Business

6 Attacks Your Company Should Watch Out for in 2023

By Ryan Bradman | October 20, 2022

Table of Contents

Threats from ransomware have been growing rapidly since the world is going online. Despite any security measures and technologies used, both large and small businesses become a target for attackers who also develop new skills and ways to access sensitive data. Large and medium-sized businesses are most at risk, while healthcare, blockchain financial and government industries mostly face phishing attacks and malicious email campaigns. Even though the situation changes every day, experts predict that 2023 will be hard for organisations not investing in proper cybersecurity.

While the number of attack types is growing and presents a danger for companies, spurious emails, with malware featuring in the code, still remain the most preferred way for hackers to perform their many ransomware attacks. This is because many businesses are moving to cloud-based operations, and people are working remotely. Since cyber specialists have developed new techniques to avoid data theft and protect data safety, hackers have been forced to find new ways and develop new methods to gain access to systems. So, if you are running your business and worry about being hacked one day in 2023, explore what attacks you may face to increase your security posture.

6 Attacks Your Company Should Watch Out for in 2023

1. Multi-Factor Authentication (MFA) Attacks

Multi-factor authentication has long been a great way to boost data safety and make sure that only known visitors can access your systems. However, this also caused a new problem for those who implemented MFA technologies in their environments. That is because cybercriminals are now using these technologies to gain access to internal systems and information the company holds.

For example, the latest attack happened to Uber, where the hacker accessed the system thanks to their implemented MFA solution. This type of attack is known as “MFA-fatigue” attacks, where hackers usually bombard users with repeated MFA approval notifications following the goal of eventually tiring them and making the employee approve the notification. These attacks need to be stolen and valid credentials to start, so when the ransom notification is approved, the hacker will get access.

While multi-factor authentication is still considered to increase security, companies don’t need to remove it. The key here is to educate users and employees and add other protections in place, such as a Zero-Trust Network Architecture.

2. Hardware and Software Vulnerabilities

Efficient cybersecurity means continuous patching of all systems and hardware to make sure your IT infrastructure is always updated. Since most companies don’t follow this golden rule and forget about adding the latest technologies to their software and hardware, attackers look for vulnerabilities in outdated technologies and exploit where they can.

Cybersecurity specialists usually develop updates and workarounds to patch known vulnerabilities. While specialists provide all needed updates and technologies once the vulnerability is discovered, companies need to use what specialists offer and stay aware of the changes on time. Companies can also use penetration testing services UK to explore their vulnerabilities before attackers find one or all of them.

3. Shadow APIs

Since companies use more and more technologies to boost their environment, the need to use APIs also grows. Shadow APIs are used in your company but are not documented or monitored in the IT environment, meaning they do not follow a defined process that ensures security and peer review.

Those shadow APIs can occur when developers include APIs without asking or consulting central IT teams or when APIs are not properly deprecated. As a result, these APIs usually stay open and vulnerable to attackers that can exploit minor misconfigurations in the code.

4. Mobile Devices

No one will be surprised that mobile apps are increasingly popular today. In addition, we perform most tasks using phones, like ordering food or chatting with colleagues. Based on Verizon’s 2022 Mobile Security Index, almost 45% of companies participating in the survey experienced mobile-related data leaks, which is two times more compared to 2021.

The use of apps and the number of applications will only grow in the upcoming years, allowing hackers to access personal data. While your users may be hacked through their phones due to their lack of knowledge, employees’ mobile phones also extend your attack surface and, in turn, make potential open targets for cybercriminals.

Mobile device attacks range depending on the goal of hackers. They usually happen when phones are connected to an unknown network infected with malware or a public USB charging station. This usually happens with employees working remotely since they can identify whether their network is infected or not, opening your ecosystem to hackers.

5. Ransomware

One of the biggest risks for companies is still ransomware attacks. Ransomware is predicted to remain one of the best revenue streams for hackers, while the average cost of a ransomware attack was estimated at $4.54 million last year. Ransome attacks will be here in 2023, and companies should protect their data and users from this type of attack at all costs. Cybersecurity services will helps to avoid cybersecurity risks and can boost your security posture and allow you to better protect sensitive information and, of course, your finances.

6. Supply-Chain Attacks

Supply chain attacks have long been popular among cybercriminals, but their popularity is growing and continues to threaten companies within all industries. In this type of attack, criminals target vulnerabilities of third-party vendors that provide services or software and use their access to infiltrate their customers. Even though you can’t manage third-party vendors’ security posture, you still should make sure your company has best-practice cybersecurity measures and a solid approach to vendor risk management.