Top 6 Cybersecurity Threats Product Managers Need to Be Aware of in 2023.

Disruptive AI technologies, remote work, and the increasing digitization of society continue to provide new avenues for phishers, scammers, and hackers to infiltrate digital systems. As a result, new threats continue to emerge, and old threats evolve much more quickly. Therefore, individuals and businesses must remain vigilant of the ever-growing cyberattack risk and learn to protect themselves.

This post explores the top six cybersecurity threats in 2023 and throws some practical steps to avoid falling victim to cybercriminals.

1. IoT and IIoT Vulnerabilities

The Internet of Things (IoT) is a term that refers to the networked devices and systems that are becoming increasingly commonplace in our daily lives. These include everything from your home thermostat to your smart fridge or your car’s dashboard.

The sensors and software used in IoT and Industrial Internet of Things(IIoT) devices collect and process sensitive data, making them prime targets for cyberattacks. The top two risks involved are:

• Remote Access Vulnerabilities
• Weak Authentication Passwords

IoT interconnectivity allows hackers to access networks and mine sensitive data from compromised devices. Previously identified attacks include using connected appliances such as office printers to gain access.

Another common problem is weak authentication protocols for connected devices. For example, 75% of IoT attacks have routers as the gateway, with most companies not changing the original passwords.

Safeguard Your Business: Education and awareness are the two most important tools to safeguard your business against attacks. Your cybersecurity strategy should include a thorough audit of all devices that connect to the network and regular security patch updates. Sensitizing employees on strong password creation can also help thwart the vulnerabilities.

2. Ransomware Attacks

Ransomware is malware that encrypts a victim’s files and demands a ransom payment in exchange for the decryption key. These attacks have been rising in recent years and are becoming more sophisticated and targeted.

The average person who uses their laptop or smartphone in public places like coffee shops, libraries, or airports may be more susceptible than other businesses because they’re less likely to have advanced security measures.

Ransomware can be delivered through phishing emails, exploit kits, or other means and can cause significant disruption and financial loss for businesses and individuals. Worryingly, there has been an increase in these types of attacks on critical infrastructure such as oil pipelines, water treatment centers, and hospitals.

Safeguard Your Business: Education is the most effective countermeasure to keep ransomware threats low. Employees aware of such attacks are eight times less likely to fall victim. Keep all software and systems up to date with the latest security patches. Additionally, users should be vigilant about clicking on links or opening attachments from unknown sources.

3. Phishing Attacks

Phishing is a form of social engineering that tricks victims into giving away sensitive information, such as login credentials or financial information. These attacks can be emails, text messages, or phone calls and are often designed to look like they are from a legitimate source. Phishing attacks are becoming more sophisticated, targeting specific individuals or organizations.

Some of the common phishing scams that have been on the rise include

• Spear phishing: a form of email phishing attack targeted at a specific individual, typically featuring unusual requests
• Voice phishing: this is simply a reinvention of the classic spam calls, where cybercriminals spoof VoIP devices in an attempt to get the victim to provide valuable information
• Social media phishing: Cybercriminals create social media profiles mimicking well-known individuals and tricking the masses into investing in or promoting dubious products

Safeguard Your Business: The most effective way to prevent phishing attacks for your business is through creating awareness. Educating your staff on cybercriminals’ different social engineering tricks can help reduce the threat.

4. Supply Chain Attacks

Cybercriminals are increasingly targeting the software supply chain to deliver malware to unsuspecting users. These attacks involve compromising a software vendor or third-party supplier and then using that access to distribute malware or steal data. Unfortunately, the hacks are difficult to detect and prevent, as the malware is often bundled with legitimate software.

Cybersecurity professionals are often in an “always on” state against external threats, focusing little on business partners and vendors. A recent study indicated that less than 23% of cybersecurity teams monitor their partners in real-time, establishing a gateway for criminals to target through third-party risks.

Safeguard Your Business: You should be vigilant about the software you use and the vendors you work with. This includes verifying the authenticity of software downloads, checking for security vulnerabilities, and monitoring for unusual activity.

Additionally, you should implement security measures such as software whitelisting, which only allows approved software to run, and regularly update all software to the latest version.

5. Business Email Compromise Attacks

Business Email Compromise (BEC) is a social engineering attack involving compromising an organization’s email system or an individual’s email account. The attackers then use this access to send fraudulent emails, often posing as legitimate employees or vendors, to request sensitive information or financial transfers.

The 2021 Internet Crime Complaint Center Report from the FBI showed that BEC-related losses totaled over $2.4 billion. Remote work has increased the risk, with fraudsters spoofing business leaders’ credentials in virtual meetings and instructing juniors to make fraudulent wire transfers.

Safeguard Your Business: Organizations should implement robust email security measures such as multi-factor authentication and encryption. You should also train employees to identify and report suspicious emails.

Organizations should also monitor their email systems for unusual activity. Besides, it is essential to have strict controls and procedures in place for the authorization and execution of financial transactions.

6. Scamming As a Service

Scamming As a Service or Crime As a Service is a new trend in the cybercrime world, becoming increasingly popular among hackers and fraudsters. It refers to using online platforms and tools to automate and scale different scams, making them more efficient and harder to detect.

The scam can include phishing kits, fake websites, and social engineering tools, which are offered as a service to other criminals or to individuals who wish to launch their scamming campaign. In addition, underground virtual marketplaces for cybercrime tools continue to spring up, with low-skilled hackers accessing ready-to-roll malware and ransomware and paying with crypto.

Safeguard Your Business: You need to implement robust security measures like anti-phishing software and remain vigilant about suspicious emails, messages, or phone calls. Employee training and awareness programs can also help minimize the risk of social engineering attacks.

Wrapping Up

Cybersecurity threats are becoming more complex and sophisticated, and organizations and individuals must stay informed and take proactive measures to protect themselves. By being aware of the top 6 cybersecurity threats in 2023, you can minimize risk and ensure you are prepared to defend against attacks.

The measures include:

• Implementing robust security measures.
• Keeping systems and software up to date.
• Training employees on best practices for security awareness.

With the right approach, organizations and individuals can help to protect themselves from the latest cybersecurity threats.