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With cybercrime expected to cost more than $10 trillion by 2025, all organizations need to step up and protect their networks with advanced cybersecurity solutions. Should the risks posed by the cyber threat landscape prevail, the integrity of data and the safety of businesses and their employees/customers will be severely undermined.

In 2023, companies across the business landscape can expect to encounter various network security threats. Knowing what these risks are will help you prepare your organization to safeguard its information technology (IT) solutions from threat actors. 

4 network security threats for 2023

1. More complex phishing attacks

Social engineering is deceptive by nature, and when in the form of phishing attacks, all businesses and employees ought to practice vigilance to protect themselves. In short, phishing is when a threat actor assumes the identity of a trusted entity to steal sensitive information from victims via a fraudulent message. Typically, cybercriminals use phishing to pilfer passwords and usernames, deploy malware within networks, and more.

In 2023, phishing is expected to become even more complex and sophisticated than it was before, thanks to the rise of technologies like machine learning. With these IT solutions, threat actors are capable of creating and deploying phishing messages at much faster rates. And with these tools effectively transforming threat actors into phishing factories, the likelihood of organizations encountering and falling victim to phishing may very well increase.

2. Cloud security vulnerabilities

Cloud computing has transformed how businesses utilize their IT solutions. The cloud is accessible through mobile devices, and also supports automatic data synchronization across a network, making it a vital investment for organizations. However, the cloud is not entirely invulnerable to the cyber threat landscape.

Moving forward, companies ought to keep watch for several cloud vulnerabilities that can be exploited by hackers. These include:

  • Misconfigurations
  • Low-quality access control solutions
  • APIs that are not secure
  • And more

For organizations that host their operations and IT solutions in a cloud environment, failing to safeguard their technology will lead to cyber-attacks and other network security threats. All companies should be aware of these vulnerabilities and fix them with cybersecurity solutions and strategies that protect cloud infrastructure while guaranteeing compliance.

3. Data breaches

Data breaches are when threat actors gain access to computer networks via nefarious means—typically by exploiting vulnerabilities within an organization’s IT solutions. Successful data breaches do more than just impact the health of a company’s IT environment. They can lead to the loss of sensitive information (such as credit card numbers and email addresses), a damaged reputation, and financial losses. 

Breaches can be carried out using other network security threats. These are:

  • SQL injections
  • Insider threats
  • Malware (malicious software that includes viruses, worms, etc.)
  • Weak passwords
  • Social engineering
  • Poor application security (software that does not have the latest updates)

Despite the number of network security threats that can cause data breaches, there are various cybersecurity solutions organizations can use to help prevent network breaches. Safeguarding IT solutions with the latest security tools—and knowing how to effectively manage data breaches—will make it easier for your business to avoid succumbing to the dangers of the cyber threat landscape.

4. Third-party security weaknesses

Network security threats can target any institution, including those that serve as third-party vendors to businesses. Protecting your company from the cyber threat landscape requires you to look beyond your organization and assess your third-party vendors. Third parties can contribute to security incidents, so it is critical that organizations develop and leverage cybersecurity practices that extend to third-party institutions.

Oftentimes, this comprehensive approach to security will come in the form of third-party risk management. In the cyberspace, this type of risk management requires organizations to determine their third-party associates, assess and keep track of their associate’s cybersecurity solutions/overall security status, and proactively respond to network security threats before they evolve. 

Protect your IT solutions with defensive strategies and tools

From man-in-the-middle attacks to distributed denial-of-service (DDoS) attacks, the list of network security threats grows longer every day and every year. The cyber threat landscape has proven to be a resilient beast, constantly evolving with the latest technology to exploit businesses.

But luckily, there are cybersecurity solutions that can help you safeguard your data and network from malicious codes and other threats. The cybersecurity services at Davenport Group can provide your company with a team of IT security experts that utilize the latest solutions and practices to keep business data out of the hands of cybercriminals.

The Davenport Group team will work closely with your company to ensure that your security posture is solid via network monitoring, security awareness training, and more. Contact the team today to protect your network and keep your business safe from threats.