Cyber Security: Trends to Watch in 2023

23 Jan 2023

As another year passes and organisations of all sizes become increasingly digital focused, including adopting new technologies and a reliance on applications and services, cyber-attacks continue to occur frequently across all industries.

Political, social, and economic challenges have created a heightened risk environment around cyber security with nearly 1 in 4 (approximately 24%) IT professionals reporting1 that their organisation fell victim to a ransomware attack in 2022.

This increase in cyber-crime has contributed to a “hardened cyber-insurance market”, as the cost of dealing with these incidents ultimately drove insurance costs up and therefore organisations should stay informed of the following market developments that may affect cyber-insurance premiums or policy terms. In an ever-evolving digital world, organisations need to ensure they are prepared to respond to future threats and can mitigate any risk.

Cloud reliance

The swift pace of organisations adopting and continuing to prioritise cloud computing leads to efficiency, productivity, and ease of procuring new technologies. This rapid adoption brings with it several new security concerns, largely around the clarity of who is responsible for implementing and maintaining security on cloud deployments. Don’t become over reliant on the cloud without some thought for the security of the applications and services which can lead to further exposure of threats.

Deepfake attacks rise

Deepfakes are synthetic media - an image or video convincingly digitally altered to misrepresent someone. Typically, fraudsters may clone the voice of a company director to trick employees into releasing money or data or maliciously spread false information. As technology advances, deepfakes are becoming increasingly sophisticated, so it may be pertinent to cover the topic of deepfakes in any employee cyber-training and updates.

Internet of Things (IoT) vulnerabilities

The Internet of things describes “physical objects with sensors, processing ability, software and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks2 ”. Key business insights from a leading management consultant company3 predicts that 43 billion IoT objects, such as “smart devices” and voice assistants, will be circulating globally in 2023. As many devices have limited built-in security, they become easy targets for cyber-criminals. Organisations should protect themselves by having employees use strong, unique passwords in-line with regularly updating IoT device software.

Opportunist attacks

Amid the cost-of-living crisis, opportunist fraudsters could tap into employees’ fears to steal money or gain access to personal information. As the economic downturn persists, so could the trend towards opportunist attacks. This also includes the persistent trend of ransomware attacks and business email compromise.

Artificial intelligence (AI)

Artificial intelligence (AI) combines wide-ranging computer science and datasets to solve problems and perform tasks that typically would require human interaction. AI tools can also examine data in real time and therefore recognise cyber-threat patterns and may extend to automated security controls. These response mechanisms can help organisations respond faster to cyber-attacks. As AI responses are based on threat understanding, it becomes vital that organisations keep up to date with the latest attack methods and trends

Practical steps to consider

• Employees are commonly targeted during cyber-attacks, making them your first line of defence. Consider ways to make cyber-security an integral part of company culture and focus on employee training to prevent cyber-crime from affecting your operations.
• Utilise security services offered by insurance carriers and third-party vendors to strengthen your cyber-security measures. These should include implementing multifactor authentication and keeping devices and software up to date.
• Work with your insurance professionals to understand the types of cyber-cover available and secure a policy that fits your needs. Discuss cyber-risk mitigation efforts that may help you reduce your organisation’s exposure to cyber-crime.

Source: SecurityWise