Are Cyber Attacks on the Rise in 2023?

Technology has allowed businesses to expand in new and unthought of ways, but it is not without its downsides. One of the biggest drawbacks to using new technology within your organization is the potential risk of cyber attacks. While protective measures can be implemented to mitigate this risk, cyber attacks evolve constantly. Therefore, one of the best ways to protect your business is to learn whether or not cyber attacks are on the rise in 2023 and what those attacks may look like so that your business can prepare.

What is a Cyber Attack?

Defined broadly, a cyber attack is any form of a malicious digital attack by an individual or group that attempts to disrupt, destroy, collect, or influence an organization’s information systems. Cyber attacks tend to look different depending on the purpose of the attack. Some cyber criminals seek to steal information from a business, whereas others may wish to disrupt business operations for varying reasons. The type of cyber attack you face can often tell you a lot about the motives of the person or group conducting the attack.

Common Types of Cyber Attacks

A number of cyber attacks are more common, and all businesses should be aware of them as they plan for the remainder of 2023. The most notable three include:

1. Malware-based Attacks: Often seen as the stereotypical cyber attack, a malware-based attack occurs when a hacker tricks a person into downloading a virus onto their device. This often happens through clicking a link in an email or visiting the wrong website. This virus can then bypass a device’s security and steal information from it.
2. Phishing Attacks: A phishing attack occurs when a cyber criminal sends a person an email, text, or other form of communication claiming to be an official business. Generally, they claim you have been locked out of your account and demand your password or compensation to unlock the account. Once you provide this information, you will have given them complete access to the account.
3. Denial of Service (DOS) Attack: Finally, a DOS attack occurs when a hacker creates false requests to a website and overloads a site by sending fake traffic in its direction. The goal of this attack is almost always to shut down the website in question.

Cyber Attack Trends in 2023 to Be Aware Of

When looking at the question of whether cyber attacks are on the rise in 2023, the best way to answer is to look at the estimated cost of cybercrime yearly. According to Statista, the annual cost of cybercrime in the United States alone was $8.4 trillion, which is an astoundingly high figure. Unfortunately, experts are predicting that this value will be larger in 2023 due to increased cyberattacks for several reasons:

• The emergence of malware-as-a-service, where people can purchase malware for their own uses
• An increased prevalence of geopolitical conflict may result in an increased amount of country-on-country cyber attacks
• Criminals are beginning to target smaller businesses that have not adopted cybersecurity measures
• There will be an estimated 4 billion more IoT devices connected to the Internet in 2023, meaning more potential victims of cyber attacks

Taking all of the above into account, it’s clear that cyber attacks are on the rise and are estimated to only get worse as the year goes on. To that end, learning how to protect your business is the best next step.

Protecting Your Business from Cyber Criminals: 5 Steps to Take

Regardless of the size of a business, there are a few simple steps all organizations can take to enhance the cyber security measures they have in place:

1. Use multi-factor authentication that requires two or even three forms of authentication from users
2. Regularly sweep your network to ensure no viruses have entered the system
3. Monitor the use of computers and equipment that your employees have
4. Conduct annual cyber security training with your employees
5. Encrypt any and all important information within your business

Ensure the Security of Your Organization

No organization wishes to be the victim of a cyber attack. The cost to recover data and fix what was potentially damaged can slow business operations for weeks or even months, not counting time spent on ensuring the attack doesn’t happen again. All businesses should actively invest funds in cybersecurity measures, but this can be difficult if you don’t know where to start. Should your Cleveland, Akron, or Columbus-based business have trouble developing a strategy for implementing cybersecurity measures, contact us here at Warwick right away to discuss the best options for your organization.