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Data has evolved into a fundamental resource for smart businesses, used in everything from day-to-day operations to long-term planning. Data security becomes trickier as the value and business importance of data increases. As the agility provided by the cloud has become an important driver of new technological breakthroughs, organizations are beginning to realize the need to invest time and resources in preventing cyber risk.
As the number of threats has grown, so have the techniques used by threat actors. Given the current circumstances, these events are virtually inevitable, and it is now essentially a question of when they will happen, not if they will happen. Therefore, companies need to prepare and strengthen their response infrastructure. In this regard, innovation and technological convergence are their greatest allies. Keeping this in mind, here are some emerging trends in cybersecurity in 2023.
Increased Global Connectivity
The expansion of the internet and the growing popularity of smart devices has resulted in a landscape in which the industry transcends geographical boundaries. Therefore, any development, even in a remote corner of the world, affects the global economic landscape. In other words, industries are interconnected, especially in terms of the information they share, amplifying cybernetics and cyber risk. Therefore, risk events have an impact on every interconnected company and require increased awareness and collaborative action by all stakeholders. Recognizing this interconnectedness, those in power should expand support for smaller organizations.
supply chain integration
Companies around the globe rely on supply chains to keep their essentials safe. They may include physical or digital infrastructure components and procurement services to help them run their business. These supply chains span multiple geographies and process chains. Given the number of stakeholders or stop points involved in a supply chain, securing it from threat actors becomes challenging. Therefore, monitoring third-party risks and potential real-time vulnerabilities in the supply chain is critical to building resilience.
Increase in data extortion and ransomware incidents
In today’s digital age, the cyber footprint of all industries has increased significantly, creating new avenues of attack for threat actors. For example, ransomware is when threat actors encrypt data, making it impossible for companies to access critical information and therefore operate. Data extortion is similar, but in this case, the data is not encrypted; however, access is restricted. Threat actors then demand money to enable access.
The number of such attacks has increased over the years. Furthermore, even small organizations are vulnerable. These companies are estimated to be at greater risk because they have proven to be easy targets. Therefore, it is imperative to have a system in place to help companies recover after such incidents. This may include identifying and patching vulnerabilities, deploying cyber risk mitigation processes and best practices to prevent future attacks, and accessing cyber posture to quickly prepare for and restore business operations in the event of an incident.
the bottom line
As the world moves toward a digital future, cyber risk is a top concern for individuals and organizations. Given the dependence on cyberspace and the interconnectedness of economies, one conundrum is actually that increasing online presence is critical to development, yet it puts people at risk of impeding progress. Therefore, such threats and disruptions are almost inevitable as organizations expand. Therefore, in-depth research and keeping abreast of the latest developments in the field is crucial to combating such risks. Therefore, cyber resilience is critical. When such incidents occur, cyber resilience teams rush in to do damage control. This may include threat analysis and piecing together where necessary. The goal is to mitigate risk, ensure uninterrupted operations, and prevent future breaches.
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