Top 5 Cybersecurity Threats to Businesses in 2023

The past few years have been a perfect storm for businesses, cybersecurity-wise. Many companies shifted to remote work, while others began holding large amounts of sensitive data about their customers. New technologies emerged, but training and regulation didn’t always keep pace.

Thanks to these trends, businesses have become a target for cybercriminals — and in particular, small and midsize companies that may not have dedicated security departments. In 2023, it’s more important than ever for businesses to be aware of the most common cybersecurity threats so they can be proactive in addressing them.

These are 5 of the biggest cyber attacks businesses may face in 2023, according to the team at ESET.

#1 Phishing scams are a persistent threat

Email or phishing scams have always been around, but they’ve become particularly pervasive since the pandemic. Why? People were online more than ever, and feeling anxious and nervous — feelings cybercriminals capitalised on to create emails that preyed on emotions.

The content of phishing emails changes, but this type of scam has the same goal: to impersonate a trusted sender and trick the recipient into opening the email or clicking on a link.

The attacker then attempts to steal sensitive data or infect the recipient’s device with malware. In 2023, we’ll see more sophisticated scams, especially now that bad actors can use artificial intelligence (AI) platforms to craft convincing emails.

#2 Ransomware attacks will affect a range of people

Hackers know just how valuable data is to a business or an individual, and we can expect them to get more creative with the scope of data-related cybersecurity threats in 2023.

For example, they might choose to target high net worth individuals over companies. With ransomware attacks, cybercriminals hack into a system or network and hold the data hostage until the victim pays a “ransom,” which might be in the hundreds, thousands or even millions of dollars.

Hackers might encrypt files and hard drives to deny you access or lock you out of your device so you can’t log in. There’s no guarantee they’ll release your data, even if you do cough up the money.

That’s why it’s essential to take measures to protect your data. With these cybersecurity tips for businesses, if data does become compromised, you’ll be able to recover quickly and reduce any effects of a breach.

#3 Supply chain vulnerabilities will be spotlighted

Many companies have digitised their operations in light of the pandemic and shift to remote work. On the one hand, this is a good thing: employees can work from anywhere. But on the flip side, it also blurs cybersecurity practices.

Your staff might use their personal devices to access company files, for example, or their home WiFi system might not have the same protections as the office.

Even if your company’s cybersecurity policy is strict, it’s important to look at any third-party vendors, partners or contractors you work with — especially if they handle your data. Ask about their cybersecurity practices and offer training or make changes to your data storage, if necessary

#4 Cloud platforms will pose security risks

Just like remote work, the cloud is great — until it isn’t. We’ve seen cloud vulnerabilities bubble up since 2020 when much of our lives moved online and people began to rely on cloud services to do their jobs. The cloud provides vast amounts of storage, and it’s typically more secure than saving files purely on a hard drive.

The problem?

Not all cloud platforms are built equally. Some offer multi-factor authentication as well as built-in encryption and authentication, which means only certain people can log in and access files. But others can’t distinguish between an authorised or unauthorised user, meaning cyber criminals could tap into any data stored on the cloud.

#5 Mobile-based attacks will become more common

The average Australian spends 2.5 hours on their smartphone every day, according to a survey by Finder, a personal finance comparison site. People use their smartphones both personally and professionally to communicate, which makes phones just as vulnerable to the most common cyberattacks as desktops or laptops.

We can expect an uptick in cyberattacks including phishing (especially via text messages), spyware and malicious apps. The widespread adoption of touchless payment technology, like mobile wallets, in recent years also presents an opportunity for cybercriminals.

Aim to be proactive, not reactive, in 2023

Cybersecurity threats can feel out of our control, but there’s huge value in understanding the most common types of threats and taking steps to mitigate them.

The next step is to invest in software that does the legwork for you to identify and respond to threats in real time. ESET’s security products for small and midsize businesses help companies to safeguard their operations and protect themselves from costly data breaches.


by Althea Smith

Access Free Resources