The technological domain is blessed with new innovations and technological advancements everyday. Unfortunately, the advancement is made not only for the betterment but also for threats as well. Yes, the hackers and cyber terrorists are also gearing up their technological skillset with the same pace. So, the security system which is robust just six months ago, can become vulnerable today. Securing businesses and sensitive organizational data has become a huge challenge. More we become dependable on digital support; more we become prone to cyber attack. Along with new threats, there are some malicious attacks that stand the test of time. 

Here are some cybersecurity threats for businesses in 2023.

Ransomware Extortion:

Ransomware was once a simple form of malware that targeted data encryption to extort payments from victims. But as the frequency of ransomware attacks has increased, so too has the attention given to researching and mitigating these threats. Although encrypting every file on a target system is a time-consuming process that can potentially be interrupted; some cybercriminals have adopted a new approach known as double extortion attacks. By stealing data in addition to encrypting it, attackers can put victims in a tougher position, making it more difficult for them to restore their systems without paying the ransom. These attacks are faster, harder to detect, and can’t be fixed through backups, making them an even greater threat to businesses.

Cloud Third Party Threats:

As more and more companies move to cloud computing, security concerns have become increasingly pressing. Because of unfamiliarity with cloud security best practices and the shared security model used by cloud environments, these systems can be more vulnerable to attack than on-prem infrastructure. One emerging trend that’s particularly concerning is the targeting of cloud service providers. By attacking these providers and the cloud solutions they offer, cybercriminals can gain access to sensitive data belonging to their customers, as well as potentially compromising their IT infrastructure. By exploiting trust relationships between organizations and their service providers, attackers can scale and magnify the impact of their attacks. This represents a growing threat to businesses relying on cloud-based services.

Mobile Malware:

With the rise of mobile devices, mobile malware has become a major concern for users. Hackers are increasingly creating malicious applications that mimic legitimate and harmless ones like QR code readers, flashlights, and games, that are easily found on official and unofficial app stores. Cybercriminals are also creating cracked and custom versions of legitimate apps which they offer as malicious APKs via direct downloads and third-party app stores, taking advantage of name recognition to infect user devices. This trend has serious implications for users’ mobile security as hackers continue to find new ways to infiltrate mobile devices.

Wipers and Destructive Malware:

 Destructive malware like wipers can be even more devastating to businesses than ransomware and data breaches. Rather than just stealing data or demanding a ransom, wipers completely erase all information. Although wipers have historically been uncommon, there has been a recent surge in their use, particularly against countries like Ukraine, Iran, and Albania. This highlights their increasing popularity as a tool for hacktivists and cyberwarfare.

The issue of cybercrime is expanding quickly on a worldwide level. In Q3 of 2022; cyberattacks surged by 28% compared to the same period in 2021. It is projected that this trend will continue into 2023. To stay protected against threats originating from various parts of the globe; a well-established corporate cybersecurity program is the need of the time. Make sure it must be equipped with a robust defense mechanism, continuous monitoring, and access to the latest threat intelligence.