows admins to manage their own users and permissions.
- Behavioral biometric authentication using keyboard analytics.
- Geographic data center locations to better support GDPR and other compliance requirements.
- Configurable to your needs with enhanced scalability capabilities
Our 99.99% uptime guarantee and 24/7 support are part of the Optimal Difference. You can reduce IT costs, meet compliance requirements and more.
Contact the Team at Optimal IdM
Cyber scammers continue to get smarter, but you can strengthen your security measures to meet these challenges. l To get started with Optimal IdM, contact us today.
