Key Predictions for 2023: The Year of Risk

As we approach 2023, it’s natural to look back on the security events that took place this year and anticipate their effect next year. The previous two years have shown that our world is full of complexity and uncertainty, despite all the advances in data collection, compliance operations automation, and SaaS technology.

According to one global survey, nearly half of all respondents experienced fraud in the past 24 months, 3 compromising financial resources, personal data, and peace of mind with frightening rapidity. Recent research reflects that “60% of Consumers Don't Believe Companies Do Enough to Protect Their Data as Demand for Security Grows".

We can’t predict or control the world with any degree of certainty, but it’s important to brace ourselves for the upcoming threats and new opportunities the coming year will present.

SMBs will have to increase security control monitoring to avoid cyber attacks

Smaller companies are more vulnerable to cyber attacks due to lack of attention and resources to combat ransomware attacks, which is why they are a high priority for threat actors. For example, multi-factor authentication has transformed from merely a suggestion to a must-have in the last two years as the pandemic increased the number of people working from home and in more vulnerable security environments.

More controls in place means more processes for maintaining those controls, which results in more manual processes that IT security professionals must handle. IT, security, and risk management professionals will need to better collect and organize their evidence in preparation for applications and renewals of their cyber insurance policies. They might also consider a tool that enables them to link risks to controls to decide how much coverage they actually need.

Prepare for 2023 and beyond

The road ahead might be paved with uncertainty, but one fact remains constant: automating as many manual risk management and compliance operations processes as possible will be essential to adapting to the changes ahead. With an increase in cybersecurity audits, new crypto regulations, and increased control management, IT security professionals face increased workloads in the coming year.

One thing organization looking to operationalize risk management and compliance operations can do to prepare is consider new tools to assist with the predicted changes that can streamline workflows. The right tools help with evidence, control, and risk management in a single platform so security and compliance teams can focus on what matters most: adapting to these anticipated regulatory changes and keeping your organization safe and secure.