Cyber Security in 2023: Key Trends and Developments
Matthew Tinney
A Focused, Compassionate Visionary, Father of Twin Boys. We help Information Technology engineering teams solve for problems they don't have the DNA to solve because they don't have the people, technology or process.
Here we are into 2023– with the first three months already gone! Looking at the situation of cybersecurity so far, the increasing dependency on technology, coupled with the prevalence of cloud computing and online infrastructure, we can say that cybersecurity needs more resources, investment, and innovation. From sensitive data thefts to ransomware attacks to phishing, the beginning of 2023 has been catastrophic for online businesses. ?
Here are some of the key developments and trends in cybersecurity so far in 2023 that you may find interesting.
Ransomware On the Rise: An Alarming Trend
One of the most alarming developments so far in 2023 has been the surge in ransomware attacks. Ransomware attacks happen when attackers gain unauthorized access to an organization’s network, and then encrypt their data or systems, demanding money in return for the decryption key. In most cases, organizations pay this ransom to get their data back, but this only encourages the attackers to continue their activities.
The real point of worry is, cybercriminals are now using more sophisticated tactics, incorporating social engineering techniques alongside advanced malware to penetrate systems and encrypt sensitive information. Already, the impact of these attacks has been massive, causing significant financial loss and reputational damage to organizations.
More so, the continuing upsurge of cryptocurrencies has made it simpler for hackers to demand and collect payments for their malicious actions. According to the 2023 SonicWALL Report , ransomware attacks have risen by a staggering 57% in the first quarter of the year compared to the same period last year. A few high-profile ransomware attacks in 2023 have targeted, in particular, government bodies, healthcare agencies, and fintech companies.
The crux of the situation is, organizations need robust security protocols, employee training on cybersecurity awareness, and regular vulnerability assessments. Also, it’s crucial to have a backup and recovery plan in place to minimize the damage in case of an attack.
Our cybersecurity experts at WME never take these issues lightly for any of our clients. Ultimately, we make sure your networks and data are safe.
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IoT Devices: The Hottest Gateway to Cyberattacks
The adoption of the internet of things (IoT) is just unstoppable. From smart watches to kitchen appliances, IoT devices bring ease to our lives, so they are everywhere. However, with this fast penetration, the risk of cybercrimes and uncompromised data has just multiplied.
In the first place, IoT devices are not designed with security in mind. On top of that, they are always connected to the internet and trying to access sensitive data. This combination of factors makes them vulnerable to cyberattacks because of their weak security protocols, lack of firmware updates, and insufficient authentication mechanisms.
Also, IoT device networks are attracting a plethora of DDoS attacks which are extremely undesirable as even administrators cannot always control which devices connect to their network. Remote monitoring, however, provides an avenue for Managed Service Providers (MSPs) to supervise and control IoT systems, allowing protective interventions when needed. For example, they can remotely install new software to devices to observe the device behavior for performance analysis or security loopholes diagnostics.
But IoT-led crimes are definitely on the rise. Even in the first three months of 2023, we have already witnessed several cyberattacks targeting IoT devices, leading to some huge financial losses and reputational damage to organizations. So, it’s become crucial for organizations to take proactive measures to secure their IoT devices, such as changing default passwords, updating firmware regularly, and configuring devices to use secure connections.
Zero Trust Security Architecture: Why It Should Be A Priority
Zero-trust security architecture might be a new concept for cybersecurity enthusiasts but not for avid readers. The idea of this approach to cybersecurity is to consider that all devices and users connected to a network may have been compromised and therefore, it’s necessary to regularly verify their identity and security status before granting access to data.