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Consequently, in 2023 businesses will see an increase in threats against critical national infrastructure such as power grids, telecommunications systems, and transportation networks. These types of infrastructure are vital to the functioning of modern societies, and disruptions to them can have serious consequences.

What’s more, the number of publicly disclosed data breaches has been increasing in recent years, and in 2022, more than 4,100 breaches occurred. This equates to approximately 22 billion records being exposed. These breaches can have serious consequences for individuals and organisations, as sensitive personal and financial information can be compromised. No one is exempt from the risk of a cyber breach, and it is important for everyone to be proactive in protecting their data, but how?

Types of breaches to look out for

Growing political tensions between nations has created a heightened threat environment for businesses, and threats against critical national infrastructure targets are likely to be perpetrated by well-funded nation-state actors, who have the resources and expertise to launch sophisticated attacks.

A major area of concern is supply chains, as these can be vulnerable to cyber-attacks due to third-party access. Businesses need to be aware of the potential risks associated with their supply chain and take steps to mitigate them. This can include conducting regular risk assessments, implementing robust security measures, and establishing clear policies and procedures for managing third-party vendors.

There is also a risk of spear-phishing and MFA bypass attacks, which can be used to gain unauthorised access to sensitive information. These types of attacks often target specific individuals or organisations and can be difficult to detect. To protect against these threats, it is important for businesses to have strong authentication processes in place and to educate employees on how to identify and respond to phishing attempts.

Finally, ransomware attacks against businesses are likely to continue to thrive, as they provide a lucrative means of funding more malicious activities. These attacks can have serious consequences, disrupting operations and potentially leading to financial losses. Businesses need to have robust incident response plans in place and regularly test and update their defences against ransomware.

Growing demand during recession

As businesses are likely to be affected by the recession, they can expect to see an increase in demand for identity solution providers. Identity theft is a growing concern, and businesses need to protect their customers’ personal and financial information. Identity solution providers offer a range of services that can help businesses secure their data and prevent identity theft.

As more and more personal and financial information is exposed, the risk of identity theft increases. Businesses need to be proactive in protecting their customers’ data and implementing robust security measures to prevent breaches. Identity solution providers can help businesses assess their current security measures and recommend improvements to better protect against identity theft.

With the increasing reliance on technology and IoT, as more devices and systems are connected to the internet, will create more opportunities for hackers to gain access to sensitive information. Identity solution providers can help businesses secure their systems and devices and protect against cyber-attacks.

What’s more, children too are starting to create their digital identity at a very young age, as they use the internet and social media to communicate, learn, and connect with others. This can be a positive thing, as it allows children to explore and engage with the world in new ways. However, it also means that children are at risk of being targeted by online predators, cyberbullies, and other online threats. It is important to start taking action to protect children’s online safety before it is too late. This includes teaching children about online safety, monitoring their online activities, and setting limits and boundaries for their use of technology.

Entering 2023 with confidence

Attacks on financial services tend to be sophisticated and targeted, often involving coordination across a number of channels and the targeting of specific individuals. These types of attacks can have serious consequences, as they can compromise sensitive financial information and result in losses for both the institution and the customer.

To protect against these threats, it is important for financial institutions to focus on eliminating weak links in their systems and improving the end-to-end customer experience. This includes implementing strong security measures, such as two-factor authentication and robust password policies, and regularly updating and testing these measures to ensure that they are effective.

Additionally, financial institutions need to be aware of the potential for attacks through social engineering and phishing attempts and educate their customers about how to protect themselves against these types of threats. Customers are more likely to be lax with security credentials when it is bothersome to use them, so it is important to make security measures as easy and seamless as possible in order to encourage adoption.

Phishing attacks are a major threat to businesses, and it is important to adopt phishing-resistant authentication methods and techniques in order to protect against them. This includes using strong passwords and implementing two-factor authentication, as well as educating employees about how to identify and respond to phishing attempts. It is also important to minimise prompt bombing, which is when a user is repeatedly prompted to enter their credentials in order to access a system.