By Ashish Tandon, CEO & Founder, Indusface
In 2023, a surge in diverse and intense cyber-attacks created uncertainty for global enterprises. This led to a heightened focus on advancing cybersecurity tools and frameworks at all levels. Despite the challenges, cybersecurity solutions providers remained committed to enhancing security measures, with both private and public sectors actively investing and collaborating. This dedication reflects a collective effort to fortify digital assets and establish resilience. In this light, here is a look at some of the key cybersecurity trends of 2023, anticipating their continued impact on security concerns in 2024.
Cybercrime for hire:
The cybercrime-as-a-service ecosystem experienced rapid evolution in 2023, offering services such as phishing, identity theft, and large-scale Distributed Denial of Service (DDoS) attacks. These digital mercenaries demonstrated a profound understanding of technology, showcasing expertise in bypassing multifactor authentication and standard safety measures. Ransomware groups, utilising remote encryption to conceal their tracks, intensified their focus on enterprises, often breaching security without users’ awareness.
Increase in attacks in the healthcare and BFSI sectors
Indusface’s ‘State of Application Security Report’ reveals a critical vulnerability in healthcare, with 100% of sites facing bot attacks in Q3, while banking and insurance, at 90%, are highly susceptible. This highlights an urgent need for enhanced cybersecurity in these sectors. The prevalence of diverse bot attacks, affecting 90% or more of websites in BFSI and healthcare, underscores the criticality of protecting sensitive data. In light of the Digital Data Protection Bill, security and infrastructure teams in these sectors must heighten vigilance to safeguard customer data diligently.
Rise of password attacks
Password attacks have been one of the earliest forms of cybercrime, but they have increased tremendously in 2023. In fact, according to a Microsoft report, in April 2023 itself, there were 11,000 password attacks per second, registering a mind-boggling 10x increase from the same month in the previous year.
DDoS for hire
Cybercrime-for-hire involves DDoS attacks targeting internet assets with massive data volumes, causing denial of service. Available at low prices on the dark web, DDoS services are favored for globally orchestrated ransomware attacks. Indusface’s ‘State of Application Security Report’ notes a 67% increase in Q3 2023 DDoS attacks compared to Q2. The majority originate from India, the US, Germany, and the United Kingdom, underscoring the global nature of this cyber threat.
Cyber Influence Operations:
With the proliferation of digital ecosystems, cyber influence operations have emerged as a new form of coordinated yet manipulated behavior to influence opinions. These are part of cyberwarfare tactics adopted by several countries. Cyber influence operations are carried out using automated bots and web assets managed by troll farms, aiming to generate false content, and spread and amplify it. The information spread in such attacks is usually false and misleading, aiming to exploit differences of opinions, and ethnic, religious, or cultural divisions in societies to channel public opinion toward the objectives of the perpetrators of such attacks.
Vulnerability exploits:
In the realm of cybersecurity, identifying and addressing vulnerabilities is paramount to secure digital landscapes. In Q3, a substantial 46,000 vulnerabilities were uncovered, setting the stage for potential threats. What heightens the sense of urgency is the revelation that 32% of these vulnerabilities persistently lingered unattended for over 180 days.
This prolonged exposure poses a significant risk, offering malicious actors an extended timeframe to exploit system weaknesses. The call to action is clear – immediate measures are imperative. Swift responses, including robust patch management and timely system updates, become critical defenses against potential security breaches.
Expanding role of CISOs
In such a dynamic and diverse digital environment, CISOs need to play a very different role compared to a few years back. The focus has gone beyond the traditional KRAs of securing information and users, and they are now given the responsibility of handling all aspects of business networks including digital assets, online-offline and operational domains etc. CISOs are now responsible for securing crucial digital infrastructure, IoT/OT systems, and ensuring seamless operations consistently.
Partnerships are the key
Amid escalating cybersecurity threats, organisations prioritize safeguarding digital assets and customer data. Collaborating with stakeholders—public and private sector entities, policymakers, industry bodies, and standardization authorities—is crucial. This collective approach, enhancing cybersecurity knowledge and practices, proves a force multiplier, ensuring widespread protection. Partnerships among technology players and cybersecurity firms facilitate the exchange of threat intelligence, trends, and the formulation of effective standards. This collaborative strategy aims to provide robust cybersecurity support to individuals and businesses, proactively containing cybercriminals and thwarting their attacks.
Conclusion
2023 proved to be a highly challenging year for the cybersecurity domain, but we have seen security solutions improve drastically with the introduction of AI-powered analytics and monitoring. Going forward, companies that collaborate with specialists, and invest in advanced technologies such as AI and ML-powered cybersecurity tools and managed security services, will achieve better outcomes. The ability to join hands and adopt a contemporary, standardized, and comprehensive security approach will ensure resilience and continuity of operations in 2024 and beyond.
