The biggest cyber security risks to expect in 2023

04 May 2023

The cyber world is changing at an unprecedented pace. Now that we’re in 2023, your business’s cyber security risk has never been more critical. From ransomware to Crime as a Service, cyber attacks are becoming more frequent, sophisticated, and more expensive for companies to deal with.

Our Cyber Security Experts at Croft will walk you through the biggest cyber security risks of 2023, and steps you can take to mitigate your risk. 

Artificial Intelligence (AI) in cyber security

Artificial intelligence (AI) is revolutionising a range of industries. AI can help to monitor and detect threats, but it also poses new cyber security risks in 2023 and beyond. AI-powered attacks can automate the process of identifying vulnerabilities in a businesses security, making them harder to detect and defend against.

This year, we expect to see an increase in AI-powered cyber attacks, including automated malware, botnets, and deepfake attacks. To mitigate these risks, your business should implement AI-based security measures, such as machine learning algorithms and behavioural analysis, to detect and prevent AI-powered attacks. 

Smart Devices creating increasing risks

Smart devices, such as smart thermostats, security systems, and voice-activated assistants are connected to the internet and designed to make our lives easier. However, these devices can also create a range of new cyber security risks. Hackers can exploit vulnerabilities in the software or hardware of these devices to gain access to a business’s network or data:

Unsecured connections

Smart devices are often connected to the internet without any security protocols in place. This can make them vulnerable to hacking attempts, such as man-in-the-middle attacks, where a hacker intercepts and modifies data transmitted between the device and the internet.

Access to sensitive data

Smart devices often collect and transmit sensitive data, such as personal information or location data. If this data falls into the wrong hands, it can be used for identity theft or other malicious purposes.

To mitigate the cyber security risk of smart devices, businesses should ensure that all smart devices are secured with strong passwords and connected to secure networks. They should also regularly update to ensure they’re protected against known vulnerabilities. 

Croft team monitoring the dark web

Crime as a Service

Crime as a service (CaaS) is a growing cyber security risk in 2023. CaaS is a model where cyber criminals offer their services on the dark web, making it easier for criminals without technical expertise to launch cyber attacks. Essentially, CaaS allows anyone to become a cyber criminal without needing any technical skills or knowledge.

CaaS providers offer a wide range of services, including malware creation and phishing campaigns. These services are often sold for a fixed price, or a percentage of the profits generated by the cyber attack.

To mitigate the risks of CaaS, businesses need to take a proactive approach to cyber security. This includes implementing robust security measures, such as firewalls, antivirus software, endpoint detection, and intrusion detection systems, to prevent cyber attacks from occurring in the first place. Businesses should also ensure that employees are trained in cybersecurity best practices, including how to identify and avoid social engineering attacks.

Lack of training and knowledge

As cyber security risks for businesses get more sophisticated, employees need to be kept up to date with the latest cyber threats and possible intrusions. Employees are often the weakest link in a company’s cyber security defences, and without proper training and education, they can unknowingly put the company at risk. It’s crucial for businesses to invest in employee training and awareness programmes to mitigate the risks of cyber attacks.

Our experts at Croft can provide your employees with comprehensive training so that everyone is equipped to mitigate cyber risks for your business.

Protect your business with Croft

Croft can help to protect your business from cyber security risks and attacks. Through a range of cyber detection and response services, we can strengthen your posture and safeguard your business from threats. Read more about how to protect your SME by downloading our guide, or contact us today.