Cybercrime (and Security) Predictions for 2023

by IT Procedure Template

On February 22, 2023
Cybercrime (and Security) Predictions for 2023

The cybersecurity industry is rapidly evolving. People will be responsible for cyber resilience, not technology, and it is critical to better plan for the future to prevent these attacks. It is one of the criminal activities with the fastest global growth.

It is thought to cause annual losses of over $6 trillion in 2021 and is expected to reach $10.5 trillion annually by 2025. It is getting harder for businesses and individuals to defend themselves against online dangers as technology advances and fraudsters’ methods get more sophisticated.

Through this article, we will go through the common cybercrime (and security) predictions that are expected to happen in 2023, so you can be better equipped for it. Let’s start!

Top Cybercrime (and Security) Predictions You Need to Know

We believe businesses will finally recognize that their security and resilience depend on their people rather than their technology in 2023. Supporting efforts that prioritize well-being, learning, and growth, as well as frequent crisis drills, will assist organizations in better preparing for the future.

The following are the top cybersecurity forecasts for 2023:

1. Increased Ransomware Attacks

Attacks using ransomware have become more frequent in recent years, and 2023 is predicted to see a continuation of this pattern.

Data belonging to a victim is encrypted by a ransomware virus, rendering it inaccessible, then demands money in exchange for the decryption key.

Attackers are anticipated to use more sophisticated strategies in 2023, such as exploiting recently identified security flaws and disguising their malware as security programs.

2. Adoption of Cloud Services

In 2023, more cyberattacks are anticipated to target cloud services due to their increasing popularity. Cloud services allow businesses to manage, access, and store data, but they also introduce new security risks.

Organizations should prepare for additional assaults on cloud services in 2023, including those that try to disrupt cloud services and steal critical data.

3. Data Privacy Laws are Getting Stricter—Get Ready

In 2023, it would be impossible to discuss cybersecurity without bringing up data privacy legislation. To ensure compliance with the new data privacy laws that will go into effect in several states over the upcoming year, it is now necessary to evaluate your current processes and systems.

Companies would be advised to examine their compliance as other states are likely to enact new privacy regulations in the years to come. This new state-specific legislation is just the beginning.

Data privacy regulations frequently demand changes to how businesses store and use data, and if these new changes are not implemented appropriately, you may be exposed to increased danger. As noted above, zero trust is one of the proper cyber security measures that your firm should follow.

4. Increased Use of Artificial Intelligence (AI) by Cybercriminals

Cybercriminals of today’s hackers are anticipated to employ AI and machine learning to automate their attacks and avoid detection in 2023. Attackers may utilize AI, for instance, to design convincing phishing emails that can deceive even the most tech-savvy people.

AI may also be used to evaluate vast volumes of data in order to find and exploit possible vulnerabilities. Organizations and people must be aware of these dangers and take precautions to safeguard themselves from cyberattacks utilizing AI.

5. Increased Use of Internet of Things (IoT) Devices as Attack Vectors

Smart home devices and other IoT gadgets have grown in popularity recently. Although these gadgets are meant to make our lives simpler and more convenient, they pose new security risks. Cybercriminals are predicted to utilize IoT devices more frequently as attack vectors in 2023 in order to acquire private data and disrupt services.

IoT devices represent security threats, so businesses and individuals must be aware of them and take precautions to secure them.

6. Artificial Intelligence and ChatGPT Use

ChatGPT’s creation and implementation will probably have a significant influence on cybersecurity. While ChatGPT and other AI technologies show a lot of promise for enhancing companies’ and individuals’ capacity to protect against cyber attacks, it is crucial to assess any risks and difficulties they can present carefully and to take the necessary precautions to reduce these risks.

This would entail putting in place stringent security measures and policies to guard against unwanted access to ChatGPT and other AI systems. In order to make sure that these technologies are being used safely and responsibly, they may also need continual monitoring and evaluation.

5. Increased Emphasis on Cybersecurity Awareness and Education

Organizations and people must prioritize cybersecurity awareness and education more in 2023. Cybersecurity is a human concern as much as a technical one. Employees who are aware of the risks posed by phishing emails and social engineering techniques can play a crucial part in defending an enterprise from cyberattacks by hackers of today.

Additionally, businesses must give staff members the resources and tools they need to protect sensitive data online and stay safe.

6. Increased Cooperation Among Governments, Law Enforcement, and the Private Sector

Governments, law enforcement, and the commercial sector are anticipated to work together more in 2023 to combat cybercrime. Governments are taking action to tighten their cybersecurity rules and enforcement mechanisms as a result of their growing concern over the effects of cybercrime on their economies and national security.

In order to identify and bring cybercriminals to justice, law enforcement is also getting increasingly active in the fight against cybercrime.

7. Cybercriminals will Look to Target Reused Passwords and Secret Question Fields

According to Mark Risher (senior director for platforms and ecosystems at Google ) – Due to the large number of data breach dumps floating around on the dark web, there will be an increase in assaults using both previously used passwords and all of the secret question sections (birthdate, SSN, street addresses or others).

With the added bonus that these mechanisms are also simpler and more user-friendly for users, apps and websites will increasingly embrace secure authentication, such as federated identities and passkeys, in place of login, password, SMS code, and others, to protect themselves.

8. Increase in the Planning of Privacy Regulations

In 2023, many more companies will join those that currently have data protection or privacy legislation in effect. There is increasing pressure on authorities to deal with the repercussions of inappropriate treatment of personal data as well as on government authorities to follow suit. Significant progress toward a federal statute may be accomplished in 2023, given the need for states to enact additional individual laws.

The need for cybersecurity experts to be knowledgeable about these rules has never been greater. Good awareness articles, news, and guidance, can be found on the official sites of the states and companies, respectively.

9. Cyber Risk Management will be a Top Priority for Business Leaders

Companies will step up their efforts to manage cyber risk in 2023 due to all the potential cybercrime scenarios.

Cyber risk governance is now obviously a director and officer-level problem, not just the purview of the CISO. The concept of credible denial is obsolete in cyberspace.

10. 2023 could be the Year of Deep Fake Cybercrime

Deepfake technology has been a hot topic, especially since the creation tools have become more affordable and user-friendly.

Deepfake images, videos, and audio files could be utilized in ransomware in 2023, which would be a worrying development because it would increase the impact of attacks.

Bottom line

Although it is a possibility, we hope that in 2023 no sections of smart devices will be controlled by unauthorized hackers. Undoubtedly, the new 2023 will be an exciting one. Naturally, we hope that none of those mentioned above cyber security predictions come true, but we hope that you will be prepared to combat them if they do.

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