We witnessed many cyberattacks in 2022, making it quite a turbulent year for cyber security globally. With the quantity and sophistication of cyber attacks increasing, 2023 will be another year filled with high-profile data breaches. A portion of the simmering liquid from the pot of cyberattacks has seeped into the digital environments of business and government.
Phishing, insider threats, company email compromise, a shortage of qualified cybersecurity personnel, and incorrect code setup have all been persistent phenomena over the past 10 years. Although other issues and advancements will also penetrate a vulnerable cybersecurity ecosystem, these patterns will nonetheless be prevalent in the upcoming year. Let's look at a few of them.
1. Newer ways of social engineering attacks:
Next year, there will be more cyber-attacks using psychological manipulation to trick people into giving away sensitive information or doing things that hurt their personal or work security. Synthetic media and phishing will be used in these sophisticated cyberattacks. Theses attacks, which use AI to create fake films and pictures that are difficult to distinguish from real ones, will proliferate and compromise an individual's or an organization's security. Use AI detection software and refrain from signing up for unauthorised facial recognition or comparison applications to protect yourself from these frauds. In terms of phishing, in 2023 there will be a greater focus on business collaboration tools. Organizations need robust security measures, such as user education and strong authentication, to combat these risks.
2. With 5G comes new vulnerabilities:
With the deployment of 5G technology, more IoT devices will be connected to networks, opening up new chances for hackers to conduct larger and more complex cyberattacks. Attackers will find it simpler to target certain types of traffic, such as IoT devices, thanks to network slicing, which allows for the separation and control of multiple types of data on the same network. Furthermore, the new design of 5G networks raises the possibility of consumers experiencing security difficulties such as denial of service assaults, botnet attacks, and man-in-the-middle attacks.
3. Growing use of cyber insurance:
The need for cyber insurance will increase in the coming year as technology and internet usage continue to grow and hackers develop new methods of committing cyber financial crime. Cyber insurance protects people and organisations against financial damages caused by cyber-attacks such as digital payment fraud, data breaches, and identity theft. The cyber insurance industry is expected to reach $19 billion by 2025, implying rapid expansion in the following years.
4. Feeding false information to mislead Artificial Intelligence :
AI and machine learning-based cyber-attacks are projected to rise in 2023, with a focus on business networks. Threat actors will target machine learning and AI models by adding fraudulent or corrupted data into a model's training dataset, causing it to make inaccurate predictions or classifications. For example, if a model trained to identify medical diseases is fed distorted data, it may make inaccurate diagnoses that endanger people. In layman's terms, cybercriminals would seek ways to inject false or misleading information, change or delete existing data, or manipulate data in such a manner that it becomes incorrect or untrustworthy.
5. Ransomware attacks will increase and evolve :
In the first half of 2022, ransomware threats in India surged by 50%, with data centres and IT industries being the key targets. This trend is predicted to continue, with attackers targeting high-value victims such as hospitals and government entities and demanding payment in cryptocurrency in order to remain anonymous. Another consideration is that Ransomware organizations may use unique and new programming languages in order to prevent detection and make their infection run on many network platforms.
6. Cryptocurrency Scams are predicted to surge in 2023 :
These scams can take many different forms, including schemes that promise rapid riches, faked social media freebies, imitation of actual cryptocurrency exchanges, and other fraudulent operations that exploit bitcoin as a lure. The lack of regulation and secrecy of cryptocurrencies make it simple for fraudsters to operate, increasing the prevalence of these scams. Individuals must exercise caution and remain aware of these dangers.
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