When moving to 2023, cyber security and threat detection will remain at the top of businesses. Data breaches have been a major concern for all small and large businesses.
According to a report by IBM, the average data breach cost reached $4.35 billion in 2022. Data breaches have increased by 2.6% than the previous year.
Due to this, the emphasis on cyber-physical systems, data privacy laws, and ransomware attacks has increased tremendously. These audits have become the top priority of risk and security leaders.
Risk and security management have become major concerns for businesses. Moreover, security breaches have become common and complex over time. Therefore, this is resulting in new laws passing to protect customers. Moreover, companies also consider cyber security a key to their decisions.
Here we have enlisted some of the most important cyber security predictions you should consider to roadmap your business security systems and operations accordingly.
Cybersecurity awareness boasts its pros and cons. High premiums for cyber insurance are one of the key drawbacks here. Within 1st quarter of 2022, cyber insurance premiums rose about 28%.
This is mainly because of the increased awareness of the reputational and financial risks of cyberattacks such as data breaches, ransomware attacks, vulnerability exploitation, etc.
At the same time, underwriters have also made it harder to access cyber insurance by structuring its requirements.
Undoubtedly, ransomware has long been the key monetization method of cyber criminals. However, the number of ransomware attacks and payments has decreased. This suggests that cybercriminals are evolving their attack strategies.
Instead of threatening organizations blatantly, cybercriminals will leverage discrete technologies to make money.
Different cyber threat groups have proven that they can enter your business-critical applications while remaining undetected for longer. Although ransomware is still a prominent cyber security threat, companies must prepare more to protect their valuable resources and data.
Although 2023 will see tighter security budgets with fewer resources in corporate sectors due to economic uncertainty. This will result in subpar security posture all across businesses. Due to this, cybercriminals will evolve more quickly and capitalize on this asymmetry. This can create a storm for an increased number of breaches in 2023.
Arguably, browsers are the most commonly used application and power everything consumers do. As most of our regular activities and work lie in browsers, it can be the key gateway to reach the core of an organization for cybercriminals. Moreover, browsers are also becoming more complex with new uses and features. Therefore, cybercriminals will target the browser's vulnerabilities more heavily in 2023.
This can be their key access point to breach businesses and access their sensitive data in 2023.
Although GDPR was the very first major legislation for consumer policy. However, various other policies quickly followed the GDPR. These include KVKK, CCPA, and LGPD. These policies' scope means that companies must manage multiple consumer data protection laws in different jurisdictions. Moreover, organizations will also clearly state the kind of data they are collecting from consumers and how it is used.
So, this aspect also means that you have to focus on managing and automating your data privacy system.
Companies can use GDPR for this to standardize their security operations. Then organizations can tailor their policies to their required individual jurisdictions.
Business organizations have been supporting various technologies to get a flexible security solution. Therefore, the cybersecurity network expands to consider identities outside the conventional security perimeter. This practice will help them to create an organization's holistic view.
It can also help in improving security, even for remote working teams. Above all, these demands can increase the transition to this cybersecurity approach by 2024. Consequently, businesses adopting an appropriate security network structure can significantly decrease the financial expenses of cybersecurity incidents by 90%.
For the next few years, analysts have envisioned an environment with increased regulations, greater decentralization, and severe security implications. So, you must put these strategic predictions into the roadmap of your system and security for the upcoming year.