2023 is predicted to be one of the costliest and most destructive years for cybersecurity, with hackers upping their games in view of companies rethinking their cybersecurity budgets in anticipation of looming recession and ransomware gangs targeting supply chain firms for mounting focused attacks to extract optimum rewards, a latest report said.
New strains such as fileless malwares not requiring downloads, hackers crafting new modus operandi to exploit vulnerabilities in cloud security and mounting targeted attacks on individuals will be among the potent cybercrime trends in the coming year, 2023, said the report by NordLocker, the leading global VPN (virtual private network) service provider.
The proposed European Union (EU) move to make digital platforms to scan all files and messages, impacting internet security and privacy, is the other major cyber threat to watch out for in 2023.
“From new strains of potent malware to major policies that threaten privacy and encryption, 2023 could expect several new and more damaging cybersecurity threats,” the report cautioned.
Cyber attacks, rated among top five risks globally, are projected to cost companies worldwide an estimated $10.5 trillion annually by 2025, up from $3 trillion in 2015, according to some of the research and industry bodies.
Besides financial losses, hacking also leads to major loss of productivity, reputation damage, legal liabilities for companies and organizations.
“Cybersecurity never stops evolving because digital technologies are increasingly overtaking each part of our lives,” said Tomas Smalakys, chief technology officer of NordLocker.
“This ever-changing nature of the cybersecurity field makes each week, month, and year different from those that have passed, making it extremely important to stay two steps ahead of emerging threats,” Smalakys said.
He said cloud security will become most important in the coming year, with companies increasingly moving their data into the cloud instead of storing files locally on their computer.
“We will see a growing number of cyberattacks that exploit vulnerabilities in current solutions in cloud computing,” Smalakys said.
The report also cautioned that reduced cybersecurity spending will expose vulnerabilities, leading to increased hacking and cyber thefts.
“With a looming recession, many companies and individuals are rethinking their budgets, and cybersecurity spending is often among the first to receive a cut. Criminals will exploit this lowered guard, which is very likely to make 2023 one of the costliest and most destructive years for entities affected by cybersecurity incidents
On vulnerability of supply chains, the report said by targeting companies that play critical roles in the activities of other businesses, such as raw materials suppliers or logistics firms, cybercriminals have the ability to grind an entire supply chain to a halt and apply mounting pressure to make victims meet their demands.
We have already seen this trend in 2022 in the wake of the Covid-induced global chip shortage. These types of attacks are only going to ramp up next year,” the report said.
The report also flagged employees becoming the weakest link in corporate cybersecurity.
“With the human factor being the culprit behind more than 80 percent of cyberattacks, companies will continue struggling to instill proper cyber hygiene principles in their employee culture,” the report said.
Fileless malware will be another trend that will pose serious concerns in 2023, since it will be practically undetectable by most information security tools as they do require its victim to download any files.
“This type of malicious software works by exploiting vulnerabilities in already downloaded, well-known, and trusted applications, leaving no trace on the computer’s memory,” the report said.
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