Most Dangerous Cyber Security Threats in 2023

Cyber security experts predict the most significant threat vectors and cyber risks for 2023. In this list, we reveal which threats will emerge in 2023 that cyber security experts believe and their recommendations for how to combat them. 

When asked by Cyber Security Hub in mid-2022 which threat vectors posed the most significant risk to their organisations, 75% of cyber security professionals said social engineering and phishing. Multiple organisations, including Revolut, Twilio, Uber, LastPass, Dropbox and Marriott International, have been subjected to such attacks since the survey's conclusion, emphasising the importance for cyber security practitioners to remain aware of the phishing threat.

Crime as-a-service

Statista, a market and consumer data company, estimates that the global cost of cybercrime will reach $10.5 trillion by 2025. According to blockchain analysis firm Chainalysis, cybercriminals stole more than $3 billion in crypto-based cyber attacks between January and October of 2022 alone, proving that cybercrime is becoming an extremely lucrative business for hackers.

As cybercrime becomes more established as a source of revenue for malicious actors, some are shifting their focus to offering their services to a larger community for a fee. Crime-as-a-service allows terrible actors to charge others for their hacking services. In 2022, for example, a Meta employee was fired for allegedly using their employee privileges to hijack and allow unauthorised access.

Also read: 2022’s Most Significant Data Breaches and Leaks

Crime Attacks on cloud security

The need for cloud migration has become apparent as the global workforce continues to work in increasingly remote or hybrid capacities. According to research conducted by video conferencing software company Owl Labs, the number of workers choosing to work remotely has increased by 24% globally. As businesses move some or all of their assets to the cloud, the demand for cloud security has grown. One-quarter (25%) of cyber security professionals polled by Cyber Security Hub said their companies were investing in cloud security capabilities.

According to Abdul Rahim, founder and CEO of technology advice site Software Test Tips, this investment will be required in the coming year. He explains that while the ability of cloud servers to allow users to access a company's applications, files, and resources from anywhere in the world is its most significant selling point to businesses, it is also its biggest vulnerability.

Lack of cyber security knowledge

Human error is expected to be a significant factor in cyber security threats in 2023. According to World Economic Forum research, 95 percent of cyber security issues can be traced back to human error by 2022. Similarly, nearly a third of cyber security professionals (30 percent) told Cyber Security Hub that the number one threat to cyber security at their organisation was a lack of cyber security expertise.

According to Charles Denyer, a Texas-based cybersecurity and national security expert, "one four <82 percent> data breaches can be attributed to human error," according to Verizon's 2022 Data Breaches Investigations Report. As a result, Denyer claims that "when it comes to ensuring the safety and security of an organisation's digital assets," cyber security awareness training "remains the best and most valuable return on investment."

Cyber attacks by nation states

Throughout 2022, several cyber attacks by nation states, including those launched by Iran against Albania, Russia against Ukraine and Montenegro, and an unidentified attack on the government of New Zealand. Businesses should consider more cyber attacks by nation-states in 2023 as these attacks become more common and advanced.