Cybersecurity Year in Review 2023
With each passing year, the cybersecurity landscape that businesses face continues to evolve. It is a fluid environment to the extent that even world-renowned cybersecurity experts can struggle to keep up.
However, business leaders cannot afford to miss a beat when it comes to cybersecurity, especially when a single data breach or cybersecurity incident can put a significant dent in their bottom line or even threaten their continued existence.
Fortunately, the cybersecurity experts here at Outsource IT keep abreast of every important trend and event in the world of cybersecurity. With that in mind, let us look back at the most critical threats, trends, and developments in cybersecurity that occurred in 2023.
The Reemergence of Ransomware as an Existential Threat
In the years prior to 2020, ransomware was an important yet infrequent threat to businesses. Between 2017 and the beginning of 2020, global ransomware incidents hovered at an average of around 200 million annually. Then, the COVID-19 pandemic changed everything, providing attackers with a major opportunity that led to a massive surge in ransomware attacks.
As a result, worldwide attacks surged to over 304 million in 2020 and a staggering 623.25 million in 2021. The following year, as businesses regained their footing, the global ransomware threat subsided somewhat, with just under 500 million attacks. Unfortunately, that decline proved to be short-lived.
Although we will have to wait until a few months into 2024 for the final numbers, it is already certain that 2023 saw a record number of ransomware attacks. According to one analysis, the frequency of such attacks was over 95% higher than it was in 2022. Therefore, business leaders should redouble their efforts to fortify their defenses against this threat in 2024.
Darknet Hacking Forums Shuttered, Reemerge Elsewhere
In 2023, authorities worldwide took unprecedented actions to clamp down on darknet hacking forums and data dump sites, which pose a significant threat to businesses. Well-known sites like Breach Forums, Genesis Market, ASAP Market, and others met their end this year. Unfortunately, the darknet is like a hydra—cutting off a few heads will not be its end. Replacement sites and forums have already emerged, and as 2024 begins, businesses cannot afford to lose sight of the thriving marketplace trafficking in stolen business data.
For that reason, businesses should consider adding darknet scanning to their cybersecurity arsenal in 2024. This capability can provide critical warnings about issues such as stolen user credentials and already-exfiltrated data that could be precursors to a broader breach. With this warning, businesses stand a better chance of halting attacks in progress or disarming would-be attackers by closing security holes and disabling stolen credentials.
AI Comes into Its Own as a Threat and an Ally
Although 2023 was not the first year that artificial intelligence (AI) made its presence felt in the world of cybersecurity, it was the first year in which the use of AI became almost ubiquitous among threat actors. This past year marked a massive rise in the utilization of large language models (LLMs) to power various attacks. According to an analysis of darknet discussion forums, conversations about tools like ChatGPT took off between January and February. By the close of the year, it was already clear that those discussions had borne fruit.
One of the most common applications of the technology in 2023 was serving as an engine to power phishing campaigns. Hackers utilized it to craft human-sounding phishing emails, precisely targeting employees to supercharge credential harvesting efforts. However, that was not the only application. Researchers also uncovered a flaw in AI-powered chatbots like ChatGPT, enabling attackers to surreptitiously distribute malicious software packages. This heightens the likelihood that the software and platforms businesses depend on could be susceptible to major vulnerabilities, facilitating exploitation.
The good news is that in 2023, it wasn’t only the bad actors putting AI to work. A broad spectrum, from major tech firms to cybersecurity platforms, introduced new applications of cybersecurity-focused AI. Google launched a cybersecurity LLM named Sec-PaLM 2, employing generative AI to detect signs of infiltrations and other threats. Microsoft unveiled its Microsoft Security Copilot, using GPT-4 to analyze, distill, and summarize threat data. This allows overwhelmed cybersecurity analysts to focus on real threats rather than false positives.
The main takeaway here is that 2023 marked the true beginning of a cybersecurity AI arms race. This means businesses should review their cybersecurity strategies and contemplate reallocating funds into AI-powered defensive technologies in 2024. Those that do not may soon find themselves outgunned by would-be attackers and easy prey compared to the businesses actively working to stay ahead of the cybersecurity AI curve.
The Evolution of Authentication
The final major development in cybersecurity during 2023 was a significant evolution in the technologies that underpin authentication systems. Specifically, an increasing number of platforms and services initiated the transition away from passwords altogether. Leading this charge was the FIDO Alliance’s Passkey standard , which all major tech firms adopted within the past year. This standard replaces passwords with a combination of biometrics, or a PIN connected to an individualized cryptographic key pair.
This arrangement enhances authentication security due to the difficulty an attacker would face in obtaining a user’s private crypto key, as the keys are stored on a user’s device and not in the cloud. This virtually eliminates the possibility of credential theft and should prove beneficial to the security of digital platforms in the years to come. For businesses, it also provides a means to thwart phishing schemes by eliminating the possibility of an employee mistakenly divulging their account passwords.
For businesses that have not yet begun the transition to passkeys, either through the individual platforms or SaaS solutions they depend on, it should be a priority in 2024. Fortunately, single sign-on (SSO) solutions that support passkeys are already available, alongside a plethora of other bolt-on passkey authentication solutions. Therefore, migrating away from passwords should be a painless process for the vast majority of businesses, provided they make the proper preparations beforehand.
Continued Vigilance Required in 2024
Despite the myriad developments in cybersecurity during the past year, one thing that remains constant—and likely never will change—is that vigilance is still the key to businesses protecting themselves from the varied threats they face.
As always, Outsource IT stands ready to lend a hand. We offer comprehensive business IT security services along with a robust managed IT support program specifically designed to help businesses meet all their cybersecurity and technology needs. To learn more about how we can help make 2024 a safe and prosperous year for your business, contact one of our expert account managers today.
