What are the Main Cybersecurity Threats Businesses Face in 2023?

Cybersecurity risks are constantly on the rise and businesses globally are continuously at risk of facing severe consequences from extensive cyber threats.  

 The global annual cost of cybercrime is predicted to reach $8 trillion in 2023 and go on to reach $10.5 trillion by 2025. With many attacks resulting in a data breach, this could cost your company massively; the average data breach for businesses with less than 500 employees is $2.98 million. With the cost of data breaches reaching new highs, you can’t afford to leave yourself open and vulnerable.  

However, the face of cybercrime is constantly changing. This makes identifying new risks, as well as the most damaging threats, difficult. Here are the five biggest threats to cyber security that we have identified in 2023:  

Artificial Intelligence (AI) 

AI is changing the landscape of online content for the better- but it also poses some threats to cybersecurity.

 
Technology, such as deep fakes and voice cloning are leaving businesses open to exploitation and risk. These tactics maximize the impact of social engineering and create endless problems for businesses without the right level of protection.  

AI is now an important factor for cybersecurity, particularly when identifying and mitigating potential threats. However, this technology can also be used in attacks by looking for weak points in an IT system’s defence and exploiting these weaknesses quickly and often effectively.  

Evergreen Phishing Emails 

Phishing emails have been, and remain to be, one of the most dangerous forms of cyberattack as they play on human psychology and can often be extremely convincing. Similarly, as they can be sent en-masse repeatedly, this makes them an evergreen threat to your systems.  

With a quality email vetting software in place, you can protect inboxes from phishing attempts being sent across your business.

Human Error and Procedural Violations 

One of the biggest risks to cybersecurity is actually human error. Employees can make mistakes or release data, especially when burnt out or stressed, or dealing with emotions of frustration. This means that offering support, in terms of software, protection measures and benefits, all helps to protect your business from data breaches.  

It is worth saying that making your information as difficult to leak as possible is a good strategy and so including two-factor authentication and strong passwords for joint accounts is recommended.  

Digital Supply Chain Attacks 

Protecting your information is now not just your responsibility, but the responsibility of those with which your business interacts. Digital supply chain attacks are becoming increasingly threatening to companies globally as more information is shared online.  

As shared by BSI Chief Executive, Susan Taylor Martin, “2022 saw volatility in global supply chains that many would never have expected in their lifetime.” The digital supply chain is growing more complex day-by-day, making it an attractive target for cyber threats. As stated by Martin, “2023 will be an important watershed for many organizations – with those that successfully manage their supply chain risks being more likely to thrive.”  

Ensuring that companies you deal with are reputable and have their own levels of security is essential for continued success in 2023. Thanks to a turbulent environment of political uncertainty, higher-risk environments and digital risks, supply chains are no longer guaranteed to the same degree as even a few years ago.  

Ransomware-as-a-service 

Ransomware has always been a dangerous threat to cybersecurity, with nearly 236 million attacks being reported worldwide in the first half of 2022 alone. However, in 2023 the risk has intensified with growing opportunities for ransomware-as-a-service, available for purchase from the dark web.  

This development makes ransomware more accessible and therefore more threatening under the new climate. This service explores a business-model in which ransomware operators work with an affiliate to launch an attack, and with ransomware taking billions every year, this is, and continues to be, one of the most prevalent threats to cybersecurity.