According to cybersecurity experts, cyber risks are now the top concern globally. The top risks in 2023 include the lack of standardized cybersecurity practices, intensifying severity of data breaches, and increasing social engineering attacks. To mitigate these risks, organizations should implement a five-step strategy: 1) conduct user education and training, 2) perform vulnerability scanning, 3) conduct regular penetration testing, 4) ensure compliance with security standards, and 5) implement an internal security policy and train employees on following it. This will help organizations better manage growing cybersecurity threats and reduce risks of data breaches.

1. Key cybersecurity risks and mitigation strategies
According to a Risk Barometer 2023 report by Allianz, which surveyed over two
thousand specialists from 94 countries across the globe, cyber risks became the top
category, with 34% of experts citing them as their prime concern. So what are those
threats, and how can cybersecurity testing services and best practices help mitigate them?
We’ll explore the matter.
Top cybersecurity risks 2023
Analyzing the top cybersecurity risks in 2023[1] , Bipartisan Policy Center highlighted
several major threats to endure:
1. Lack of cybersecurity standards
In the cybersecurity context, there is no standardized set of best practices to employ.
Security requirements vary significantly among industries. Hence, drafting a unified
set of cybersecurity measures is challenging. At the same time, promoting vital
aspects such as installing and regularly updating specific software and security
systems, conducting employee training, and preventing unauthorized access to
business-critical data, would be of benefit to any organization.

2. Yet, taking the example of streaming software, such as Kodi, Netflix, Disney it’s
advisable to use a trusted VPN, to stay clear from malicious attacks. When using Kodi
VPN, you can ensure that your online activities remain private and secure, protecting
yourself from potential cyber threats and preserving your anonymity while enjoying
the benefits of streaming content.
2. Intensified severity of breaches
With the ever-growing and complex global threats, many industries have been
compelled to resort to new tactics and strategies for cyber security. Cybercriminals
constantly upgrade their methods to bypass security measures. The consequence of
such attacks is economically damaging for the victim. According to the IBM Cost of
Data Breach Report, the average cost of a breach in the US was $9.44 million in 2022.
3. Spread of social engineering
Skilled in psychological tactics, fraudsters manipulate people into sharing confidential
information for seemingly valid reasons. In recent years, social engineering attacks
upscaled, becoming even more personalized and sophisticated. According to the State
of Cybersecurity 2022[2] by the Information Systems Audit and Control Association
(ISACA), social engineering hit the top of cybersecurity incidents.
As a result of attacks, employees could unwillingly act as malicious insiders sharing
sensitive corporate and personal data. According to the 2022 Insider Threat

3. Report[3] by Ponemon, the number of such incidents grew by 44% compared to the
data from 2020.
Mitigation strategy
Fortunately, cybersecurity risks are manageable. Businesses can employ a 5-step
mitigation strategy:
Step 1. Conducting user education
Staff training with a focus on cybersecurity should arm your employees against
diverse cybercrime tactics. Such training sessions often require additional efforts from
staff members, so it’s vital to clearly explain why participation is necessary. You can
stress that knowledge obtained during cybersecurity education can be applied not only
at work, as well-trained users are less likely to get into social engineers’ traps in their
daily life.
As for the content of the training course, it includes:
 A video session during onboarding promoting in-house cybersecurity. Your
employees should have a clear idea about your security policies. They should also
have guidance on detecting potential threats from the start. After that, employees
will periodically brush your internal security policies to keep their knowledge up-
to-date.
 Thematic posters. To help workers memorize the training content, you should
place thematic posters featuring the critical topics of the session at popular
locations your employees often visit, pop-up notifications on workplace computers,
or both. This way, they will have daily visual reminders of the practices to follow.
 A mock attack. As a rule, social engineering attacks start with a phishing email
from a seemingly legitimate source. Therefore, simulating a phishing attack before
a real one occurs makes sense. You can cooperate with your cybersecurity partner
to orchestrate such simulations. Cybersecurity tools that power automated phishing
attacks also exist. Such tools also track progress and identify weak links or
employees with low-level skills.
 Awareness sessions. Such meetings help strengthen the cybersecurity culture in
the company. They should be held regularly to make sure old and new personnel
follow them. During the sessions, employees watch short videos covering recent
cybersecurity events, which aids to ensure continuous learning.
Step 2. Performing vulnerability scanning

4. This type of cybersecurity testing identifies security loopholes and misconfigurations
in your company’s hardware, software, and networks. It helps detect potential risks of
exposure and directions of cyberattacks before they break out. Vulnerability scanning
is performed with specific automated tools called vulnerability scanners.
Such tools fall into two large groups – authenticated and unauthenticated. Non-
authenticated tools don’t require authorization. In this case, a QA engineer sees the
system as a malicious actor would. Unfortunately, these scanners miss many under-
test systems’ weaknesses. Authenticated scanners presuppose log-in with a set of
credentials.
QA experts obtain a comprehensive view on a system from user perspective to detect
many vulnerabilities overlooked by the first type. Though the two scanners vary in
effectiveness, specialists recommend running both types. Otherwise, the team won’t
have a 360-degree view of the digital environment security.
Here are some points to remember to ensure vulnerability scanning efficiency:
1. A scanner is not a one-time effort. Vulnerability scanners lose relevance when
the system changes. You need to run and update them regularly.

5. 2. A scanner requires an expert’s perspective and analysis to provide
value. Though scanners are automated, a professional opinion is required in order
to analyze test results, monitor the digital environment continuously, and mitigate
cybersecurity risks.
3. Scanners only detect previously identified vulnerabilities. Automated tools
work best when equipped with up-to-date databases of known vulnerabilities.
Step 3. Fulfilling regular penetration testing
Though vulnerability scanning helps identify cybersecurity risks in your system, it is
often not enough. Penetration testing is a valid addition in this case. Ethical hackers
have all the needed skills and knowledge to help you power up your digital
environment for incident-free operation. They monitor and track active security
threats and have ready-made solutions to cover them.
They perform penetration testing to test your software stability and readiness to face
and survive a cyber attack. They carefully study the environment, detect potential
weak links and then try to exploit them. They also look into the root causes of
vulnerabilities discovered and provide an action plan to mitigate or solve them
completely.
Step 4. Ensuring compliance with international security standards

6. By following ISO/IEC 27001 rules, organizations of any scale can set up and
continuously develop the way they manage information security systems that help
prevent any risks related to storing and processing internal sensitive data.
Step 5. Implementing an internal security policy
As hackers are developing new methods of penetrating systems, companies should
introduce a reinforced safety policy, reflecting sensitive data protection standards,
rules for non-disclosing third-party information, and business risk evaluation.
If staff members don’t follow accepted security regulations, it will provide
cybercriminals with an advantage. Therefore, each employee should sign the policy
and adhere to its principles. This approach helps prevent data leakages.
On a final note
With time, cybersecurity risks are getting more complex and devious. The damage
they cause is also aggravating, leading to data breaches and sensitive information
leakages.

7. To manage these risks efficiently, companies should introduce a five-step strategy:
conduct user training, perform vulnerability scanning and penetration testing, ensure
compliance with security standards, and implement an internal security policy.
https://bipartisanpolicy.org/report/top-risks-cybersecurity-2023/
https://www.isaca.org/go/state-of-cybersecurity-2022
https://www.proofpoint.com/us/resources/threat-reports/cost-of-insider-threats