Business Data security: Cybercrime is something real, and organisations can no longer ignore it and hope it ignores them too. Professional attackers increasingly target companies and users to infiltrate their systems and steal data.
Secure data management is the pinnacle of success for businesses in 2023 as hackers increasingly target their most valuable asset – their sensitive information. Data is companies’ oxygen, and when access to critical systems and data is cut, organisations stall at the side of the road, witnessing how their competitors race ahead.
It’s paramount for businesses to stay updated with the last trends in the sector to get the necessary tools and implement effective strategies to protect their data. This article provides information about the trends expected to impact how businesses secure and manage their sensitive data in 2023.
The business of cybercrime has become professionalised
Unfortunately, we have witnessed the return of some old malware strains like Trickbot, Conti, and Emotet over the last few months, which indicates that cybercrime is expanding. The growth of ransomware-as-a-service allows cyber criminals who lack technical skills to use stolen data to extort their victims or sell the information on the dark web to other hackers or even competitors. Cybercrime specialists expect to see an increase in phishing campaigns targeting businesses. Therefore, organisations must invest resources to improve and update their software, lock down their network access, and design privileged access management solutions.
A SaaS outage can serve as a wakeup call for many businesses
The latest news announces a significant software-as-a-service outage, implying businesses to put data recovery and backup at the centre and front because if they fail, the consequences will arise quickly. Businesses worldwide are consuming SaaS instead of developing IT infrastructure on their premises and heavily relying on the service. So one can only picture what would happen if Microsoft 365 crashed one day. What most entrepreneurs aren’t aware of is that expert SaaS providers guarantee their services but offer no protection for the client’s data. Each client has to secure their data. Businesses must invest in third-party software to protect their sensitive information in the long run and survive a possible SaaS outage.
Data experts recommend companies employ the 3-2-1-1 data security strategy, which implies having three backup copies of their data on two distinct media and one copy outside the headquarters, ready to be used if a disaster hits. The last one in the equation is immutable object storage which is a top-notch data security measure that protects data by taking snapshots every 90 seconds. The tool is designed to enable companies to recover their information quickly in case of a SaaS outage.
The number of attacks on supply chains will increase
Businesses from all businesses rely on supply chains to stay productive. Cybercriminals continue to target supply chain companies instead of larger enterprises because they provide them with a path to multiple victims (corporations and individuals).
Privacy challenges among businesses and socio-political changes increase supply chains’ exposure to cybersecurity risks. Companies from all sectors are finding it more challenging to safeguard the information they share with third parties and partners. A business can apply customised security measures when it has the information within its network but loses control over its security when it shares it for supply chain collaboration. Data transferred in the supply chain is at the mercy of each holder. It’s crucial to create protection measures for the information itself so that when other parties use it, they have the same protection controls that the first owner would have if the data would be within its organisation.
Gartner released a report that concluded that by 2025, 60% of companies would consider cybersecurity risk a decisive factor in establishing collaborations within the supply chain.
Blockchain used to ensure immutability and data security
When discussing data security, we have to mention blockchain because it is one of the most secure data protection technologies. It’s effective enough to address the challenge of how to stop malicious data threats and secure information. According to reports, the global blockchain technology market will reach $20 billion by 2024 and bring revolutionary improvements in finance, healthcare, and sports industries.
Businesses will exploit the power of smart contracts in 2023 because they ensure a series of conditions are met before validating asset transfer. Ethereum is the first network that introduced smart contracts and their spike in popularity among users directly impacted eth price.
Blockchain technology is essential in securing data shared between multiple parties because it prevents anyone from altering information or interfering with any sensitive stored data. Companies can save a cryptographic signature of data on the blockchain to ensure their data is safely kept.
Also Read: Top Reasons to Secure a Small Business Loan
Adoption of the Zero-Trust security model
The Zero-Trust architecture allows companies to assess risk according to context and identity criteria (data sensitivity, time of access, device, and location). The technology assesses the risk every time a resource is accessed, and the user receives minimum necessary privileges. No matter if the resource is accessed externally or internally, the risk associated with accessing it must be evaluated, and the privileges must be granted based on the risk. Studies show that the companies that deployed the Zero Trust model in 2022 saved around 1 million euros on average on data security compared to other businesses that chose not to use it. Gartner’s Top Cybersecurity Predictions for 2023 highlight that by 2025, 60% of businesses will integrate the Zero-Trust security model, even if not all will fully understand its benefits.
Cost cutting will harm data security
The runaway inflation and spiralling energy prices force businesses to search for ways to optimise costs in 2023. But companies shouldn’t cut back on their data security efforts because the risk isn’t going down. As organisations worldwide rethink their operational expenditures to face the listed challenges, they must continue investing in storing, safeguarding, and backing up their sensitive data.
Cybersecurity could be the easy place to cut costs, but any investment trims could trigger high expenses.