Top Emerging Cyber Security Threats in 2023

2022 has again turned out to be the worst year in terms of cybersecurity threats, with 236.1 million ransomware attacks and 2.8 billion malware attacks worldwide in the first half of 2022. It is not because organizations are neglecting cybersecurity practices, but it is due to new sophisticated and advanced tactics adopted by cybercriminals that make them breach through systems. Now it's 2023, and experts don't see it as any less stressful year for cybersecurity threats. So, let's explore what are some of the top emerging cyber security threats in 2023 and the upcoming years.

5 Top Cyber Security Threats in 2023 and Upcoming Years

As per Cybersecurity Ventures, the world will bear the $10.5 trillion cost of cybercrimes annually by 2025. This reflects the devastating potential and scale of cyber threats in the upcoming years. Talking specifically about 2023, below are the 5 top emerging cybersecurity threats for 2023 and onward:

1. 1.      Phishing

Phishing is the favorite and mostly the first tactic of attackers to breach the system. In fact, 91% of attacks begin with spear phishing emails. Every year, attackers test new techniques and scripts to make suspicious emails look legitimate and convince employees to fall into the trap. Therefore, phishing attacks are going to keep showing up in 2023 and the upcoming years.

1. 2.      Malware

Malware, short for malicious software, is intentionally designed software to disrupt the network, system, or server to access/leak information, deny service, or do other damages. As mentioned above, there were 2.8 billion malware attacks worldwide in the first half of 2022. Although organizations have deployed antiviruses, firewalls, and other defenses to detect and remove malware, attackers are still managing to find loopholes and penetrate the systems. Therefore, 2023 and the upcoming years are not seeing any drop in malware attacks, so it still remains one of the top cybersecurity threats for 2023.

1. 3.      Ransomware

Ransomware is believed to be one of the most concerning and devastating cyber security threats in 2023. In this attack, the attackers gain access to the system/data and then threaten to either publish the data or block the access completely if the ransom is not paid. Most organizations pay the ransom to avoid reputational damage, but they are often victimized by the same group again.

Ransomware attacks are now even becoming more targeted attacks, with the potential of crisis-level damage. So, there is no slowing down of ransomware attacks anytime soon. Therefore, 2023 and the upcoming years will again see millions of dollars lost in ransomware attacks.

1. 4.      Supply Chain Vulnerabilities

Supply chain vulnerabilities are another nightmare for organizations in 2023. The famous SolarWinds supply-chain attack, which compromised the data and systems of thousands of private and public organizations (including government agencies), is an excellent example of how devastating the supply chain attack can become. Just in 2021, the supply-chain attacks increased by more than 300% compared to 2020. Moreover, it is also not easy to avoid such attacks. So, the supply-chain attacks on commercial and open-source software will continue to increase in 2023.

1. 5.      MFA Fatigue

Since multi-factor authentication (MFA) is becoming a common practice, attackers are now exploiting it with MFA fatigue. For example, consider that an organization has set up a push notification-based MFA in which employees get prompt messages to approve the sign-in. So, what attackers do is first try to get the login credentials of an employee and then keep sending him/her a non-stop stream of sign-in requests. The employee might unintentionally approve the request, thereby giving them access to the account.

The 2022 Uber internal systems breach reflects the potential of MFA fatigue attacks. In fact, the data from August 2022 reflects a whooping 40,942 MFA fatigue attacks in just a single month. So, MFA fatigue will be a growing concern for organizations in 2023 and onwards.

Wrapping Up

Undoubtedly, cybersecurity threats are of great concern to organizations no matter their size. Even the big tech names known to have one of the best cybersecurity frameworks are still becoming victims of cyberattacks. So, we cannot deny the devastating potential of cyber security threats in 2023 and the upcoming years. The best strategy for organizations is to keep a close look at cyber security trends in 2023 and focus on setting up a top-notch cybersecurity defense system to reduce the chances of breaches significantly.

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