As daily headlines validate, cybercrime is exploding, as are its impacts. According to Cybersecurity Ventures, the cost of cybercrime is predicted to hit $8 trillion in 2023 and grow to $10.5 trillion by 2025.
The size and scope of the problem can seem overwhelming, but connected businesses must be aware of the real and increasing risks to their companies, employees, and customers. As they say, it’s not a matter of if but when your company will be attacked. To help you mount a better defense, we’ve identified 2023’s top cybersecurity threats and solutions.
Top Cybersecurity Threats
Interestingly, most top threats to business cybersecurity are not necessarily specific types of attacks but vulnerabilities resulting from increasing reliance on ever-evolving technology-enabled work.
1. Evolving Exploits – Cybercriminals are savvy, and so is their technology. Their exploits have grown in sophistication and now include social engineering, business email compromise, ransomware, supply chain attacks, Internet of Things (IoT) and AI threats, deep fakes, and synthetic identity fraud.
2. Rise in Remote and Mobile Work – The sharp increase in remote and mobile work has done wonders for productivity and business continuity, but it’s also expanded the attack surface to include every mobile device.
3. Insider Threats – Whether malicious, compromised or simply negligent, employees are a growing cybersecurity risk. According to a Ponemon Institute 2022 report, insider threat incidents have risen 44 percent over the past two years.
4. Increased IoT and Cloud Use – Advances in technology like IoT and cloud-based infrastructure and applications make it easier for businesses to operate but also increase the number of connections on the corporate network that cybercriminals may compromise.
5. Growing Cybersecurity Skills Gaps – The increase in volume and sophistication of cyberthreats is putting a strain on IT teams, who are struggling to keep up. And it shows no signs of abating; the number of unfilled cybersecurity jobs will reach 3.5 million by 2025.
Top Cybersecurity Solutions
In response to growing cybersecurity threats, the following solutions are gaining traction.
1. AI-Driven Detection and Response – Fighting fire with fire, businesses are flocking to AI-driven security tools to supplement skills gaps and augment IT team efforts. AI tools can boost network visibility and threat detection to speed up response and mitigation efforts.
2. Zero Trust Network Access – The equivalent of a lockdown, networks employing zero trust network access grant unverified access to no one. This model enables you to segregate data and applications, giving rights to specific users on specific applications or networks.
3. Security Awareness Training – Businesses are enlisting employees in the fight against cyberthreats by educating them about how they can help reduce vulnerabilities. Gamification is increasing training engagement and retention.
4. Cyber Resilience Solutions – With such a high cybersecurity incident rate, businesses are responding to the likelihood of a cyberattack with a focus on resilience. Cyber resilience combines cybersecurity protection and detection with backup and disaster recovery solutions and plans.
5. Outsourced Managed Cybersecurity – Many businesses are tackling the cybersecurity challenge by enlisting managed cybersecurity service providers for their expertise, 24/7 oversight, and ability to free up the IT team to focus on other projects and priorities.
The upside of technology innovation is that it enables businesses to deliver incredible products and exceptional customer experiences. The downside is that bad actors can exploit it. You don’t have to fight them alone. Tap into cybersecurity experts with the latest threat intelligence and techniques for shutting them down, so you can build your business and delight your clients.
