Six Cybersecurity Trends Expected In 2023

Once again, it’s that time of year when we try to forecast what lies in store for cybersecurity. The sheer number of phishing schemes, hacks, data breaches, and cryptocurrency heists in 2022 has already broken records. Additionally, there was an increase in hacktivism incidents where state-sponsored cyber armies attacked websites, vandalized them, launched DDoS assaults, and stole data.

It’s not difficult to assume that cybercrime will reach record highs in 2023. Here are six cybersecurity trends that we can be sure of:

Increased Regulatory and Privacy Pressures

Governments all over the world are stepping up efforts to safeguard citizens’ personal data. By 2023, “65% of the world’s population will have personal data covered under modern privacy standards, up from 10% in 2020,” according to Gartner, Inc. In the United States alone, five significant states will implement brand-new, comprehensive data privacy legislation starting in 2023. Additionally, in 2022, more than 250 bills pertaining to cybersecurity were introduced or discussed in close to 40 U.S. states. Critical infrastructure businesses must report cyber-attacks and ransomware payments under a March 2022 federal reporting obligation. Additionally, the SEC suggested new cybersecurity disclosure guidelines for public businesses, requiring them to disclose the board members’ cybersecurity experience and to report cybersecurity activities on a regular basis.

Zero Trust Replaces VPN

Remote working trends will likely continue. The scalability requirements of virtual private networks cannot be met, and the technology itself may be vulnerable to attackers. On the other hand, zero trust is a multitiered strategy that is both scalable and highly secure. The “never trust, always verify” tenet, which states that even while users can be identified and validated, they shouldn’t be given unrestricted access to all resources, is the foundation of the zero-trust strategy. In a zero-trust setting, users are routinely verified, reevaluated, and reauthorized utilizing a variety of authentication techniques. By the conclusion of the 2024 fiscal year, federal agencies must adopt a zero-trust architecture (ZTA), according to a letter recently published by the Biden administration. Zero-trust network access (ZTNA), which according to Gartner is the fastest-growing type of network security, will increase by 31% in 2023 and completely replace VPNs by 2025.

Tools For Threat Detection And Response Get Popular

Cyberattacks happen, it’s just a matter of “when,” not “if”. Organizations must spot odd activity throughout their whole ecosystem of users, applications, and infrastructure to stop an attack or its effects. Tools for threat detection and response, such as endpoint detection and response (EDR), extended detection and response (XDR), and managed detection and response (MDR), can use artificial intelligence and machine learning algorithms to spot unusual patterns in historical data as well as threat intelligence and advanced file analysis to detect and stop sophisticated threats made to circumvent conventional defenses. According to Gartner, in the upcoming years, there will be a rise in the demand for cloud-based detection and response tools like EDR and MDR.

Growing Interest in Third-Party Risk Management

Hacking smaller supply chain firms that may have access to the same information but lack the same level of protection allows many enemies to get beyond the sophisticated protections that large corporations employ. Attacks on the supply chain quadrupled in 2021. Long utilized by businesses to increase productivity, third-party programs might have several weaknesses that attackers can employ to get into target situations. By 2025, 45% of firms, or more than three times as many as in 2021, are expected to experience attacks on their software supply chains, according to Gartner. Boards and CEOs are demanding security improvements in their supply chains, which is why we can expect an increased demand for tools, services and vendor questionnaires that can help catalog and monitor cyber risks in third parties and suppliers.

More Businesses Will Contract Out Cybersecurity

The complexity of managing cybersecurity has increased significantly. Most firms lack the knowledge and resources necessary to run a full-fledged security operations center as well as expertise in cybersecurity (SOC). Because of the overburden on security teams and the severe lack of cybersecurity talent, it is challenging to hire and retain security professionals. These factors will compel many firms to come up with new ideas, such as outsourcing their ongoing security operations to a seasoned consulting firm or using a virtual CISO for leadership.

Demand for Risk Assessments Will Increase Due to Cyber Insurance

The cost of cyber insurance is rising, making it more and more expensive for businesses to obtain or maintain coverage. Businesses will need to provide proof of compliance with leading cybersecurity standards and best practices across a wide range of security areas to negotiate insurance costs and better risk coverage. Businesses will start carrying out enterprise risk analyses that show how developed their cybersecurity program is and proactively resolve any underwriting issues. Risk assessments can provide direction when purchasing cyber insurance by outlining priorities and highlighting risks that are regarded acceptable and those that must be shifted to insurers. Risk evaluations can be used to guide decisions on insurance coverage, limits, and gaps.

Cybersecurity Trends Up Next

The threat environment will surely continue to change in 2023, most likely at a rate that is at least as rapid as what we are experiencing now. Organizations must maintain vigilance, never compromise, and, if necessary, seek advice and direction from cybersecurity experts.