The Future of InfoSec
What to expect in 2023
Authors
Antony Desmond
27 March 2023
The COVID-19 pandemic accelerated the digital transformation of businesses worldwide. CW1 considers 2022 an opportunity for intentional changes following the past two years of unplanned reinvention. Malicious attacks against key sectors in Europe doubled in 2020 and remained high, making cyber-security practices more critical than ever. Malware and hackers pose significant threats to businesses, compromising sensitive information and causing financial and reputational damage. The perceived nebulousness of cyber-security often creates a significant barrier to businesses' readiness to tackle vulnerabilities and cyber attacks.
To stay ahead of cyber attacks, it is essential to enhance cyber awareness and educate individuals and businesses on best practices and online behavior. A basic understanding of key trends and processes can help protect against vulnerabilities and cyber crimes. The use of encryption and multi-factor authentication can further enhance data protection. However, social engineering tactics and unauthorised access remain significant threats, emphasizing the need for ongoing education and training to promote cyber awareness.
Implementing the NIST Framework or NIST CSF and embracing proactive security programs can also mitigate risks and help businesses achieve a more cyber-secure working environment. Establishing a security operation center (SOC) can further aid in detecting and responding to cyber-attacks effectively, especially as hackers become more sophisticated in their methods.
In the digital age, cyber-security is no longer a peripheral concern but a crucial aspect of businesses. With the proliferation of cyber attacks, businesses must remain vigilant and stay up-to-date with the latest cybersecurity trends. By being proactive and informed, businesses can protect their reputations, financial stability, and customer data from cybercrime and information-security breaches. By prioritizing cyber awareness and adopting proactive cybersecurity measures, businesses can mitigate risks and safeguard against cyber threats effectively.
Why Does Cybersecurity Matter?
According to recent studies, the average cost of a data breach for a company in the United States was $5 million in 2023 (IBM). Small businesses are at particular risk, with 36% of cyber attacks targeting them, and 41% going out of business within six months of an attack. Moreover, a report by CW1 showed that the number of publicly reported security incidents increased by 58% in 2023, with ransomware attacks up by 68%. This increase in incidents highlights the need for businesses to stay up-to-date with cybersecurity trends.
Security experts emphasize that businesses must remain vigilant and proactive to prevent unauthorized access, hacking, and exploitation of sensitive information. Human error accounts for 95% of cybersecurity breaches, making it crucial to educate employees on best practices. Phishing attacks, malware, ransomware, and credential stuffing attacks are just a few examples of the many security risks associated with computer security that can lead to a security breach.
In the event of a security breach, businesses must have an incident response plan in place to mitigate damage and restore normal operations. According to recent studies, the average time to identify and contain a breach is 280 days, with the average cost of a breach reaching $4.4 million (IBM). The attacker may have compromised personal information, customer data, and other sensitive information, leading to reputational damage and financial loss.
To prevent security breaches, businesses can work with security experts to identify and address any security gaps in their systems and networks. Additionally, implementing the NIST framework or NIST CSF and establishing a Security Operation Center (SOC) can enhance cybersecurity efforts by detecting and responding to vulnerabilities.
Cybersecurity is crucial in maintaining a strong business reputation, and businesses must take the necessary steps to protect themselves from cyber attacks and intrusions. By being proactive and staying informed about the latest security threats and best practices, businesses can mitigate the risks of being hacked, compromised, or attacked by cyber-criminals and hackers.
2023 Trends
The importance of cybersecurity has grown considerably in recent years, driven by consumer concerns and a rise in cyberattacks. Businesses must prioritize cybersecurity to meet customer demands, Encrypt their data, protect their reputations, strengthen their Network Security and Critical Infrastructure improve their data-security against any cyber attack or vulnerability, and ensure long-term growth. One effective approach is to implement the NIST framework or NIST CSF, which provides a flexible and comprehensive approach to managing cybersecurity risks and threat intelligence systems. Additionally, establishing a Security Operation Center (SOC) can aid in detecting and responding to vulnerabilities effectively as well creating and monitoring cyber security threats.
Cybersecurity is not only an internal business problem but also a consumer concern. Mobile security was recently ranked as the most important solution by nine out of ten consumers, highlighting the need for businesses to communicate their cybersecurity credentials externally and internally. Unfortunately, nearly 70% of consumers do not trust companies with their data. Businesses can combat this issue by prioritizing cyber awareness and ensuring that employees are aware of cybersecurity risks and best practices. Moreover, human error accounts for 95% of cybersecurity breaches, making education and awareness programs critical in preventing cyberattacks.
Ransomware has become one of the most common and visible cybersecurity threats in recent years, with Forbes predicting it will only get worse in the future. Ensuring that everyone in the company installs the latest security systems and keeps them up to date is essential in combating cyberattacks like this. The proliferation of cyberattacks has also caused a shift in the relationship between IT security teams and the C-suite. Cybersecurity attacks are now a top concern of more than half of UK business leaders, and 88% of Boards of Directors across Europe view cybersecurity as a business risk. By implementing a proactive cybersecurity strategy, businesses can prevent data breaches and safeguard against reputational damage.
Cybersecurity is also becoming an increasingly important part of Environmental, Social, and Governance (ESG) initiatives. Large organizations are expected to have publicly shared ESG goals focused on cybersecurity by 2026, up from just 2% last year. Remote work during the pandemic created new cyber vulnerabilities, exposing businesses to new attack surfaces for cybercriminals. To address this issue, businesses can conduct more comprehensive employee training and implement new processes to make staying secure remotely easier.
Cybersecurity is critical in increasing security awareness, increasing risk-management systems, improve security strategy, maintaining customer trust, protecting business reputations and critical infrastructure, and ensuring long-term growth. Implementing the NIST framework or NIST CSF, establishing a SOC / SOC2, and promoting cyber awareness are effective approaches to preventing cyberattacks. By staying ahead of the latest trends and being proactive in addressing cybersecurity risks, businesses can safeguard against reputational damage, financial losses, and legal implications.
next steps
At CW1 we are committed to help everyone to improve their ISMS and infoSec systems. As such we recommend:
To get our Risk Analysis assessment and cross check with the minimum security details.
Check cross that your system meets the minimum requirements with our CISO manual
Contact us if you need assistance, our cyber security professionals and data security officers will be glad to help you strengthen your system.
