92% of all data breaches in Q1 of 2022 were caused by cyberattacks. “Isn’t this the only way for a breach?” you might ask, but the answer is NO, some other reasons could cause data breaches, like unaware team-member behavior. This blog post shares on the anticipated trends in the cybersecurity market for 2023. Businesses should be well prepared for any upcoming developments.
1. Application Security:
The COVID-19 pandemic has forced many businesses to adopt an online presence to survive, and as a result, Statista predicts that application security spending will exceed $7.5 billion in 2023. However, every application is vulnerable to potential hacking, zero-day attacks, and identity theft. Therefore, ensuring application security requires professionals to develop secure code and application architecture, implement strong data entry verification, and promptly address vulnerabilities to prevent unauthorized access or modification of application resources. Read more about the recent 3CX supply-chain attack and our blog post about how to keep your supply chain more secure.
2. Cloud Security
Statista has provided further data indicating that cloud security is the IT security market’s fastest-growing segment, with an estimated growth rate of approximately 27% from 2022 to 2023. This growth is largely attributable to the rising demand for cloud-based solutions in response to the COVID-19 pandemic. While many companies are opting for cloud data storage due to its convenience and faster accessibility, there is also a growing need to secure cloud data during transmission and storage to prevent unauthorized access.
3. Mobile Security
Our reliance on mobile phones has significantly reduced our need to physically visit banks, stores, or socialize with friends, as we can now order any product or service with just a few taps on our apps, all from the comfort of our couch. However, with every app storing our data, search and purchase history, and location information, the risk of cyberattacks in this sector is also increasing. As the market continues to grow, malicious actors will exploit any opportunity they find in e-commerce, banking services, and online booking to take advantage of vulnerable targets.
4. IoT (Internet of Things)
The rise of IoT-powered home automation has led to a staggering demand for “smart” devices, projected to hit 1.8 billion by 2025. From smart homes to voice assistants, these devices have become an indispensable part of our lives. However, let’s not forget that each device is a potential gateway for cybercriminals to hack into our lives. Even our cars aren’t safe anymore, with more and more essential functions like airbags and climate control being connected to the Internet. As we gear up for an influx of automated vehicles on the roads in 2023, we must brace ourselves for a surge in attempts to take them over or eavesdrop on conversations. After all, with great convenience comes great responsibility to ensure our security!
5. Remote Workforce Security
The shift to remote work has made it harder for companies to keep tabs on their employees’ safe use of data. And it seems like cybercriminals have been quick to capitalize on this loophole, using ever-more sophisticated attack methods to infiltrate networks.
To keep these bad actors at bay, secure authentication management and authorized access to company data are the main lines of defense.
But as we all know, social engineering is still very much a force to be reckoned with—and it’s constantly evolving. These days, attacks are multi-channel, meaning that malicious actors are hitting the same user with phishing emails, SMS messages, and even social media attacks. So if you want to stay ahead of the curve, you’ll need to up your security game!
6. Cyber Insurance
As the frequency and severity of cyberattacks continue to escalate, new industries are emerging to mitigate these risks. One of these industries is cyber insurance, which provides organizations with coverage against financial losses resulting from cyber threats.
In order to obtain comprehensive insurance coverage, it is increasingly mandatory for companies to demonstrate a proper level of protection. For small and medium-sized enterprises (SMEs), meeting these cyber insurance requirements can be challenging, and they may require assistance in ensuring that their company data is sufficiently safeguarded.
7. Zero trust is slowly displacing VPN, but not yet fully
The security concept of “never trust, always verify” has become increasingly critical in today’s cyber landscape. In a zero-trust environment, users are subject to constant checking, reassessment, and reauthentication through multiple methods of authentication.
Leading industry experts, such as Gartner, are predicting that Zero Trust Network Access (ZTNA) will be the fastest-growing form of network security in the coming years. With a projected growth rate of 31% in 2023, ZTNA is expected to become the go-to solution for network security, potentially even replacing traditional VPNs altogether by 2025. As cyber threats continue to evolve, it is vital that companies take proactive measures to ensure the highest level of security for their networks and data.
8. AI in Cyber defense
In recent years, artificial intelligence (AI) has made significant strides in the realm of cyber defense. With its ability to rapidly analyze and process vast amounts of data, AI has proven to be an invaluable tool in detecting and mitigating cyber threats. As we move into 2023, it is expected that AI will become even more prevalent in the field of cyber defense. One area in which AI is poised to make a significant impact is in monitoring. By leveraging AI algorithms, security teams can continually monitor their networks and systems for any signs of suspicious activity, allowing them to quickly identify and neutralize potential threats. In addition to monitoring, AI is also expected to play a crucial role in resource and threat analysis. By analyzing massive amounts of data in real-time, AI algorithms can identify patterns and anomalies that may indicate a potential cyberattack. This level of analysis and insight allows security teams to stay one step ahead of cybercriminals and respond quickly to any potential threats. Finally, AI’s ability to provide rapid response capabilities is another key benefit for cyber defense. By automating incident response procedures, AI algorithms can quickly identify and mitigate security incidents, preventing them from escalating into full-blown attacks. Overall, the potential for AI in cyber defense is vast, and as we move into 2023, we can expect to see continued advancements in this area. By leveraging AI’s capabilities in monitoring, resource and threat analysis, and rapid response, organizations can significantly enhance their cybersecurity posture and better protect their critical data and systems from cyber threats.
9. Detection and response tools are no longer optional
Data breaches are becoming increasingly common, with cybercriminals devising new ways to infiltrate and steal sensitive information from vulnerable systems. The risks of such attacks cannot be understated, as they can result in catastrophic consequences, such as financial losses worth millions of dollars, damage to reputation and loss of customer trust.
The effects of a cyber attack can be long-lasting, and businesses can suffer irreparable damage if they do not have the proper safeguards in place. With the rise of cloud computing and the proliferation of network-connected devices, it has become more crucial than ever to identify and address anomalies in the system’s entire ecosystem.
Artificial intelligence and machine learning have been making significant strides in the field of cybersecurity. By leveraging AI-based solutions, businesses can identify and mitigate potential threats proactively. AI-based algorithms can quickly detect unusual activity patterns across different applications, users, and infrastructure components, enabling them to prevent data breaches before they occur.
Moreover, cloud-based solutions for detection and response are gaining traction, as they provide businesses with the necessary tools and infrastructure to detect and respond to threats effectively. This has led to an increased demand for cloud-based security solutions, which are expected to see a significant uptick in the coming years, according to Gartner.
Thus, it is evident that the integration of AI and ML in cybersecurity is rapidly becoming a necessity, as businesses continue to face more sophisticated and persistent cyber threats. The use of these advanced technologies in cybersecurity is essential to protect against the latest threats and safeguard sensitive data, making it critical for businesses to adopt these solutions to stay ahead of the curve.
10. Outsourcing Cyber Security
The rising complexity and frequency of cyberattacks have made it more challenging for companies to maintain a high level of security. In response, many organizations are turning to expert service providers to help them navigate the evolving threat landscape. These providers offer specialized knowledge, technology, and resources to protect companies against sophisticated attacks.
In this context, cyber insurance has emerged as a crucial component of a comprehensive cybersecurity strategy. By transferring the financial risk associated with a potential cyber incident to an insurance provider, companies can focus on improving their security posture without worrying about the potential financial impact of a breach. As a result, demand for cyber insurance is on the rise, and service providers will need to meet higher expectations for quality and effectiveness to stay competitive in the market.