Cybersecurity is becoming a top concern at all organizational levels as a result of the increase in assaults and the regulatory and trust loss-related possible consequences
With the emergence of the digital revolution, enterprises, organizations, and even governments are turning to computerized systems to conduct their daily operations. As a result, cybersecurity has become a top priority to protect data from different online threats and any unauthorized access.
21 percent of enterprises worldwide had a ransomware attack in 2022. Of those, 43 percent had a noticeable effect on their company’s operations. Russian actors have intensified their cyber warfare because of the situation in Ukraine, and since the conflict started in February 2022, the threat of cyberattacks has grown globally by 16%.
The rate of cyberattacks is, in fact, rising. By 2025, it is predicted that there would be over two million of them annually, with a global economic cost of $10.5 trillion (up from $3 trillion in 2015 and climbing 15% year).
When it comes to the governance and oversight of cyber risk, our system is broken. It’s no longer what it used to be fifteen years ago – we are dealing with higher stakes and fragile corporate reputations. As a result of this, in 2023, we will see companies double down on cyber risk management. Boards will need to have a much clearer role and responsibility when it comes to the process of ensuring adequate controls and reporting cyberattacks. Cyber risk governance is not just the domain of the CISO it is now clearly a Director and Officer level concern. When it comes to cyber, plausible deniability is dead.
–Karen Worstell, Senior Cybersecurity Strategist, VMware
The year 2023 looks to be very busy for cybersecurity. These are some trends that we should pay attention to!
Security for remote and hybrid workers
“As work-from-home (WFH) becomes a norm, the classical castle-and-moat cybersecurity model will rapidly become irrelevant, as boundaries between home and work computing disappear. Companies’ computers used by employees will be connected to enterprise systems via networks not belonging to them, and potentially unsecured. Employees’ personal devices, not managed by the company, are increasingly plugged into the company network, potentially giving cyber attackers access to sensitive business data and intellectual properties. Companies need to relook their businesses’ cyber risk resulting from this new working model, and manage their enterprise IT assets and networks based on dynamic trust zones.”
-Benjamin Tan, CEO of Red Alpha Cyber Security
The attempt to secure remote and hybrid workers will rise in 2023 as businesses decide on their long-term in-office needs. Since the Covid-19 epidemic began in 2020, employees have moved from networks in their homes to those in their cyber-secured offices. Due to weakened networks, working in public areas, and the usage of work equipment by untrained users who unwittingly allow in bad actors, this incidentally increased the chance of a cyber attack.
When vulnerable systems are successfully exploited, an attacker can carry out a variety of nefarious actions, especially if the vulnerability allows a bad actor to get access to business-critical applications that are at the core of any organization. This might have a considerable negative influence on crucial business activities like supply chains and manufacturing, as well as provide threat actors access to extremely sensitive and possibly heavily regulated data and the ability to reroute financial transfers.
Resilience security specialists predict that in 2023 there will be more emphasis on teaching remote or hybrid workers the appropriate cybersecurity procedures and how to safeguard their equipment.
Threat detection and response tools go mainstream
Cyberattacks happen, it’s just a matter of “when,” not “if.” Businesses must notice odd activity throughout their whole ecosystem of users, apps, and infrastructure in order to halt an attack or lessen its effects. Tools for threat detection and response, such as endpoint detection and response (EDR), extended detection and response (XDR), and managed detection and response (MDR), can use artificial intelligence and machine learning algorithms to spot unusual patterns in historical data as well as threat intelligence and advanced file analysis to detect and stop sophisticated threats that are made to circumvent conventional defenses.
In the upcoming years, there will be a sharp rise in the demand for cloud-based detection and response solutions like EDR and MDR.
Career opportunities for cybersecurity increases
“In APAC, addressing the cybersecurity talent shortage is also a key focus point for CISOs. A report from (ISC)² revealed that 60% of organisations in APAC reported a shortage in the cybersecurity workforce, with the region seeing the largest gap worldwide in 2022.”
–Joanne Wong, Vice President, International Markets, LogRhythm
According to some estimates, the worldwide cybersecurity business is lacking 3.4 million people. The amount is probably only going to rise given the mounting hazards posed by modern technology.
People of all ages and backgrounds have professional options thanks to the cyber skills gap. On the employment website GradCracker, there are now more than 1,100 cybersecurity job openings for graduates in the UK alone. But everyone can gain from it, not only grads. Adults may retrain in cybersecurity through many businesses, which is a popular choice for veterans who are frequently well-suited to serve as the boots on the ground in our frontline fight against cybercrime.
