Cybersecurity has always been a never-ending race, but the rate of change is accelerating. It has grown into a fast-moving sector as security providers and hackers compete to outsmart each other. New threats and innovative ways to combat them are emerging all the time.
Companies continue to invest in technology to help run their businesses, layering more systems into their IT networks to support remote work, enhance customer experience and generate value, all creating new vulnerabilities.
This blog will explore the top cybersecurity trends to look for heading into 2023. These top five trends will help security and risk management leaders evolve their roles to meet future challenges and elevate standings within their organizations.
Potential of artificial intelligence (AI)
With AI being introduced in all market segments, this combination of machine learning technology has brought tremendous changes in cybersecurity. AI has been paramount in building automated security systems, natural language processing, face detection and automated threat detection.
While AI presents a significant opportunity for more robust threat detection among organizations, cybercriminals are also taking advantage of the technology to automate their attacks, using data poisoning and model-stealing techniques.
The vast number of cybersecurity threats is too complex for humans to handle alone. Due to this, organizations are increasingly turning to AI and machine learning to hone their security infrastructure. There are cost savings for doing so, organizations that suffered a data breach but had AI technology fully deployed saved an average of USD 3.05 million over organizations without it.
The practical applications of AI and machine learning continue to grow in sophistication as AI-enabled threat detection systems can predict new attacks and notify businesses of any breach instantly.
With more and more organizations established on the cloud, security measures must be continuously monitored and updated to safeguard data from leaks. Cloud vulnerabilities continue to be one of the biggest cybersecurity trends.
Poor cloud security configuration can lead to cybercriminals bypassing internal policies that protect sensitive information in the cloud database. Although cloud applications such as Google and Microsoft are well equipped with security, it’s the user that acts as a significant source for erroneous errors, malicious software and phishing attacks.
Misconfigured cloud settings are a significant cause of data breaches and unauthorized access, insecure interfaces and account hijacking. According to a report from IBM Security, the average cost of a data breach in Canada was $6.75 million per incident in 2021, an all-time high for Canada and a 20% increase from 2020.
Threats to the Internet of Things (IoT)
The quickly expanding IoT creates more opportunities for cybercrime. IoT refers to the billions of physical devices that collect and share data via the internet. Some examples of IoT devices include wearable fitness trackers, smart watches and voice assistants like Google Home and Apple’s Siri. Insider Intelligence estimated that by 2026, 64 billion IoT devices would be installed worldwide, and remote working is helping to drive this increase.
With so many devices thrown into circulation, the opportunity for cyberattacks is expanding at rates hard for security companies to keep up with. Most IoT devices have fewer processing and storage capabilities than laptops and smartphones. This can make it harder to employ firewalls, antivirus and other security applications to safeguard them. As a result, IoT attacks are among the discussed cybersecurity trends.
Another significant cybersecurity trend that isn’t new, but one that is growing, is ransomware attacks. Especially in developed nations, industries rely heavily on specific software to run their daily activities.
Ransomware is a relatively easy way to gain financial rewards, making it an increasingly popular choice for hackers. Another factor behind its rise was the COVID-pandemic and the accelerated digitization of many organizations, which created new ransomware targets.
Ransomware attackers typically demand payment in cryptocurrency, which is difficult to trace. In fact, 83% of Canadian businesses reported attempted ransomware attacks, and 67% have experienced one, according to the 2022 Telus Canadian Ransomware Study. Organizations must protect themselves because cyber attacks are increasing in frequency and severity.
Remote working risks
As COVID-19 continues to develop worldwide, many companies are opting to allow their employees to continue to work from home. Working from home poses new cybersecurity risks and is one of the most discussed trends.
Cybercriminals are increasingly breaching critical corporate systems and services with the growing use of in-home networks and devices linked to corporate platforms. Home offices are less secure than centralized offices, which tend to have more secure firewalls, routers and access to management run by IT security teams. Many employees use their personal devices for two-factor authentication and have app versions of instant messaging clients, such as Microsoft Teams and Zoom.
Having easily accessible, less secure data makes it critical for organizations to focus on the security challenges of remote workforces.
From the cloud to new emerging IoT devices, the world of tech is rapidly changing and causing organizations and individuals to change the way they handle cybersecurity. While we can continue to expect changes in handling cyberattacks, the trends above will be a top priority for organizations heading into 2023.
With infrastructure security a significant part of almost every organization today, it would be an excellent choice to start learning cybersecurity now to become experts for the future. Skilled and experienced cybersecurity professionals are among the highest paid jobs in the IT industry.
If you’re looking to launch your own career in cybersecurity, Canadian College of Technology and Business (CCTB) offers a Cybersecurity Analyst with Practicum program that equips students with the skills and knowledge to take on the complex challenges of this technology-based field.
Toronto School of Management (TSoM) offers a Cybersecurity Specialists with Co-op program that prepare students with the knowledge and experience to analyze data using cutting-edge technology to anticipate information risks and prevent cyberattacks.
Trebas Institute’s Diploma in Cybersecurity Specialist Co-op program trains students in best practices in computer security, giving them the tools and skills to participate in the development of models, systems, or resources to protect computer data.