Predictions for Ransomware in 2023

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9% of organizations were hit by ransomware in 2016. In 2021, 29% reported being hit by ransomware. 2022 has been even worse, and it can be marked as the year that cybercriminal attacks overtook human error and hardware failure as the main cause of data loss. It’s been a grave year for cybersecurity. As we near the end of 2022, what can we expect for ransomware in 2023? We’re going to cover our predictions for the state of cybersecurity in 2023 and how your organization can protect your IT security in the new year.

4 Predictions for Ransomware in 2023

  1. Increased attacks on backups. Many businesses have their main network protected–but not their backups. Cyber attackers have figured out this loophole and are exploiting it more frequently. It’s vital that businesses have monitoring and protection for their main network and also for all of their backups, in addition to segregating multiple backups. This way, if attackers make it into one backup, they can’t infiltrate the rest.
  2. More specific and more sophisticated attacks. We’ve recently discussed third-party breaches and car hacking as two examples of honed-in attack strategies. Expect this trend of specificity to continue.
  3. Fewer cyber insurance payouts. We already know that 86% of small businesses have less cyber insurance coverage than the average ransom. That is on top of the fact that nearly every industry (insurance companies included) is strapped for cash right now. Cyber insurance companies are looking for every possible justification to avoid paying out claims. Because of this, there is significant value in working with a managed IT service provider to obtain your cyber insurance policy and to ensure your cyberinsurance application is completed correctly. 
  4. Cybercriminals will maintain a low profile. We saw it in 2022 – marked most prominently by the Colonial Pipeline attack. Cybercriminals used to be outward and brazen in their attacks, but with rising publicity, many have taken a more anonymous approach. We saw this work for them in 2022, and can expect a continuation of the same strategy in 2023. You can expect cyber attackers to focus on commercial targets rather than national infrastructure targets. Regardless, this is certainly not good news for anyone in the business of pursuing cybercriminals. 

Protect Your IT Security in 2023

As we enter the last two months of the year, many businesses are considering the changes they will initiate in the new year. Will you invest more in marketing or business development? Staff training or sales? When it comes to cybersecurity, your investment is a vital preventative step in protecting your organization. At PK Tech, we support multiple industries, including healthcare, financial services, legal services, CPAs, professional services, and small businesses. From managed IT consulting to cloud solutions and general IT security, PK Tech can help your business in prioritize IT security in 2023. Get in touch with our team here