Digital Dangers: The 5 Most Concerning Cyber Security Threats to Be Aware of in 2023

Even if you treat your business to the best IT managed services Melbourne has to offer, hackers have devious ways of finding their way in and wreaking havoc.

No industry or business size is immune, with cybercriminals as comfortable targeting hospitals, schools, and daycare centres as they are hitting banks, eCommerce stores, and telecommunications providers. 

1. 3rd party attacks

Also known as supply chain attacks, this method can enable bad actors to bypass even the most impressive IT security measures. The idea is to identify and then target a weak link in a particular supply chain and then use it to deliver an attack. The aim could be to infiltrate one large target company via one of its suppliers or to target an entire network of businesses via a supplier they all use.  

2. New social engineering angles

Social engineering describes any attack vector designed to leverage human weakness. It’s one the most powerful tools for hackers as unsuspecting humans are easier targets than well-protected systems. If, for example, hackers send a phishing email to hundreds of company employees, all it takes is for one person to fall for it, and the criminals have the access they need. By combining human weakness with a numbers game, they stack the odds in their favour. 

In 2023, we can expect cybercriminals to devote more time to developing new social engineering angles. As we become savvier to this attack style, they’ll simply become more creative. That’s why it’s crucial for modern businesses to provide regular cybersecurity training sessions for employees.  

3. Ransomware attacks on small businesses

Large corporations can deliver hefty ransom payouts, so many business owners mistakenly assume that if they’re not a big player, they won’t be a ransomware target. Sadly, this simply isn’t the case. Small businesses can be equally lucrative – the criminals simply adjust the amount of money they demand. In fact, recent research suggests that small businesses are actually more at risk, with around 82% of ransomware attacks designed to target smaller enterprises. 

Since these small hits are both underreported and, technically speaking, not all that newsworthy, they don’t tend to get mainstream attention. So, many small business owners are unaware of the reality of this threat. 

4. AI-boosted attacks

Chat-GPT is the talk of the town as we head into 2023. Along with the many other disruptions it’s predicted to cause, it will likely help cybercriminals craft far more advanced attacks. We can expect the design of phishing and spear phishing lures to become far more cunning as the months go by. 

5. Targeting of smart devices

You may have seen reports of home security devices like Ring cameras being hacked. We can expect this trend to ramp up through 2023 since these devices are often minimally protected with weaknesses that make them easy to hack. While the Ring camera hackers seemed to enjoy talking to and taunting homeowners, imagine the kind of sensitive information they could glean if they simply listened quietly. 

The same is true for many smart devices. For example, if you have an autonomous car, your main concern may be the physical damage someone could do if they hacked the system. However, if they simply listen to your conversations in the car, they could gain the information needed to guess passwords and answer security questions. 

While you don’t need to live your life in a perpetual state of fear, it does help to be aware of the latest cyber threats so you can keep your business, your family, and your personal data safe.