Cybersecurity challenges in 2023


Cybersecurity challenges in 2023 will be driven by global recessions, cryptocurrency risks and fluctuations, workforce and supply chain challenges, and international conflicts destabilising economic conditions in various geographies.

These conditions will lead to an uptick in financially motivated identity theft driven both by individual desperation, and isolated economies such as Russia and North Korea. With disruption in the cryptocurrency markets, expect to see a small decline in ransomware attacks as criminals pivot to more direct financial theft and fraud, such as tax and credit card fraud schemes. For organisations, expect to see investment focused on fraud and insider threat detection as a result.

As enterprises prepare for a recession, expect to see organisations look to consolidate the number of cybersecurity vendors they interact with and push to get more from the technology they already have in deployment. On the vendor side, expect to see consolidation through M&A, particularly as sigh-high valuations begin to drop to more consumable levels. As a result, there will likely be less cybersecurity startups entering the marketing in 2023 and existing vendors will focus more on practical solutions to near and present cybersecurity challenges.

Past concerns regarding fraud and insider theft, those challenges will be securing the supply chain (physical and digital), and critical infrastructure. Bolstering security in these areas will be a huge focus for security leaders within those industries in 2023. Expect to see entrenched security vendors extend existing technology to better secure and monitor manufacturing and critical infrastructure environments (IoT Security) and the software development supply chain (DevSecOps) for cyberattacks.