Cybersecurity Trends in 2023

Jun 22, 2024

Webinar on Cybersecurity Trends in 2023

Introduction

  • Welcome remarks from the host.
  • Questions can be typed into the question box during the presentation and will be answered at the end.

Presenters

  • Matthew: Partner at Baker Tilly, over 20 years in cybersecurity risk and compliance.
  • Colleen Lennox: Owner of Cyber Job Central, a job board for cybersecurity professionals, experienced recruiter in technology and cybersecurity.

Agenda

  1. Quick introductions
  2. Main topic: Cybersecurity trends in 2023
  3. Q&A session (10 minutes reserved)

Key Cybersecurity Trends in 2023

People as a Risk Factor

  • People, process, and technology are key aspects of risk assessments.
  • Phishing attacks continue to be the main cause of data breaches.
  • Importance of access controls and employee awareness.
  • Employees as the first line of defense: guardians of the organization.
  • Training and awareness programs are crucial.
  • Tools and vendors available for awareness training.

Third-Party Risks

  • Importance of monitoring third-party vendors.
  • Assessing third-party risks as part of cybersecurity measures.

Recent Real-World Example

  • Example of a Google Voice scam with personal anecdote.
  • Importance of not reacting immediately to potential scams.

Increased Compliance Requirements

  • Surge in state and international privacy laws (e.g., GDPR, Indian Privacy Laws).
  • Necessity for dedicated Governance, Risk and Compliance (GRC) staff.
  • Mapping out compliance matrices.
  • Co-sourcing opportunities to manage high compliance burdens.

Critical Shortage in Cybersecurity Industry

  • High demand for privacy and GRC professionals.
  • Importance of having interest and experience, not necessarily a law degree.
  • Increased co-sourcing opportunities due to shortage in specialized staff.

Vendor Consolidation

  • Increase in mergers and acquisitions within the cybersecurity space.
  • Managing fewer but larger vendors might reduce complexity but increase costs.
  • Importance of third-party assessments for selecting security vendors.

Prioritization of Cyber Risk

  • Cyber risk has become a top priority for boards of directors.
  • Increased scrutiny and need for metrics to support cyber risk management.
  • Growing investments in cybersecurity despite economic uncertainty.

Economic Uncertainty and Budget Constraints

  • Cybersecurity spending will increase but be more selective.
  • Need to focus on critical risk mitigation efforts.

Industry-Specific Attacks

  • Healthcare, manufacturing, and education are high-target industries.
  • Specific threats to healthcare, such as tampering with medical devices and records.
  • Use of regulations to enhance cybersecurity efforts.

Cyber Insurance

  • Changes in cyber insurance landscape: higher premiums and stricter requirements.
  • Importance of maintaining and documenting comprehensive cybersecurity measures.
  • Potential self-insurance for certain high-risk areas.

Software Patching

  • Rise in frequency of patches due to zero-day vulnerabilities.
  • Importance of keeping systems up to date to avoid exploitation.

Zero Trust Adoption

  • Increasing move towards zero trust architecture.
  • Importance of continuous identity verification and least privilege access.

Government Intervention

  • Rising regulations to ensure companies take cybersecurity seriously.
  • Ransomware attacks and their wide-reaching impacts.

Multi-Factor Authentication (MFA)

  • MFA is important but not foolproof; continuous education is necessary.

Q&A

  • Impact of AI technologies on cybersecurity risk landscape.
  • Importance of compliance versus end-user cybersecurity knowledge.
  • Increasing cybercrime despite awareness programs.
  • Importance of penalizing staff for negligence vs. training.
  • Key components of good cybersecurity governance.

Final Notes

  • Webinar recording will be available on the website and YouTube channel.
  • Slide deck also available for review.
  • Encouragement for attendees to join industry-specific groups for information sharing.
  • Colleen and Matthew open to mentoring and further discussions.

Closing Remarks

  • Thanks to all attendees and presenters.

[End of notes]

Note: These notes aim to capture the critical aspects discussed during the webinar. Always refer back to the actual presentation for detailed insights and context.

Remember to constantly update your knowledge and stay vigilant in the ever-evolving field of cybersecurity.