Critical Security Threats to Watch for in 2023

The new year is here, and with it comes a slew of new cyber threats to keep on your radar for 2023. Some of these are ongoing issues at the forefront of the cyber realm for years, while others are evolving alongside new technologies or consumer habits. To keep yourself ahead of the curve and fully informed, it’s always recommended to pay attention to new and old threats alike. Below we will look at some of the most critical security threats to watch for this year, alongside some tips on reducing the risk of identity fraud and other issues. 

AI and Smart Devices

There’s a good chance that you or someone in your family recently received a smart device of some sort over the holidays. These devices are built with convenience in mind and demonstrate some of the latest developments in consumer-ready artificial intelligence (AI). They also represent a new and growing threat due to how involved the devices can be in everyday life and the potential access that is present to cybercriminals and hackers. Smart devices are popping up everywhere in the home; if you own one, you should realize the security risks it can pose.  

There have been hacking issues with smart alarms and home security systems, and any commonly used device with a Wi-Fi or Bluetooth connection has the potential to be compromised. As AI in everyday life becomes more popular in 2023, there will be ever-increasing ways for bad actors to infiltrate your home to attempt fraud or pose other issues. Make sure to keep your devices regularly updated and have a secure Wi-Fi setup at home to limit these risks. 

Old but Not Forgotten – Malware and Ransomware

Some familiar culprits are still the main players regarding your personal cybersecurity outlook. Malware and ransomware issues consistently prove to be a problem, and 2023 will be no different with that in mind. Many larger attacks on corporations and big businesses that lead to compromised personal information begin as malware or ransomware. And with criminals making off with millions in ransoms or valuable personal information, these tried-and-true attack vectors are still very much in action. 

Malware and ransomware are often seen more as an issue for businesses, but these types of attacks can also occur on your personal devices. Always avoid clicking on unknown links or attachments in emails or your browser. Keep your computer and other devices updated to take advantage of the latest security measures from developers. Having response services in place can help you deal with the many problems that can appear if you encounter a malware attack. 

Crypto Remains Risky

If you own or invest in cryptocurrency, you should already know first-hand just how volatile these markets can be. And while there is still money to be made, it comes with plenty of risk for total loss and cyber theft as well. Cybercrime targeting crypto has been steadily rising in recent years, and that trend will continue. Criminals and hackers stole billions in crypto-attacks in 2022, and experts expect that to rise in 2023. 

Security issues surrounding crypto can be compounded by a rapidly changing marketplace that sees exchanges appear and crumble in short periods of time. When crypto funds are stolen, they can also be much more difficult to track compared to the theft of common financial accounts. These troubles can pose issues for the average investor while keeping the entire industry in the crosshairs as a lucrative and relatively easy target for criminals. 

A Storm in the Cloud

Another example of how technological convenience leads to increased security risks is cloud storage. Most of us now use the cloud in one way or another to store critical information. This data can be easily accessed whenever needed, whether because of a lost device or any other reason. But hackers are getting increasingly skilled at infiltrating cloud servers and accounts to access data and use it to commit fraud. Cloud storage is now the most commonly used type of storage for business, and more and more individuals use it on personal devices. 

Cloud attacks can often go more unnoticed than attacks on hardware devices because of less direct interaction. Minor cloud breaches affecting personal information stored by big businesses can expand rapidly and lead to large amounts of data exposure. Most cloud storage providers have pretty decent security measures in place, but there are still many common access points for criminals. Look for cloud security issues to grow throughout 2023 as increased reliance on off-site storage proves valuable on both sides of the equation. 

Scams for Hire

A growing trend that has gained traction and looks to increase in 2023 is cybercrime as a service. Like hiring out a plumber or electrician with more skills than you to complete a job around the house, scammers are hiring other criminals to perpetrate cyberattacks. This may seem like the plot of a bad movie or comic, but it’s proving to be effective in more ways than one. A scammer can hire someone with better hacking skills to target a specific individual or business, pay them with hard-to-trace crypto funds and then collect personal information to commit future fraud or outright theft. 

Instances of these services and attacks have yet to dominate the headlines. Still, there is growing concern that criminal networks are pooling skills and resources to streamline the fraud process to their advantage. This sort of cooperation and planning is worrisome and will likely lead to more effective attacks in the long term. Attempts to stop scam-for-hire situations from happening are also problematic, with most of the threat actors involved working through the dark web and other nefarious channels. 

LibertyID provides expert, full-service, fully managed identity theft restoration to individuals, couples, extended families* and businesses. LibertyID has a 100% success rate in resolving all forms of identity fraud on behalf of our subscribers.

*LibertyID defines an extended family as you, your spouse/partner, your parents and parents-in-law, and your children under the age of 25.