As the world becomes increasingly digital, the threat of cyber attacks grows more and more pressing. In 2023, the financial service industry will need to be especially vigilant in order to protect itself and its customers from these dangers. But what exactly can we expect from the cyber landscape in the coming year?
Here are some of the key trends to watch out for.
1. Ransomware will continue to be a major problem. This type of malware infects a system and then demands payment in exchange for returning control of the data to the victim. In the past, ransomware attacks have targeted individuals and small businesses, but in 2023, we expect to see more attacks aimed at large corporations and financial institutions.
2. Artificial intelligence will be used to launch more sophisticated attacks. As AI becomes more advanced, it might be utilized to create new types of malware and automate the process of identifying and exploiting vulnerabilities in a system. This means that attacks will be faster and more difficult to detect.
3. More attacks will originate from the cloud. As more and more businesses move their operations to the cloud, cybercriminals will follow. This could make it more difficult to detect and respond to attacks, as the cloud can make it harder to trace the origin of an attack.
4. The Internet of Things will be a significant target too. The increasing popularity of smart devices means that there will be more and more opportunities and entry points for cybercriminals to gain access to sensitive information. This could include anything from home security cameras to smart thermostats.
So, what can financial service companies do to protect themselves in 2023?
Here are a few tips on how not to let cyber criminals catch you off guard:
- Keep a close eye on your network activity. Monitor unusual traffic patterns and suspicious login attempts.
- Regularly review and update your security protocols. As the cyber landscape changes rapidly, your defenses also need to adapt.
- Use multi-factor authentication to protect sensitive data; make it more difficult for cybercriminals to access your systems.
- Make sure that your team is trained in the latest cybersecurity techniques. This includes technical skills and awareness of social engineering tactics and best practices for identifying and responding to cyber threats.
- Consider hiring a tech SWAT team to help you address any vulnerabilities unique to your business and industry.
By following these tips, financial service companies can stay one step ahead of cybercriminals in 2023. But remember, the threat of cyber attacks is constantly evolving, so it is vital to stay vigilant and adjust your security protocols. Take proactive steps to protect your business.
If you want to ensure that your company is ready to prevent cyber threats, consider hiring an experienced custom software development agency that can create software tailored to your specific business needs. Don’t wait until it’s too late. Act now and secure your business. Contact Sprinterra today.