blog post

Cyber Threats Challenge Global Businesses

In 2023, the cybersecurity landscape is more perilous than ever, as organizations embracing new IT solutions grapple with escalating security risks. The sophistication and frequency of cyber threats are intensifying, with cybercrime increasingly professionalized. This evolution has led to a 38% surge in cyberattacks in 2022 compared to the previous year, signifying a daunting challenge for businesses globally.

Key Cybersecurity Threats in 2023 Businesses in 2023 must brace for a variety of sophisticated cyber threats, including:

  1. Ransomware Extortion Evolves: Originally focusing on data encryption, ransomware now incorporates data theft, eschewing encryption for faster, more covert operations. These double extortion attacks pose a heightened threat, as they cannot be mitigated simply by restoring from backups.
  2. Cloud and Third-Party Risks: The shift to cloud computing exposes vulnerabilities due to unfamiliarity with cloud security best practices. Moreover, attackers are now targeting cloud service providers, amplifying the scale and impact of their breaches.
  3. Mobile Malware Threats: The ubiquity of mobile devices has led to an increase in mobile malware, often disguised as legitimate apps. These malicious apps can infiltrate employee devices, posing significant security risks.
  4. Wipers and Destructive Malware: Beyond data breaches and ransomware, wipers and other destructive malware pose severe threats by permanently deleting data. The use of wipers has seen a resurgence, particularly in geopolitical conflicts, signaling their growing role in hacktivism and cyberwarfare.
  5. Weaponization of Legitimate Tools: Cybercriminals are increasingly exploiting legitimate system administration and penetration testing tools to avoid detection, making their attacks more effective and harder to trace.
  6. Zero-Day Vulnerabilities in Supply Chains: Zero-day vulnerabilities, especially in the software supply chain, present a significant risk. Companies often lack visibility into third-party code vulnerabilities, making them susceptible to attacks.
  7. Global Scale of Cyber Attacks: Cybercrime is rapidly expanding worldwide, with a 28% increase in global cyberattacks in Q3 2022 alone. Businesses must therefore adopt a comprehensive, global approach to cybersecurity.

Strategies to Combat Cybersecurity Challenges in 2023

To effectively counter these threats, businesses should consider the following strategies:

  1. Security Consolidation: Simplifying cybersecurity by consolidating various capabilities into a single platform enhances efficiency and effectiveness, streamlining threat management.
  2. Prevention-Focused Approach: Shifting from a detection-focused to a prevention-focused strategy can block attacks before they penetrate systems, significantly reducing potential harm.
  3. Comprehensive Protection: An effective cybersecurity program must cover all potential attack vectors, including cloud services, mobile devices, and IoT, to provide thorough protection against diverse threats.

Moving quickly to embrace comprehensive, prevention-focused approaches and streamlining cybersecurity infrastructure to effectively mitigate the increasingly complex and globalized nature of cyber threats, is necessary to combat the increased threats that rely on just that complexity and attack surface expansion.

A single platform is a great place to start.

Author

Steve King

Managing Director, CyberEd

King, an experienced cybersecurity professional, has served in senior leadership roles in technology development for the past 20 years. He has founded nine startups, including Endymion Systems and seeCommerce. He has held leadership roles in marketing and product development, operating as CEO, CTO and CISO for several startups, including Netswitch Technology Management. He also served as CIO for Memorex and was the co-founder of the Cambridge Systems Group.

 

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