As 2022 comes to an end, let’s look forward to the new year and look at several 2023 cybersecurity predictions.

Cyber Insurance Focus

Last week we wrote about the increase in premiums of cyber insurance so it is only fitting we follow that up with a prediction for 2023. According to BeyondTrust, they expect an increase of scrutiny in cyber insurance and the likelihood that many organizations will simply not qualify to purchase it. As we wrote last week, there are more stringent requirements that the insured have adequate cybersecurity controls in place. This doesn’t mean to give up and not try to obtain cyber insurance if you are interested, but to instead be prepared with the understanding you might need to tighten some of the cybersecurity controls you have.

Ransomware sticking around

File this under the ‘not so bold’ prediction, but ransomware is sticking around, in fact it may get even worse, according to Check Point. While Check Point believes ransomware groups will become smaller and more agile, f5 Labs believes we will see more nation state and organized crime organizations utilizing ransomware, especially against critical infrastructure.

You may now be thinking, “Critical infrastructure, but I’m a small business, how does that impact me?”. We all rely on our critical infrastructure for things like electricity, water, the internet, gas and air conditioning, etc. Depending on your small business, losing one of those might close your doors for a period of time. There may be cost increases due to shortages, so budgeting for the new costs would need to occur. Lastly, your business might make the widgets that are used in critical infrastructure, making you a target for a cyberattacker. Not all cyberattacks are direct attacks, cybercriminals will target the supplier, knowing they will  have less security controls in place. This will cause a similar outcome if they successfully disrupted the provider, but utilizes less resources.

The final prediction

Now it’s time for the final 2023 cybersecurity prediction. Small businesses will continue to be targeted by cybercriminals, but there is no need to panic. You have the power to improve your cyber resilience and to reduce the risk to your small business!

To read our year end review, checkout the Michigan SBDC’s Small Business Blog!

This will be our final Security Byte for 2022 and we will return January 11, 2023. Happy holidays and happy new year!