Top Cyber Risks in 2023

In 2023, there are several cyber risks of which organisations and individuals should be aware. These risks can come in the form of new and emerging threats, as well as longstanding ones that continue to evolve.

  1. Ransomware attacks – Ransomware attacks, in which hackers hold a victim’s data hostage until a ransom is paid, have been on the rise in recent years. These attacks can be devastating for organisations, as they can result in lost data and revenue. In 2023, it is likely that we will see an increase in the sophistication and frequency of ransomware attacks. Recently, we’ve seen high-profile organisations such as The Guardian being targeted in ransomware attacks.
  2. Phishing and social engineering – Phishing attacks, in which hackers send fake emails, text messages (and other forms of communication) to trick victims into revealing sensitive information or installing malware, will remain a significant threat. Likewise, social engineering attacks, which rely on manipulating human behaviour, will also continue to be a risk.
  3. Cloud security – As more organisations move their data to the cloud, the risk of cloud security breaches will increase. Hackers will continue to target cloud systems in an attempt to access sensitive data, disrupt operations and gain notoriety.
  4. Internet of Things (IoT) security – The increasing number of connected devices, known as the Internet of Things (IoT), presents new security challenges. These devices may be vulnerable to hacking and could be used to launch attacks on other systems.
  5. Artificial intelligence (AI) and machine learning As AI and machine learning become more prevalent, there is a risk that they could be used to launch sophisticated cyber attacks. For example, hackers have already used AI to automate the creation of phishing emails, bypass security systems and more.

To mitigate these risks, organisations should implement robust cybersecurity controls, including –

  • regular updates and patches
  • employee training on security best practices
  • the use of strong passwords and two-factor authentication
  • and much more.


For more information on how CalQRisk can be used for cybersecurity risk management, click here.


Recent News

Navigating Risk: A Strategic Approach to Risk Management 

In the vast ocean of business, navigating through turbulent waters demands more than just a sturdy ship; it ...
Read More

Challenges of Reporting Risk and Compliance in Multi-Academy Trusts 

In the intricate tapestry of educational governance, Multi-Academy Trusts (MATs) have emerged as model offering collaboration and shared ...
Read More

Navigating Delegate Oversight – A Balancing Act

In the fast-paced world of fund management, delegate oversight is paramount. However, this oversight comes with its fair ...
Read More

Tennis Ireland implements CalQRisk to streamline their approach to governance

Tennis Ireland have recently implemented the CalQRisk solution to transform their approach to board and committee meetings and ...
Read More

Regulatory & Supervisory Outlook Report – 5 Key Risk Topics for Credit Unions

The Central Bank of Ireland has published its Regulatory & Supervisory Outlook Report 2024 which includes the Central ...
Read More

CalQRisk shortlisted in RegTech Insight Awards

The CalQRisk solution has been shortlisted for two awards at the upcoming RegTech Insight Awards – Best Solution ...
Read More

Footprint Underwriting onboards CalQRisk for risk management and compliance

Footprint Underwriting, a leading underwriting agency in Ireland, has recently implemented the CalQRisk solution in order to enhance ...
Read More

Climate-Related & Environmental Risk Assessment Guide

A Climate & Environmental Risk Assessment Guide was issued to Risk Advisory Service subscribers in Dec 2023 following ...
Read More

Loan Product Risk Assessment Guide

The Risk Advisory Service Loan Product Risk Assessment Guide circulated recently provides a framework for conducting risk assessments ...
Read More

Risk Today – Strategic Planning

Last quarter’s Risk Today e-zine for CalQRisk’s Risk Advisory Service subscribers, focusses on how Risk Management Officers can ...
Read More