As cybercriminals grow more sophisticated, organizations must remain vigilant against emerging threats that can cripple operations and finances. PCH Technologies urges businesses to proactively guard against the following 5 cybersecurity menaces in 2023.
Key Takeaways
- Ransomware, phishing and insider threats pose major cyber risks
- Vetting and monitoring third parties is crucial to manage external risk
- IoT device growth expands the cyber attack surface
- Comprehensive technical controls must be complemented by staff training
- Proactive risk assessment and mitigation is key to cyber resilience
- Partnering with experts like PCH Technologies enhances readiness
Top 5 Cyber Threats and Key Stats
Threat |
Key Stat |
|---|---|
Ransomware |
66% of organizations hit by ransomware in 2021 |
Phishing |
68% of firms experienced phishing in 2020 |
Insider Threats |
Insiders cause 30% of breaches |
Third Party Risks |
56% of breaches originate from third parties |
IoT Risks |
21 billion IoT devices projected by 2025 |
Ransomware
Ransomware remains one of the most disruptive threats facing companies. These malicious programs encrypt files and systems until a ransom is paid. According to a Sophos survey, 66% of organizations were hit by ransomware in 2021. Shockingly, the average ransom payment climbed 82% to over $800,000.
Beyond direct costs, ransomware can batter business reputations and customer trust. Law firms, hospitals, school districts and critical infrastructure have all been targeted. Offline backups, security awareness training, and multi-factor authentication are key defenses against ransomware. Partnering with managed service providers like PCH Technologies also enhances ransomware readiness with 24/7 threat monitoring and response.
Phishing
Phishing utilizes social engineering to trick users into divulging credentials or sensitive data. Phishing attempts often arrive as fraudulent emails, chats or web ads impersonating trusted entities. 68% of businesses surveyed by Proofpoint experienced phishing attacks in 2020.
Red flags employees should watch for include suspicious sender addresses, odd formatting, grammatical errors, and urgent calls to click on links or attachments. Enhanced firewalls, spam filters, and user education help thwart phishing exploits. Conducting phishing simulation exercises further helps assess risk and train staff.
Insider Threats
While external attacks often grab headlines, insider threats pose equal if not greater cybersecurity risks. These stem from employees, contractors or partners abusing access rights to systems and data. Unhappy or negligent insiders can deliberately or accidentally expose confidential business information.
Limiting access rights, monitoring user activity, securing endpoints, and vetting third parties helps mitigate insider actions. Furthermore, cybersecurity training brings awareness to insider risk while promoting a culture of responsibility.
Third-Party Cyber Risks
With growing reliance on suppliers and partners, organizations are increasingly exposed to third party cyber risks. A supplier’s security weaknesses can essentially become your own. Cybercriminals often target third party access as backdoors into core systems.
Thoroughly vetting suppliers, partners and M&As prior to engagement reduces exposure. This involves financial stress testing along with cybersecurity assessments. Diligent reviews of vendor security protocols and controls are prudent measures, along with contractual security provisions.
Ongoing third party monitoring is equally critical to keep tabs on cyber risk. By taking the initiative to secure relationships, businesses gain assurance while strengthening their cybersecurity posture.
Internet of Things (IoT) Risks
The explosion of Internet-connected sensors, cameras, HVAC systems and devices introduces new attack surfaces for enterprises. IoT security continues to lag behind the pace of IoT adoption. Consequently, connected equipment with weak authentication, unpatched firmware or poor encryption endanger networks.
Isolating IoT devices, denying internet access, establishing firewalls, and enabling multi-factor authentication enhances security. Additionally, investing in advanced endpoint, network and analytics solutions tailored to IoT environments is now imperative.
Guard Your Business Against Cyber Threat Storms
Cybersecurity demands clear-eyed evaluation of new risks paired with proactive safeguards and response. By knowing the latest threats targeting businesses, leaders can mobilize the appropriate defenses. PCH Technologies offers customized risk assessment and management solutions to fortify organizations against cyberattacks at every level. Let our experts help your enterprise survive the gathering cyber threat storms in 2023. Contact us today to start building cyber resilience.