Cybersecurity in 2023: 5 Trends Businesses Should Follow

Despite the ever-increasing data breaches and cyberattacks, many business organizations still consider cybersecurity an afterthought. Many small companies think they’re safe from hackers because criminal masterminds typically target bigger fish.

If 2022 has taught us anything, it’s this valuable lesson: no one is immune to cyberattacks. Breaking news about data breaches keeps popping up, putting cybersecurity on everyone’s agenda, not only IT departments.

What can we expect in 2023? Here are the top trends businesses should follow to mitigate cybersecurity risks.

Addressing IoT security vulnerabilities

The IoT (Internet of Things) sector has been growing for the past decade, enabling real-time information access across connected devices, streamlined operations, and higher profitability.

However, it has provided tech-savvy criminals with numerous entry points to access our networks, devices, and private and sensitive data.

Cybercriminals will set their eyes on IoT devices in 2023, as these attractive targets will cross the 43 billion mark next year.

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Prioritizing security in device manufacturing and software development will be the primary concern in 2023 to address IoT vulnerabilities. That will go beyond encryption, authorization protocols, regular patches, and bug fixes.

DevSecOps will take center stage because it will enable developers to identify security vulnerabilities at every software development stage, eliminating the risk of data breaches.

Implementing AI security systems

AI security systems are the best defense against potential cyberattacks. Humans can’t predict a data breach or detect threats as quickly as AI.

AI-powered machine learning algorithms can monitor computer networks, analyze patterns, and identify potential threats. They can help companies stop cybercriminals in their tracks or shorten the breach lifecycle.

According to a recent IBM report, organizations leveraging AI security to detect, prevent, and recover from data breaches save an average of $3 million more than those not using these systems.

The report also shows that the global average data breach cost are $4.35 million, while US organizations typically lose $9.44 million. Shaving off $3 million in a potential attack by implementing AI security systems is an excellent incentive.

Leaving passwords in 2022

Passwordless authentication isn’t a novel approach to cybersecurity. Biometric scanning, email-based login systems, social media sign-ins, SMS-based logins, and MFA (multi-factor authentication) have been around for years.

However, an entirely passwordless future is on the horizon.

Not using passwords to unlock devices and log into accounts significantly reduces phishing and other attacks for stealing credentials. Those cybersecurity threats will keep increasing, making those who reuse passwords the easiest targets.

More organizations will embrace the passwordless concept in 2023. Additionally, they will adopt zero-trust architecture (ZTA), more robust security protocols, and better practices for IAM (Identity and Access Management) frameworks because even passwordless authentication carries risk.

Closing the cybersecurity skills gap

The cybersecurity skills gap has been a problem in organizations for years, with many employees ignoring one crucial fact: they’re the weakest links in security.

Building a cybersecurity-aware culture can help employees understand that they play a significant part in protecting corporate and personal data. They can learn to avoid social engineering traps and other attacks, enabling companies to make the most of technology-based security.

Many organizations will include cybersecurity requirements in job descriptions to hire security-aware talent beyond the IT department. Regular training will be integral to prevent and mitigate risks, but closing the skills gap during recruitment and hiring will help them stay ahead.

Embracing a privacy-first approach to data governance

Business organizations have always taken a security-first approach to monitor and manage cybersecurity threats and protect sensitive information.

However, new data privacy laws and regulations require a privacy-first approach to data governance.

The GDPR (General Data Protection Regulation) paved the way for new privacy laws and regulations in the US, including the CCPA (California Consumer Privacy Act), the CPA (Colorado Privacy Act), and the VCDPA (Virginia Consumer Data Protection Act).

More organizations will embrace privacy-first frameworks in 2023 to comply with the laws applying to them and avoid hefty fines. However, cybersecurity-aware companies will also do it to maintain confidentiality, brand reputation, and consumer trust.

Google and Apple have already taken critical steps to better data governance. Google will remove third-party cookies from Chrome by the end of 2023, while Apple’s App Tracking Transparency framework prevents apps from tracking and sharing user data without permission.

Conclusion

We will undoubtedly witness more cybersecurity trends in 2023 as technological advances continue increasing. However, since a global recession is looming, many companies might cut back on their cybersecurity spending.

If that’s on your mind, remember data breach costs and significant savings from advanced cybersecurity systems. Tightening your belt could negatively affect your revenue and reputation in case of an attack.

Organizations that follow the latest cybersecurity trends in 2023 will build resilience. They will avoid falling victim to cybercriminals’ attempts to breach their systems and steal or misuse sensitive data.