Only a tech or cybersecurity professional can understand the importance of farsightedness to anticipate emerging attacks and secure systems way ahead of time. Be it biological viruses or cyberattacks, one thing remains certain. They evolve and take a much more menacing form that is often unexpected.
Cybersecurity and cyberattacks, are constantly evolving, and businesses cannot afford to take them for granted. The cost of a data breach is also rising at a rapid pace. According to Cybercrime Magazine, Cybercrime will cost the world $8 trillion in 2023. Understanding key trends, anticipating evolving attacks, and devising a strategy much in advance will help organisations stay afloat and resilient. Let us see the how the cybersecurity landscape will look in 2023.
IoT Connected Devices and Cloud Security
It is predicted that in 2023, there will be 43 Billion IoT-connected devices in the world. IoT devices are becoming increasingly prevalent in both homes and businesses. While the convenience and benefits of these devices are undeniable, several security concerns need to be considered.
One way to do this is by implementing end-to-end encryption for all data transmissions. This would make it much more difficult for attackers to intercept and tamper with data. Another possible measure is to increase the use of biometrics for authentication. This would add an extra layer of security, as hackers would need not only your password but also your fingerprint or iris scan in order to gain access to your devices.
As we move into 2023, cloud security will be at the top of mind for many organizations. The past year has seen a number of high-profile data breaches, and with the continued shift to remote work and online collaboration, it's clear that security must be a priority. As businesses increasingly adopt multiple cloud services, securing data across these disparate platforms will become more complex. Organizations will need to invest in comprehensive security solutions that can protect data no matter where it resides.
OT Attacks will continue to evolve
As operational technology (OT) systems become more interconnected with information technology (IT) systems, they become more vulnerable to cyberattacks. In the past, OT attacks have been relatively rare, but they are expected to increase in frequency and sophistication in the next few years.
One reason for this rise in OT attacks is that more and more organizations are using industrial control systems (ICS), which are often connected to the internet. This gives attackers more opportunities to exploit vulnerabilities in these systems. Additionally, as Industrial Control Systems turns more complex, it becomes harder for security teams to keep track of all the potential risks.
Another major concern is the increasing number of IoT devices that are being used in healthcare, known as IoMT (Internet of Medical Things). These devices are often used to collect sensitive patient data, which makes them a prime target for hackers. In addition, many IoMT devices are not properly secured, making it easy for attackers to gain access to them. In 2023, we may see an increase in such attacks on healthcare systems.
Remote and Hybrid Work Cultures will require more focus on security
In 2023, we will see a continued trend of organizations moving towards remote and hybrid work cultures. While this shift has many benefits, it also presents new security challenges that need to be addressed.
One of the biggest concerns is the increased risk of data breaches. With more employees working remotely, there is a greater chance that sensitive information could be leaked or stolen. To combat this, boards need to invest in robust data security protocols and train their employees on how to keep their information safe. To protect their employees, organizations need to focus not only on protecting their physical infrastructure, but also on their digital security policies and procedures.
State-Sponsored Cyber Warfare will be more frequent and devastating
State-sponsored cyber warfare is a growing threat as more and more countries develop sophisticated cyber weapons. In recent years, we have seen several major cyberattacks that have caused devastating economic damage and even loss of life. The most famous example is the Stuxnet worm, which was used to attack Iran’s nuclear program.
More stringent Cybersecurity Laws and Regulations will be enforced by governments
As the business world increasingly becomes digitized, the importance of cybersecurity will only continue to grow. We can expect to see new laws and regulations emerge in response to the evolving threats businesses of all sizes face. In the United States, many government agencies are working on new rules. Some of these agencies are the Federal Trade Commission, the Department of Energy, and the Cybersecurity & Infrastructure Security Agency. New cybersecurity laws were passed by 36 states in 2021. Data localization regulations in China and Russia, incident reporting regulations in India through the CERT-In program, and data privacy regulations and incident reporting regulations in the European Union (GDPR) are just a few examples of the various projects taking place around the world.
As cyber weapons become more sophisticated, we will likely see more state-sponsored cyberattacks in the future. To avoid reputational or financial damage that cybersecurity may bring, companies should always be a step ahead of attackers. Cyberattacks are constantly evolving to take a more detrimental approach and the way to survive this wave is to anticipate the evolution of attacks and be heavily fortified against them.
The article has been written by Prasenjit Saha, EVP & Global Business Leader- Cyber Security, LTIMindtree