To ring in the new year, we have put together our top predictions for the cyber security industry in 2023.

Last year was certainly eventful in the world of security and tech, but not one that was full of surprises. The biggest attacks and breaches were launched through some of the most common methods of attack and many of the key trends we saw have been prevalent for years.

This year, we can certainly expect the return of many of the trends that made headlines in 2022. However, as cyber criminals discover new vulnerabilities to exploit, it is likely we will see more sophisticated attacks that are harder to detect and harder to block.

In our latest blog, we look ahead at some of the most serious security threats and trends we expect to see in 2023.

Here are our top four predictions:

Ransomware remains a constant threat

Just like last year, ransomware will remain a constant threat to businesses of all sizes. This comes as no surprise considering this nasty form of malware has plagued the industry for the last five years. With a potential global recession on the horizon, the threat of ransomware is likely to reach an all-time high in 2023 as cyber criminals look to exploit financial vulnerabilities in businesses and organisations.

Prominent gangs like Conti, Lapsus$ and LockBit made a splash in 2022 and will likely seek to do the same in 2023. However, the hackers-for-hire trend looks set to take centre stage. The ransomware-as-a-service model has gained significant popularity in the last 12 months due to its lucrative nature and the fact it’s hard to track down and prosecute operators.

Increase in sophistication of social engineering attacks

Social engineering attacks were the most common form of cyberattack in 2022. The constant reliance on technology has created greater opportunities for hackers to gain access to our networks and sensitive data. Last year email was the largest surface of attack in phishing attempts. This year, as mobile use continues to expand, it is likely that smishing attacks will become more prominent.

We also expect to see social engineering attacks spread further into business collaboration tools such as Slack, Teams or OneDrive. By the end of 2022, several high-profile businesses and organisations had experienced hacks of this kind including Uber and EA. The success of these attacks and the weaknesses they highlighted could prompt more cyber criminals to make them a target.

Cyber security insurance costs to skyrocket

Over the last few years, there has been a spike in the cost and compliance requirements of cyber security insurance. Since they first began offering the service, insurers have had to make significant payouts on claims from all kinds of malware attacks and data breaches. As a result, they are now passing on these costs to the consumer.

This year we predict a dramatic increase in insurance premiums for industries that were heavily targeted in 2022 like healthcare and manufacturing.

MFA weaknesses exploited

We all know that multi factor authentication is a fundamental part of good cyber hygiene. However, due to the mass adoption of MFA, it hasn’t taken long for cyber criminals to look for its vulnerabilities.

In 2022 we saw several high-profile examples of cyber attacks where MFA was exploited. A notable example of this was the attack on Uber in September. Cyber criminals breached the company network through an MFA Fatigue attack after a hacker sent repeated MFA login requests to an individual employee.

Attacks of this nature show us that although MFA remains an essential line of defence, it must be adopted as part of a wider zero-trust approach and not as a single solution.

OX IT Solutions works in close partnership with WatchGuard to offer best-in-breed MFA solutions. AuthPoint uses mobile device DNA to match the authorised user’s phone when logging in, meaning even a cloned device will not be granted access.

Contact one of the team today to learn more about the MFA solutions on offer which will keep you one step ahead of the hackers.

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