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Top cybersecurity trends to watch out for in 2023
With connectivity coming further into the fore in new avatars and industry 4.0, along with web 3.0 marking its presence felt, the following trends of cybersecurity are going to have a significant say in 2023 - By Piyush Somani
Currently, what is the greatest threat organizations face? In today's digital landscape, when data has become the new currency, organizations face a myriad of cybersecurity threats. Be it ransomware, supply chain attacks, or phishing- cybersecurity has been a challenging affair. Going by the past, this novelty and magnitude of digital attacks will only get more aggressive in 2023 and will require robust data security defences. Do you know the exact number of cyber-attacks witnessed in the country in 2022? A whopping number of 6, 74,021 was the total number of cyber security incidents tracked by the Indian Computer Emergency Response Team (CERT-In) till June 2022.
According to Symantec, 85% of small businesses believe they are secure from hackers, malware, viruses, and data breaches despite significant cybersecurity risks. Moreover, with the increasing number of connected devices and the growth of the Internet of Things (IoT), the threat of cyber-attacks will continue to rise. Another thing to consider is how prepared firms are to deal with such sophisticated and constantly changing cyber-attacks. And what products, services, and abilities will they need to remain safe in the future?
In short, what are going to be the major trends in cybersecurity across the globe in 2023? With connectivity coming further into the fore in new avatars and industry 4.0 along with web 3.0 marking its presence felt, the following trends of cybersecurity are going to have a significant say in 2023.
1. Better regulations and greater privacy
As a result of increased awareness about the importance of data protection and the need to prevent cyberattacks, governments, and organizations will continue to implement strict cybersecurity laws and policies, which will help to enhance the security of personal and sensitive information. In addition, technological advancements in artificial intelligence and machine learning will play a crucial role in providing better defence against cyber threats. Focusing on better regulations and greater privacy in cybersecurity will lead to a safer online environment for individuals and businesses. The new cyber security guidelines from Cert-In and the new Cyber Security Framework from RBI for the UCBs are some of the better feet put forward in that case.
2. Tools for threat detection and response get popular
With the growing sophistication of cyber threats, organizations will recognize the importance of real-time visibility into their networks to quickly detect and respond to any potential security breaches. In addition, the rise of artificial intelligence (AI), and machine learning (ML) along deployment of 5G development of advanced threat detection and response tools will provide faster, more accurate, and automated protection against cyberattacks. These tools will also help to streamline incident response processes, enabling organizations to respond to security incidents more effectively and reducing the impact of cyber threats. As a result, the use of threat detection and response tools will become an integral part of any comprehensive cybersecurity strategy in 2023 and beyond.
3. Rising demand for third-party risk management
As organizations increasingly rely on third-party vendors and service providers for a range of business functions, the potential for data breaches and security incidents caused by these relationships will also increase. In that case, the zero-day attacks have time and again proven to have a potent fatality with respect to security. So, what are these zero-day attacks? These attacks take advantage of a potentially severe software security defect that the vendor is unaware of and if a research report is to be believed then 80% of all global data breaches directly resulted from zero-day attacks. To mitigate these risks, organizations will place a greater emphasis on third-party risk management, which involves evaluating and monitoring the security posture of third-party vendors and ensuring that they meet industry standards and regulatory requirements. This will include thorough assessments of vendors' security policies, procedures, and technologies and regular monitoring and reporting to maintain these standards. The increasing importance of third-party risk management in 2023 will drive organizations to adopt more robust and effective third-party risk management programs to minimize the risk of data breaches and other security incidents caused by third-party vendors.
4. Outsourcing cybersecurity services will be the new normal
In 2023, outsourcing cybersecurity services is expected to increase due to organizations recognizing the benefits of having access to specialized expertise and the latest technologies. With the ongoing evolution of cyber threats and the increasing complexity of cybersecurity, many organizations will find it challenging to maintain an in-house security team. As of 2022, the managed cyber security services market in India was worth $500 million. By 2027, it will be worth $5 billion. Hence, it is evident that outsourcing cybersecurity services will become a standard approach as organizations seek to improve their cybersecurity posture while reducing the cost and complexity of maintaining an in-house security team.
5. More preference for zero trust as compared to VPN
What exactly is the zero trust model? The zero trust model is based on the principle of always verifying a user's identity and device before granting access to sensitive data or systems. This contrasts traditional VPNs, which rely on network-based perimeter security to protect sensitive data. As cyber threats become more sophisticated, organizations will realize that relying solely on perimeter security is no longer sufficient to protect their sensitive information. The zero trust model, on the other hand, offers a more comprehensive approach to security by verifying the identity and trustworthiness of users, devices, and networks before granting access. In 2023, organizations will place a higher value on security models that provide more granular control over access to sensitive data. As a result, zero trust will emerge as the preferred security model for many organizations.
In conclusion, 2023 is poised to bring significant advancements and changes to the field of cybersecurity. With better regulations and greater privacy, advanced threat detection and response tools, rising demand for third-party risk management, and increasing outsourcing of cybersecurity services, organizations will be better equipped to protect themselves against cyber threats. Additionally, the shift towards zero trust security models will provide a more comprehensive and secure approach to protecting sensitive data. As the cybersecurity landscape continues to evolve, organizations will face new challenges. Still, by embracing these changes and investing in the latest technologies and best practices, they can protect their systems and data and maintain a secure online environment.
The author of this article, Piyush Somani is the Chairman & Managing Director, ESDS Software Solution Ltd.