The prediction is that $8 trillion will be lost to cyber crimes by the end of 2023. The global loss to cybercrime will grow more than 15% year by year to reach $10.5 trillion by 2025.
These numbers help you measure the depth of the impact of cybercrime on the global economy.
List of Recent Cyber Attacks 2023
The Cyber Threat Landscape in 2023
Before we start looking at the recent cyber attacks, it is important to understand the threat landscape we are dealing with at this point in time. We’d like to draw your attention to a few phenomena that are currently impacting the global cyber threat landscape.
- The Covid 19 Pandemic
The pandemic, the lockdown, and the ensuing adaptations made by businesses and communities across the globe have changed how cyber security is perceived. The impact of the pandemic on cyber security is deep and pervasive. Thanks to the remote workplaces, and the exigency of third-party applications, attackers are exploring new attack surfaces and there is a frightening number of new vulnerabilities.
- The Ukraine-Russia War
The information assault that Russia exercised against Ukraine since 2014 culminated in February 2022 with Russia’s invasion of Ukraine. Ukraine’s defenses against Russian cyber attacks had been hardened over the years. Hence, the practical impact of the Russian attacks during and after the invasion wasn’t noteworthy. Nonetheless, a lot of valuable lessons were learned by the security experts of the world from these incidents as well as the hackers.
- The Emergence of RaaS Gangs
From Doppelpaymer and REvil to Vice Society and Nevada, a bunch of Ransomware as a Service gangs have posed significant threats to businesses, individuals, and governments across the world. Some were politically motivated like the Conti gang and some have specific targets like Vice Society almost exclusively targets schools and other educational institutes. The rise of RaaS has forced administrative bodies to rethink security.
Skolkovo Foundation is a large Russian company responsible for overseeing a high-tech business area. This company represents Russia’s efforts to rival Silicon Valley. The attack could be seen as part of the constant cyber conflict between Ukraine and Russia.
Jimbos Protocol is a decentralized finance or DeFi platform. In an attack, hackers manipulated prices to steal 4000 ETH which is valued at $7.5 million.
Cyber Security Trends and Predictions for 2023
- There will be a rise in zero-day vulnerabilities and attacks on supply chains.
- Owing to the decreasing profitability of illegitimate crypto mining, crypto-jacking groups are likely to turn their focus on cloud-based applications and perpetrate DDoS and ransomware attacks.
- IoT devices are likely to be attacked with ransomware more frequently
- API continues to be one of the most important attack vectors
- Deepfake audio and videos will be used more frequently in phishing attacks.
How to Secure Your Business?
While the current cyber threat landscape is gloomy and quite frightening, you can take some fairly simple steps to decrease the risk of being victimized by a cyber attack.
- Implement multi factor authentication for all your accounts.
- Implement proper input validation on all customer-input-enabled areas on your website.
- Keep all extensions, appliances, and applications up-to-date.
- Do not delay implementing patches.
- Practice regular security testing – vulnerability assessment and penetration testing.
The best you can do to run a secure business in 2023 is to make life really hard for hackers. Stay Informed Continuously update your knowledge about the latest threats, vulnerabilities, and cyber security solutions to provide accurate and relevant content. Engage with Experts Collaborate with cyber security experts, ethical hackers, and professionals to provide diverse perspectives and insights. Ethical Considerations Explore the ethical dilemmas surrounding cyber security, such as privacy, surveillance, and digital rights.