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Economic and Geopolitical challenges of 2022 and 2023 have facilitated cyber threats. Increased inflation, interest rates, reduced liquidity, poor cybersecurity and the adoption of new technologies such as AI is leading towards cyber risk being an exponential risk to society and a global problem.
Depending on whose data you use already known threats such as ransomware(50-100%), Web and API attacks(65% – 400%), Bots(69%) and, DDoS(up to 200%) continue to increase in 2023. Whatever you believe, media coverage of cyber attacks in 2023 demonstrates that cyber is a significant issue. An Issue that will continue unabated into 2024 unless there is a real and radical change.
Cyber regulation will start to bring change to covered industry in 2024. Setting requirements for improved board governance, education, oversight, assurance and attestation. While regulation is a blunt tool introduced to rebalance the effect of market forces, or lack of effect, to manage cybersecurity. It is a tool that could see individuals and companies fined for poor cybersecurity maturity. That will be identified by threat actors taking advantage of the vectors above and no doubt new vectors identified during the year.
Ted Dziekanowski Brian D. McCarthy
#cybersecurity #cyberriskmanagement #cyberattacks
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