As we near the end of 2022, many businesses and industries will reflect over the year. The reflection helps understand what they did right and wrong and analyse possible threats of 2023. 2022 has been a complicated year where things seem to be returning to normal (post covid) but also wars and weather disasters.
One of the business tragedies of 2022 was the increase in cyber-attacks and threats that targeted every industry worldwide. There was around a 20-30% increase in cyber-attacks from 2021. Cyber-attacks will always threaten all businesses, regardless of their size or purpose.
Unfortunately, there seems to be no decrease in cyber threats in 2023, with the integration of new technology and trends. Cyber threats in 2023 are predicted to be more dangerous, and some may be undetectable. However, knowing the future threats gives businesses more power over cybercriminals and time to invest in a plan.
So let us help you and your business by giving you our researched insight on the predicted cyber threats of 2023. Also, the article will explain why cyber insurance is becoming more and more crucial for every business to handle these attacks.
The Main Predicted Cyber Threats in 2023
Rise In Supply Chain Attacks
The rise of supply chain attacks will be a disastrous cyber threat in 2023 that will affect many businesses that believe they are cyber-ready. Even if your business has great cyber security and seems safe – your partners may not. Supply chain attacks, also known as third-party attacks, target clients, vendors, and suppliers instead of directly targeting a specific business. The cyber-attack moves through the supply chain to reach various big companies.
This attack will be more challenging to spot and avoid if your partners and vendors do not have upgraded cybersecurity. These threats bring more fear for big businesses that work with many suppliers worldwide. The attack can move through emails, links, files or even a physical USB. One virus can spread across the supply chain, eventually affecting thousands of businesses.
For example, a research hacker, Alex Birsan, hacked into Microsoft, Apple, Uber and PayPal. He did this by hacking into unsecure client accounts that had access to a private server, which led him to the central business servers. He explained that any experienced hacker could find these back doors, which may result in considerable losses. Therefore, supply chain attacks will be a serious cyber threat in 2023. Businesses can only avoid them with the spread of cyber security knowledge, high-quality cyber security and choosing modern partners/vendors.
Artificial intelligence is a great technology that is growing and doing things that we used to only watch in movies. Experts use AI to learn patterns, behaviour and perform impressive human-like jobs. However, the technology is spread to cyber criminals too. AI is being used in almost all traditional cyber-attacks to mimic human behaviour, learn patterns from victims and provide the attacker with an easy passage.
AI attacks include deepfakes, business email compromises and malware-based AI. Using AI in attacks makes cyber threats harder to detect and, at times, almost unavoidable. The cyber threats in 2023 will use more sophisticated software that will be able to breach cyber security and make victims believe they are dealing with trusted users.
For example, AI business email compromise can include a client dealing with a trusted business and sending money to a fraudulent account, without the company even knowing about these emails. AI attacks have already begun in 2022 but will be one of the biggest cyber threats in 2023.
Post-pandemic work lifestyle has changed the way employees work. With more companies allowing their employees to work from home. Working from home might have its benefits but also disadvantages – one of the disadvantages includes the risk of cyber-attacks.
The work-from-home trend will continue next year and invite cyber threats in 2023. When employees work from home, in cafes, and different locations, there are more risks to company servers. Many locations will not have unsecure internet, which allows hackers to access any device and the data through the shared Wi-Fi.
In 2023 more attackers will start to take advantage of this new work trend to infiltrate business servers and breach business data. Cybercriminals access emails connected to the WIFI and send dangerous malware across servers.
Companies must provide high-quality cybersecurity, and employees must secure their home Wi-Fi. In addition, firms can only avoid these attacks if they communicate with their employees and provide accurate knowledge about cyber security.
In 2022 there was a 500% increase in malware attacks through mobile phones, especially Android phones. Experts predict mobile cyber-attacks will increase in 2023, as many users ignore mobile cybersecurity. An infected mobile can be costly for the user and a business. Most employees connect their business emails, servers and accounts to their phones.
Mobile cyber threats in 2023 could change how businesses use or allow mobiles to connect to servers. The attacks could be through applications, websites, text messages (links) and more. The attacks could affect anyone and infect any business – the infection may not be sudden but over time.
Therefore, the next time you see a text or too good-to-be-true application, do not click on any link or download it. Many new antivirus applications focus on keeping phones secure and detecting fraudulent sites and messages. Businesses should also inform and suggest employees use the applications or provide separate work phones.
Lack of Cyber Knowledge
The biggest enabler and spreaders of cyber-attacks are human errors and lack of knowledge. Many employees, even in 2023, may still not have enough knowledge to detect phishing emails, harmful files, or how cyber-attacks work. Employees who practice poor cyber security habits are the weak links in the business and will be one of the cyber threats in 2023.
Cyber-attacks are around every corner, in emails, links, and websites. Employees must be aware when something seems odd and avoid such unsecure websites. No matter how secure the business’s cyber security is – an error by an employee can cause serious damage to the company and its data.
Companies must educate their employees about cyber-awareness and the different types of cyber-attacks. Businesses can hold seminars and even send test phishing emails (if they click on them, they must attend again). Cyber knowledge is a must for everyone in 2023. It can save a business from serious damage and loss.
Why Do Companies Need Cyber Insurance to Battle Cyber Threats In 2023?
These cyber threats in 2023 could ruin a business unless they have a suitable plan and protection. Protection includes high-quality cyber security that does its best to prevent attacks and cyber insurance to deal with the outcome of possible attacks.
It is almost impossible today to find a business that doesn’t use the internet and doesn’t store data online. Therefore, cyber insurance is vital when running any company worldwide.
The insurance provides expert protection when a business is affected by a cyber-attack by providing specialist advice, cyber actions, Ransome costs, third-party communications, data retrieval costs and reimbursement of financial loss. For example, an average cyber-attack faced by a business in 2022 costs millions and may increase; cyber insurance helps by covering these costs.
The combination of cyber security and cyber insurance can help a business deal with the most dangerous cyber threats in 2023 and recover stronger.
To learn more about cyber insurance and protect your company from cyber threats in 2023, contact Red Asia Insurance.