Cybersecurity trends and challenges for SMBs in 2023

Cybersecurity trends and challenges for SMBs in 2023

If your small business has managed to patch every possible vulnerability and implement all the latest IT security solutions thus far in 2022, congratulations, that is a difficult undertaking! But as the new year rolls in, there will be new threats to watch out for. Learn about the security trends and challenges you should prepare for in 2023 so that you can be data breach-free in the year ahead.

More evolved phishing scams

Per IBM's Cost of a Data Breach Report 2022, phishing was one of the most common attacks in 2022, second only to credential theft. This isn't very surprising; after all, phishing scammers know how effortless it is to capitalize on many employees' lack of IT security awareness. Also, sending fraudulent emails in bulk to trick people into clicking on malicious links is fairly easy to pull off.

It's therefore not inconceivable that in 2023, phishing attacks are going to increase and become even more sophisticated, especially given the considerable success rate of phishing scams in 2022. Scammers will try different, more effective tactics to go after businesses that have successfully defended against basic scams. Therefore, business owners ought to step up their cybersecurity protections and continue educating employees on how to spot phishing attacks.

Healthcare providers to remain a major target

Healthcare providers are a prime target for cyberattacks in 2023 mainly because they hold a lot of valuable data, including patients' personal data, which cybercriminals can sell on the black market or use to commit identity theft. Based on the same IBM report, the healthcare industry posted the highest average costs to recover from a data breach in 2022. As cyberthieves pocket tens of thousands of dollars, victimized healthcare organizations suffer huge financial losses.

IoT-directed attacks

With the increase in Internet of Things (IoT) devices comes a corresponding rise in potential targets for hackers. IoT systems and devices are often poorly protected and lack basic security features, such as firewalls and strong passwords, making them susceptible to all sorts of cybercrime.

In 2023 and beyond, billions of IoT devices will be used in countless workplaces and homes. In fact, the number of IoT devices globally is predicted to triple from 9.7 billion in 2020 to over 29 billion devices in 2030. If many IoT-connected devices remain unsecured, bad actors could disrupt them and/or leave the networks to which they're connected vulnerable. IoT devices may have vulnerabilities that hackers can exploit to gain access to the network and steal data or launch ransomware attacks. They can also use IoT devices to create botnets that can be used to carry out distributed denial-of-service attacks.

Businesses should start paying attention to the threat posed by insecure IoT devices and make sure they implement strong cybersecurity protections and regularly patch IoT devices.

Ransomware-as-a-Service (RaaS) to rise in popularity

Ransomware-as-a-Service (RaaS) is a business model that cybercriminals have been leveraging in recent years because it provides them with all the tools they need to launch a successful ransomware attack. These include the ransomware software, the ability to send spam emails, and customer support from the RaaS provider.

RaaS providers have been very successful in recruiting new users, and the number of ransomware attacks is expected to increase in 2023. There are many ways to prevent a ransomware infection, but one of the most effective ways to ensure you won't have to pay any ransom ever is to have an excellent backup solution.

Insufficient IT security skills

As the number and complexity of cyberattacks increase in the coming years, so will the demand for information security skills across different industries. But the current cybersecurity skills crisis could pose some challenges to businesses. Based on a recent study, 30% of the current cybersecurity workforce globally is planning to switch professions within two or more years. This could then result in an IT security skill shortage.

Business owners will have to make sure they have access to professionals and experts with the cybersecurity skills needed to combat threats. The bad news is that in 2023, cybersecurity skills will be in high demand and there might not be enough IT security personnel to go around. The good news is that there will still be a decent number of available outsourcing options for small businesses.

Business owners in New York who worry that they don’t have the resources to create or maintain an internal IT team may outsource their cybersecurity needs to a cybersecurity solutions provider like Healthy IT. Contact us to learn how we can boost your IT systems' defenses against threats in the coming year and beyond.