Artificial intelligence (AI)
“Over the next couple of years, APAC will continue to invest in AI solutions to facilitate innovation across all levels and areas of business. IDC predicts that APAC spending on AI systems will rise from USD17.6 billion in 2022 to around USD32 billion in 2025.1 Enabling a quicker response time towards breaches, AI is playing a critical role in advancing cybersecurity solutions at least in part by making it possible for enterprises to take a more proactive approach to protecting their systems. AI has demonstrated high efficiency in securing cloud services, on-premises infrastructure, and detecting atypical user behavior. The financial services industry is especially keen to leverage AI for cybersecurity. IDC estimates that in APAC, banking will invest more in AI than any other sector over the next five years, as experts increasingly look to AI solutions for augmented threat intelligence and fraud analysis applications.2 As we further discover the future of automation, enterprises will likely prioritise the use of AI to support security initiatives and fuel continued business growth.”
–Narinder Kapoor, Senior Vice President and Managing Director of HPE Asia Pacific
With the introduction of AI into all commercial sectors, this technology combined with machine learning has significantly altered cybersecurity. The development of automated security systems, natural language processing, facial identification, and autonomous threat detection has all benefited greatly from AI.
It is also used to create clever malware and assaults that get through the most recent data security mechanisms. The good news is that by 2023 and beyond, we should be able to put more faith in technology and use AI to automate security controls and response mechanisms. This will enable us to respond to cyberattacks more quickly and accurately, minimize potential downtime, and protect sensitive personal and business data.
While AI may automate the process of identifying threats and halting them in their tracks, it depends on knowing what to look for, which encourages hackers to devise never-before-seen assaults and forces businesses to stay up with changing trends.
Building a cybersecurity culture
“With the rise in organisations falling victim to social engineering attacks over the past year, more CISOs will look to invest in employee training programs to better detect threats. 2022 has seen some big names – the likes of Microsoft, Cisco and Uber – suffer breaches by way of multi-factor authentication (MFA) fatigue, phishing and other social engineering tactics.”
–Joanne Wong, Vice President, International Markets, LogRhythm
Developing and creating a culture of awareness around cybersecurity risks is perhaps the most crucial action that can be made at any firm. Employers and workers can no longer just consider cybersecurity to be a problem that the IT department should handle. In reality, everyone’s work description in 2023 should include gaining a sense of the dangers and taking simple security measures!
Phishing attacks utilize “social engineering” techniques to deceive victims into disclosing sensitive data or downloading malware onto their computers. Anyone may learn to recognize these sorts of assaults and take simple safety measures to protect themselves without needing technological expertise. In the same way, fundamental security abilities like secure password usage and learning about two-factor authentication (2FA) ought to be taught to everyone and regularly updated. If an organization wants to make sure that they create resilience and preparation over the next 12 months, taking simple safeguards like these to promote a culture of cybersecurity awareness should be a major aspect of business strategy.
“Every single employee should share the responsibility of safeguarding their company’s data by adhering to data protection policies and being aware of data privacy procedures. They are also accountable for spotting and disclosing any potential hazards to data security. Managers and team leaders can also provide employee training on data security best practices. Additionally, all employees should be made aware of their responsibilities in protecting company data and the potential consequences of not doing so.”
–Sreedharan K S, Governance, Risk & Compliance, Director of Compliance at ManageEngine
IoT with 5G Network
With the development and expansion of 5G networks, the Internet of Things (IoT) will usher in a new era of interconnectivity. Additionally, because of the connectivity between several devices, they are vulnerable to outside interference, assaults, or unidentified software bugs. Even Chrome, the most popular browser in the world and one that Google supports, was discovered to contain significant problems. Because 5G architecture is still relatively new in the market, extensive study is needed to identify vulnerabilities and strengthen the system’s defenses against outside assault. The 5G network may experience several network assaults at every stage that we are unaware of. To prevent data breaches, manufacturers must be exceedingly careful while creating advanced 5G hardware and software.
” To slow down stalker ads, disable interest-based ads from Apple, Facebook, Google, and Twitter. Do not accept website cookies. It is advisable to use a virtual private network (VPN) or personal hotspot rather than connect to public Wi-Fi while browsing the Internet.”
– Sean Duca, Vice President and Regional Chief Security Officer, Asia Pacific & Japan, Palo Alto Networks
Geopolitical tensions continue to have an impact
It is not surprising that businesses would prioritize infrastructure security by 2023 as global geopolitical tensions continue to grow. This will help them ensure their resilience to geopolitical risk. However, the public sector still has a serious cybersecurity problem, which is particularly concerning given that the security of the private citizens’ personal information, which the sector is tasked with managing on a daily basis, is essential for maintaining privacy and adhering to data protection laws and regulations.
Numerous assaults on the public sector’s most vital sectors—healthcare, education, utilities—took place throughout 2022. Tackling this is more important than ever moving into 2023 due to escalating tensions, and it will move up the government’s agenda throughout the course of the next year. This is already manifesting itself in Australia’s determination to create a new cybersecurity policy in response to a number of significant attacks on the nation.