According to Statista, the cost of incidents caused by illegal activities on the internet is set to surpass the $11 trillion mark by the end of 2023. If your business relies on computers and the internet for its daily operations, you could be among the potential victims if you fail to take the necessary steps to boost your cybersecurity.
Cybersecurity threats have become more sophisticated, and businesses need to be prepared to face the challenges that come with the constantly evolving threat landscape. In 2023, businesses will face new and existing cyber threats that can halt their operations and potentially damage their reputations in the eyes of customers and other stakeholders.
One effective way to boost your cybersecurity is by learning more about common cyber threats and how to prevent them from affecting your business. In today’s article, we will explore the ten most common cyber threats that every business should be aware of in 2023. We will also provide insights into how organizations can take proactive measures to safeguard themselves against these threats.
What is a cyber threat?
A cyber threat is a potential attack or security risk that exploits vulnerabilities in computer systems, networks, or devices. Cyberattacks are carried out by hackers with the aim of damaging, disrupting, stealing, or gaining unauthorized access to information or systems through the use of technology. Now that we know what a cyber threat is, let’s discuss some of the common threats you must prepare for in 2023.
The 10 common cyberthreats to prepare for in 2023
1. Ransomware attacks
Ransomware attacks are a type of cyber-attack that has become increasingly common in recent years, and they are expected to continue to be a significant threat in 2023. Ransomware is a type of malware that encrypts a victim’s data, rendering it inaccessible. Attackers then demand payment in exchange for the decryption key, which can be costly and disruptive for businesses.
A 2020 survey revealed that over 68% of organizations in the USA experienced a ransomware attack and had paid a ransom in order to save their data and IT resources. Most of these attacks happen when attackers gain access to an account of one of the employees in an organization. One of the easiest ways to fight these attacks is by tightening the authentication process of all accounts using multi-factor authentication and other security best practices.
2. Phishing attacks
Phishing attacks have also been common in the last couple of years. These are a type of social engineering attacks that involve using fraudulent emails, text messages, or phone calls to trick individuals into sharing sensitive information or downloading malware. According to a study by Kaspersky, the number of Phishing attacks in 2022 doubled to reach 500 million.
Phishing attacks often appear to be from a legitimate source and can be difficult to detect, making them a significant threat in 2023. To avoid such attacks, it is always best to do due diligence before sharing any information with anyone on the internet.
3. Insider threats
Besides external attacks by hackers, several organizations have experienced internal attacks that are executed by employees and other internal stakeholders. Insider threats are malicious or accidental actions taken by an organization’s employees, contractors, or business partners that can compromise the security of the organization’s systems or data.
Such attacks may include theft of data, misuse of access privileges, and unintentional errors, making them a challenging threat to manage. You can prevent insider attacks by limiting the level of access different users have to your business resources. Access to sensitive company data should only be given to a few trusted employees. The rest of the internal stakeholders must seek permission before getting access to such data if they ever need it in their operations.
4. Advanced persistent threats (APTs)
These are sophisticated, long-term cyberattacks that are often carried out by state-sponsored groups or organized cyber criminals. APTs can remain undetected for long periods of time and can cause significant damage to an organization’s systems. These attacks usually target large organizations that may have sensitive data that is very valuable to cybercriminals.
APTs typically involve a combination of social engineering, malware, and other advanced techniques to penetrate an organization’s defenses. Using the best cybersecurity practices, such as Zero Trust and multi-factor authentication, are some of the tested ways to avoid ATPs.
5. Unintended disclosure
These attacks involve disclosing sensitive or confidential information without the permission or knowledge of the owner of the information. Unintended disclosure attacks can be executed due to software vulnerabilities, social engineering, or human error. One of the common examples of such attacks can be when an employee accidentally sends an email containing confidential information to the wrong recipient.
Unintended disclosure attacks can be prevented by putting several layers of verification before an employee can access sensitive company information. Employees should also be cautioned to be extra careful when sharing documents or any information about the company via email and other channels.
6. Supply chain attacks
These attacks involve targeting third-party vendors or suppliers who provide products or services to an organization. Attackers can use this access to compromise an organization’s systems or steal sensitive data. Supply chain attacks have become more common in recent years and are expected to be a significant threat in 2023.
One of the popular examples of a supply chain attack is the SolarWinds hack, which targeted the software supply chain of SolarWinds, a leading provider of network management software. In this attack, the attackers compromised SolarWinds’ software build system and injected malware into an update of their Orion software, which was then distributed to SolarWinds’ customers, including numerous government agencies and Fortune 500 companies.
7. Malware attacks
These are some of the common attacks targeting individuals and businesses. For those who may not know, malware is any software designed to harm or exploit an organization’s systems or data. Malware attacks can include viruses, worms, trojans, and other types of malicious software.
The common delivery channels for malicious software include email attachments and infected websites.
As a business or individual, you can prevent malware attacks by being careful when opening files and websites from sources you don’t trust. You should also consider installing an antivirus software application that can detect and delete malware before it causes any damage to your machine or network. It is also important to ensure the antivirus is updated whenever a vendor avails of new security patches.
8. Social engineering attacks
These are also common cyberattacks businesses in 2023 need to be aware of. Social engineering attacks involve the use of psychological manipulation to trick individuals into divulging sensitive information or performing actions that compromise the security of an organization’s systems or data.
Social engineering attacks can be difficult to detect and target anyone in an organization. One of the effective ways of preventing social engineering attacks is by educating employees about the different ways these attacks are executed.
9. Zero-day exploits
These are attacks carried out to exploit vulnerabilities in software that are unknown to the software vendor. Zero-day exploits are called “zero-day” because they are discovered and exploited on the same day or as soon as possible before the software vendor, or system owner has had a chance to identify and fix the vulnerability.
This makes them particularly dangerous, as there is no defense against them until the vulnerability is discovered and a patch solution is developed. Attackers can use zero-day exploits in a variety of ways, including installing malware or spyware on a system, stealing sensitive data, or taking control of a system for use in a botnet or other attack.
10. Storage Reconnaissance attacks
These attacks involve hackers trying to identify and access sensitive or confidential information on storage systems such as file servers, databases, and cloud storage services. Hackers carry out storage reconnaissance attacks to gain information that can be used in future attacks, such as user credentials, confidential data, or network architecture information.
To protect your business against storage reconnaissance attacks, you should implement strong access controls, such as limiting access to sensitive data to only a few key employees or stakeholders, enabling multi-factor authentication on all user accounts, and regularly monitoring and auditing storage systems for suspicious activity.
Final thoughts
These are some of the common cyber threats and attacks that businesses should be aware of in 2023. The rapid pace of technological advancement means that new cybersecurity threats will continue to emerge. To deal with these attacks, businesses must remain vigilant and proactive in their approach to cybersecurity.
Businesses should also be willing to prioritize and invest more in their cybersecurity efforts. Some of the best strategies businesses can use to deal with the above cyber threats include using VPNs, limiting access, enabling multi-factor authentication on all user accounts, constantly monitoring IT resources, and educating employees about the common tactics used by hackers and other cybercriminals.
