Cybersecurity is a top concern for Southern California businesses of all sizes in 2023. They are faced with an ever-evolving threat landscape and the increasing sophistication of cyberattacks. That, along with the increasing adoption of cloud computing and the growth of the Internet of Things (IoT), businesses need to be prepared for the challenges ahead.
Related article: Important cybersecurity terms every business owner should know
What is the current cybersecurity outlook?
Here are some of the most significant cybersecurity trends and statistics for 2023:
1. The rates of cyberattacks and ransomware are still on an upward trend
Cyberattacks today are running unfettered largely because they aren’t usually a same-day type of attack. These days, they involve weeks, sometimes months of planning and infiltration by the attacker. So, by the time they hold your data hostage, they would have already had a look through your entire system. This style of attack is called a zero-day attack.
Not only are these types of attack very common, they are also quite difficult to contain. An IBM research revealed that last year, it took an average of 227 days, or almost 8 months, for an attack to be identified and contained. That’s plenty of time for any crook to wreak a lot of havoc on an IT system.
2. The cost of breaches is still rising
Data breaches and ransomware attacks are so prevalent these days, and their prevalence is unfortunately joined by growing costs. According to the same study by IBM, the average cost of a data breach is $4.35 million, while the average cost of a ransomware attack is $4.54 million. And the costs don’t end there. As per Sophos, the average cost of a ransomware recovery project is around $2 million, and that the average ransomware payout is $570,000.
3. Remote work adds complexity to cybersecurity
Remote work has proven to be a viable work arrangement for many businesses globally, but remote workers need to be trained adequately to prevent data loss or attacks. That’s because 47% of remote workers who have fallen prey to phishing cite distraction as the reason why they clicked on a phishing link. The same Tessian study that found this also found that a third of workers surveyed rarely or never think about cybersecurity at work, and that younger workers are five times more likely than their older counterparts to make mistakes that lead to security consequences.
4. Third-party vulnerabilities are a growing concern
Third-party app developers and service providers have always been vulnerable to exploits, as it’s inevitable for their software to have gaps with operating systems and other software they interact with. And it’s these gaps that threat actors are keen to abuse.
A report by the Ponemon Institute reveals three key statistics from the past year:
- The rate of third-party software attacks have increased from 44% of all attacks to 49%.
- 49% of the businesses they interviewed experienced a data breach through a third-party vulnerability in the past 12 months.
- 39% of the businesses they interviewed cited vendor support issues as the main factor that forced them to improve their security posture.
What can I do to protect my business from cyberthreats?
To protect your business from cyberthreats, you should implement a comprehensive cybersecurity program. This should include a focus on risk assessment, vulnerability management, security awareness training, and incident response.
You should also use strong passwords and two-factor authentication (2FA). This will make it more difficult for hackers to gain access to your systems and data. You should also be careful what you click on. Phishing emails and malicious links are a common way for hackers to gain access to your systems. In addition, you should keep your software up to date. Software updates often include security patches that can help to protect you from known vulnerabilities.
It is also important to educate your employees about cybersecurity risks. Your employees are your first line of defense against cyberattacks, so make sure they know how to spot and report suspicious activity.
Finally, you should have a plan for responding to cyberattacks. If your business is attacked, having a plan in place for how you will respond will help to minimize the damage and protect your reputation.
When it comes to cyberattacks, prevention is better than cure. Keep attackers at bay by partnering with USWired today. You’ll gain peace of mind knowing your business is safe from online threats, ransomware, viruses and more. Contact us today.
