If cybersecurity isn’t already a top priority for companies in 2023, it needs to be. As high-profile attacks occurred around the world in 2022, it was not uncommon for cybersecurity incidents to make global headlines. Ransomware attacks on global companies have increased 435% since 2020. With an uncertain economy and a potential recession looming, financially motivated cybercrimes will remain popular in the coming year. Companies need to stay prepared by being aware of the threats they face, their security gaps, and remediate vulnerabilities that leave doors open to cyberattacks. The following are the top cybersecurity threats that company leaders need to be aware of in 2023.
Human Error and Internal Threats
Internal threats are frequently overlooked; however, humans are often victims to cyberattacks. 95% of all breaches involved the human element and humans who frequently perform routine tasks, whether intentionally or unintentionally, are more vulnerable to attacks. Microsoft will release a major security feature update to Microsoft Authenticator next month to protect against accidental approvals which threat operators will send numerous approval requests in hopes that users will eventually hit approve to remove the notification. The most effective way to combat the threat is to implement a cybersecurity program tailored to companies. Additionally, companies need to place appropriate measures to monitor threats within companies and flag suspicious behaviors.
According to security experts, ransomware-as-a-service (RaaS), Cybercrime-as-a-Service (CaaS), and Malware-as-a-Service (MaaS) are expected to grow in 2023 as they provide threat operators with low-cost access to valuable, stolen data. With these services, sophisticated and seasoned cybercriminals are leasing out their infrastructure for a fee to other cybercriminal groups, making it easier for threat operators to quickly deploy their attacks with little effort. As threat operators gain experience, CaaS provides seasoned cybercriminals with quick and relatively consistent paydays, and this can imply that insider threats will play a larger role in CaaS. Employees were caught using their privilege to breach into users’ Facebook accounts on the threat operators’ behalf. Bribery was involved in some cases where employees were receiving thousands of dollars in exchange for breaching into accounts. Staying alert, regularly conducting cybersecurity training, understanding where the vulnerabilities are in companies’ networks, addressing security gaps, and implementing zero-trust strategies are the best ways to mitigate the risk of cyberattacks.
Social Engineering and BEC
In the first three quarters of 2022, the Anti-Phishing Working Group recorded over 3 million phishing attacks, with each quarter breaking another record as the worst quarter the APQG had ever seen. With email security in place in numerous companies, experts are discovering that mobile devices and personal channels, including LinkedIn and WhatsApp are becoming increasingly popular among attack groups. According to a recent study, there was a 50% increase in attacks on mobile devices alone over the previous year. Threat operators left voicemails and followed up with text messages or emails to lend credibility to senders. Individuals are more willing to risk committing fraud for financial gain during economic downturns and are expected to remain a major threat for both individuals and companies in 2023. Individuals must keep with the evolution of cybercriminals’ attack methods. To combat this cybersecurity threat, users must be cautious when disclosing information and stay updated on the latest phishing techniques.
Cloud Security Attacks
The need for cloud mitigation and cloud security has grown dramatically as the number of employees working remotely has increased. Network parameters and security boundaries are no longer contained within the confines of the office and now extend to any location where data is stored, including user accounts or third-party providers. Implementing zero-trust strategies is the best way in protecting companies from cloud attacks. Meaning companies need to always check to ensure devices and sign-ins are authorized before granting someone access, instead of trusting everything inside their firewalls to access any part of their networks. Additionally, companies should never trust sign-ins or devices based on their locations. Even though companies may trust all their employees and team members, they should never give them more access than they require. Individuals are increasingly using the same device for company and personal use in the hybrid work environment, and if one individual is compromised, threat operators will only need to move laterally into corporates’ networks and attack.
Nation States Committing Cyberattacks
In 2022, numerous cyberattacks by nation-states dominated global news headlines. Cyber espionage, in which cybercriminals gain access to intellectual property, chip designs, and other government information, is the quickest way to dominate numerous industries. Even though people don’t know what the next attack will be, experts will be watching for this cybersecurity threat.
Stay Protected in 2023
The average cost of a breach in the United States in 2022 was $9.44 million. With more cyberattacks on companies every week, all companies, regardless of size, need to be everything possible to avoid being targeted. Companies can’t depend on one safeguard; they must implement comprehensive frameworks to protect their business and data. A cybersecurity culture begins at the top, and it’s critical for companies to have strategic partners who understand their specific business requirements. At SpearTip, we begin by understanding their companies and identifying cybersecurity gaps. Our security-first strategies and team of engineers identify the investments and best practices to help build strong foundations.
If companies are prepared to make the necessary changes and advancements to remain ahead of the current threat landscape, the next step is to contact a strong cybersecurity company like SpearTip. Our certified engineers will work with companies to navigate their current environments and build a secure future for companies. Visit our website for more information about our process, and the investments companies can make to ensure the safety of clients, employees, and partners. Additionally, our engineers are continuously working at our 24/7/365 Security Operations Center monitoring companies’ network infrastructures for potential cybersecurity threats. SpearTip offers the ShadowSpear Platform, an integrable managed detection and response tool, that delivers cloud-based solutions by collecting endpoint logs regardless of machine location.
If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.