2022 has finally come to an end. The pandemic is mainly behind us, the global economy is recovering, and the coming year appears promising. However, as 2023 approaches, it’s useful to have some notion of what lies ahead, particularly in terms of data security and privacy, as these two issues will dominate much of the coming year. We sought the opinions of numerous influential business people to learn more. The general belief is that nothing will change for the better and that things could worsen.
According to Bryan Hornung, CEO of Xact IT Solutions, “overall, enterprises and individuals need to stay cautious and proactive in safeguarding themselves from cybersecurity risks” because the landscape is continuously changing and new dangers are likely to appear. According to Hornung, as more people switch to cloud computing and storage, threats will alter.
“This data will need to be secured and protected from hazards like data breaches and unlawful access,” the speaker predicted.
The victims of those attacks won’t alter significantly, however. Large organizations are still a favourite target, says Titaniam CEO and founder Arti Raman. Large enterprises (41%) will be the top area targeted for cyberattacks in 2023, preferred above financial institutions (36%), the governments (14%), the health sector (9%), and education (8%), according to a recent study of corporate security specialists. Corporate networks are now more vulnerable due to the rapid shift, which makes them a more appealing target for hackers.
Attackers’ curiosity is sparked, in part, by the abundance of personal information that is effectively available for free on business and social media platforms. The constant sale of personal data from social media platforms and the existence of an essentially free market for it have been and will continue to be among the major problems in data security, according to Art Shaikh, founder and CEO of Circleit and DigitalWill.com. In recent years, breaches have been reported in a number of industries. The trend is gradually shifting to more private technologies that are developing fresh revenue streams. Consumers who use the majority of online tools are vulnerable to hackers and data breaches until that transformation becomes more widespread. Platforms that are private and secure are being released, which will support data security in the future.
A Poor Economy
The failure of things to materially improve is largely due to a few important variables. The CEO and founder of Lumu, Ricardo Villadiego, discuss those elements below:
The economic downturn will spur cybercriminals’ ingenuity, according to Villadiego. “More individuals will look to cybercrime as a source of money when economies falter. This will encourage more diversification, the discovery of fresh platforms, and the pursuit of fresh prey, like smaller companies.
And he predicted that one of the biggest threats of the present would worsen. Villadiego predicted that “Ransomware syndicates will continue to elude prosecution.” We anticipate that the ZERO ransomware gang will face prosecution, despite efforts to exact revenge on several ransomware gangs, such as the Australian government’s targeting of the Medibank breach’s perpetrators. In addition to being very tough to find, they frequently split up and reassemble themselves. Politicians are reluctant to prioritize the issue of cybercrime out of concern for their safety.
According to him, a significant breach will occur if cybercriminals are not identified and dealt with. According to Villadiego, “a significant vital infrastructure breach will impair essential services.” We are past time for “the Big One,” notwithstanding a deliberate federal effort to strengthen cyber preparation. In 2023, the availability of water, power, gas, or the internet is likely to be disrupted by a cyberattack.
In terms of codifying security regulations, the EU has generally been ahead of the US; nevertheless, because the majority of the biggest firms have operations in both the US and Europe, any changes made there have an impact on the entire world. There, the EU has implemented the Cyber Resilience Act, which has the power to levy significant fines for failing to secure personal data.
Overall, nobody looks forward to 2023, with the possible exception of cybercriminals. “2023 will be a significant year in data security,” predicts Sarah Hospelhorn, CMO of BigID, “as enterprises of all sizes increase adoption of cloud computing – with native safeguards unable to keep up with the growing threat landscape and danger channels. All evidence points to more cloud data breaches.” As technology advances with automation and risk profiles bringing more actionable defence in depth to data, the significance of artificial intelligence and machine learning will remain influential on data security.
According to experts opinion, there is a need to prepare for massive breaches that will occur frequently.