One of the major challenges that present businesses face is cybersecurity. Cybersecurity breaches have significantly hit businesses of all sizes. According to a study, the average cost of a breach of data in the United States is around $9.4 million. The figures are undoubtedly quite alarming.

The stakeholders of businesses are trying to combat the threat with Cybersecurity to preserve data and business integrity. Therefore, under the following circumstances, the study of Cyber threat bears pertinence. Furthermore, businesses may also opt to have training on cyber risk management to properly study and counter their risks. The article discusses cyber security threats that can affect business in the new year.

Cyber Threats Stats

Before we dive deep into the discussion of cyber threats, we think it’s practical and interesting to know some of the data on Cyber threats and Cyber security. The Cyber Crimes world will cost companies a massive $10.5 Trillion annually.

Statista also warned that around 15 million data records got exposed through cybercrime (third quarter, 2022). The increase is an alarming 37% compared to the second quarter.

These figures project the thumping authority of the dark forces hovering in the internet world. Therefore it’s high time that the business, irrespective of scale, needs introspection on the security measure so that data breaches can be stopped.

Top Cybersecurity Threat In The Year 2023

The main problem with cyber attacks is that their evolution happens fast, and they pose challenges to the existing cyber security mechanisms. This is why the company is spending dollars protecting its network, data, and computers.

You might have observed that there have been a lot of searches these days on the cyber threats list provided by PIA. The seriousness gets reflected in the form of efforts and figures. The company’s spending per week is set to reach a massive US$8.19k in the year 2023 vindicating the threats of cybercrime. Now lets us come to the discussion of the main cyber threats that decimate the present workplace.

1. Ransomware

Ransomware comes in different sizes, shapes, and forms. They enter your network and steal all your user data. At the same time, they hold you to paying ransom for returning the information.

High-profile ransomware attacks happen everywhere. The attacker targets the big companies who can pay high for their data. One of the recent examples was the Colonial Pipeline attacks, where the company had to spend around $5 million in ransom.

2. Social Engineering Attacks

They make use of social interactions to reach important information. Here, the malicious elements seek refuge in deception as they are always waiting for one, just one human error.

Cybercriminals use phishing, baiting, and shareware to gain access to important data. In recent studies, it has been revealed that social engineering attacks are on the increase.

3. Cloud Vulnerabilities

There is no doubt about the ability of cloud computing. They are more than capable of storing your data. But in recent times, cloud storage has gained popularity as companies are taking safe services for their data protection.

But sadly, cloud services are subject to cyberattacks, and they include account takeover and DoS attacks that work to block your business from accessing their data. Businesses need to be cautious regarding these attacks and find a defense mechanism to counter these attacks.

4. Mobile Devices Vulnerability

Among the notable cyber threats, Mobile device vulnerability is one of the most common. It has increased in recent times as fraudulent elements try to enter your mobile networks using Ad-phishing and email.

This kind of attack is increasing with time. Many businesses, mainly the small ones, who try to keep the data in their mobile devices are mostly getting affected by the attacks.

5. Misconfigurations And Unpatched Systems

Security misconceptions arise when the configuration settings do not comply with the industry’s standards. This is the reason why misconfigurations are often seen as an easy target for attackers.

Some of the most common misconceptions include sensitive data exposure, broken access control, unpatched systems, and vulnerable and outdated components. They turn out to be a threat to the companies working on systems. Cybersecurity training has increased in recent times. This decreases opportunities for the mistake.

Other notable Cyber Threats

Apart from these major cyber threats, some others that need to be mentioned include Confidential stuffing, Third-party exposure, and software-related issues. They continue to become a threat to business.

Therefore the stakeholders of the business are trying hard to strengthen the existing mechanism so that it improves the security systems of the business.