Cybersecurity is a growing concern for every organisation, whether a large multinational or a small medium enterprise (SME). The last few years saw a substantial increase in cyber attacks against organisations. Most recently, Twitter reported a hack that resulted in 200 million emails being publicly available on a forum.

You might be wondering what the purpose of leaking emails is, right? When cybercriminals know your email, they can undertake different ways to hack into your account, including phishing and social engineering. While there is no doubt that hacking can be detrimental to a user’s security and privacy, organisations, too, face issues.

Impact of a Cyberattack on a Business

The most notable impact is on the organisation’s reputation. Customers and stakeholders start questioning the security credentials and measures to avoid such instances. It can be challenging for customers to trust a business again, especially if they discover that the hacking is due to human error or poor security processes.

Regulators are now refusing to turn a blind eye to cyberattacks. The regulator can fine the business if the hack is due to the organisation’s negligence and the fine can rise to hundreds of millions of dollars. Meta (Facebook) was recently slapped with a $277 million fine. A small organisation may file for bankruptcy if it faces a huge fine.

A cyberattack can lead to significant business downtime. Cybercriminals may compromise your organisation’s entire network, rendering it useless. With everything depending on IT nowadays, a lack of access to the network can bring the entire business operations to a complete halt.

Therefore, businesses must implement robust security measures to protect their critical data. With this in mind, we present you with the top cybersecurity predictions for 2023. Businesses should base their 2023 cybersecurity strategies around these predictions for up-to-date practices.

Cybersecurity in 2023

1. Each Country Will Introduce Stricter Privacy Laws

Our first prediction for 2023 is that every country will introduce stricter privacy laws. There are various reasons in support of this statement. First, cybersecurity is a major concern for governments and the public. A government’s refusal to protect user rights will not go down well with the public.

Therefore, businesses must focus on ensuring compliance with different laws in different jurisdictions. Undoubtedly, it can be a frustrating and challenging task. The best way to deal with it is by automating the privacy processes. Without it, your employees may commit a mistake, leading to hefty fines and other repercussions.

2. Remote Work Will Increase Hacking Risk

While some companies are demanding that their employees return to the office, others are taking a less strict approach. Instead, they encourage remote working as it helps reduce expenses. As businesses take on more remote employees, it increases the hacking risk. Regular employee training, device monitoring, and active network management can help reduce this risk. For further information on training, read our article on ‘Ways to Create an Effective Cybersecurity Training Program’.

3. Attacks on the Supply Chain

Your organisation is vulnerable due to your partners along the supply chain. Over the years, there have been numerous examples where hackers infiltrate a partner’s systems to gain access to the primary target. One way to deal with this threat is to carefully vet your suppliers and set minimum cybersecurity criteria for them.

4. Skills Shortage

The skills shortage in cybersecurity will continue in 2023. It will only increase the risk of cyberattacks as businesses do not have enough resources to manage their networks or thwart any attempts. Outsourcing the security to a managed IT security provider is one possible solution, but not without its drawbacks.

5. Artificial Intelligence Will Help Hackers & Organisations

Lastly, AI will continue to play a strong role in cybersecurity. The real concern is that AI is a technology that hackers can use for criminal activities. Hackers can use AI technology, such as deep fake, to conduct social engineering attacks. There is already talk about organisations facing such incidents.

Conclusion

It concludes our views on the top 5 cybersecurity predictions for 2023. We believe that instead of adopting a reactive approach to cybersecurity, it is about time businesses start thinking proactively. Otherwise, they will always be one step behind cybercriminals. With increasing competition across all industries, a minor security lapse is enough to convince your customers to go to your competitor. If you want to secure your business, focus on cybersecurity. Contact us for help with cybersecurity or any other managed IT service.

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