News & Advisories

Top Cyber Threats of 2023 in Asia

Here are the top cyber threat trends that organizations in Asia should prepare for as we head into 2023

As we move into 2023, it is important for individuals and businesses alike to be aware of the latest trends in cyber threats. The cyber security landscape is constantly evolving, and staying informed and up-to-date is crucial for protecting against potential attacks.

Overall, the world of cyber threats is constantly changing and evolving. By staying informed and up-to-date on the latest trends and threats, individuals and businesses can better protect themselves and their data. With the right knowledge and defenses in place, it is possible to stay ahead of even the most advanced and sophisticated attacks.

In 2023, enterprises will need to be particularly cautious of a number of potential attacks, including those targeting the increasing adoption of cloud technology, the growth of the industrial internet of things (IIoT), and the use of blockchain.


One of the biggest trends in cyber threats for 2023 is the continued rise of ransomware attacks.  Ransomware is a type of malware that encrypts a victim's files and demands a ransom payment in exchange for the decryption key. These attacks have become increasingly common and sophisticated, with attackers using advanced tactics to evade detection and maximize their profits. In 2023, the ransomware kill chain is expected to stay the same, but replace the ransomware payload with one that will allow for further data extortion.


One major area of concern is the rise of cloud adoption, which will continue to grow at a compound annual growth rate (CAGR) of 16.3% between 2021 and 2026.

As more companies look to incorporate cloud tools into their operations, malicious actors are taking advantage of user-side misconfigurations and implementation inconsistencies to gain access to enterprise systems. In particular, enterprises should be on the lookout for any security blind spots in cloud application programming interfaces (APIs), which are commonly used in connected cars and are therefore high-value targets for attackers. According to a report from Forrester Research, 78% of organizational decision-makers believe adopting APIs is important for their company to stay competitive, especially for connecting with customers (88%) and improving data ownership and management (83%). Half (49%) of organizations have between 25 and 250 internally published APIs, and 60% have the same number of public APIs. These numbers are expected to increase over the next year.

Internet of Things (IoT) and Operational Technology (OT)

Another area of concern is the growth of smart factories The global smart manufacturing market size was valued at USD 259.63 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030 according to Grand View Research , powered by technologies such as 5G and AI. While these innovations can facilitate the transition to the IIoT, they also present challenges for understaffed security teams. In particular, enterprises need to be aware of IT-based attacks that could inadvertently impact OT systems connected to IT networks. In response to these challenges, we are likely to see a growing demand for more vertical regulations for OT systems, leading to more highly regulated OT infrastructures in 2023.


The use of blockchain is another area that is ripe for exploitation by bad actors. While public interest in non-fungible tokens (NFTs) and the metaverse may be lagging, other virtual assets powered by blockchain, such as cryptocurrency, will continue to be of interest to both legitimate users and malicious actors. In particular, the use of privacy coins like Monero will continue to be popular for fund transfers, but the fear of federal regulation may drive more cybercriminals towards decentralized finance (DeFi) platforms.


Another threat to watch out for is the continued growth of cryptocurrency mining malware. The global Cryptocurrency Mining Market was valued at USD 2285.4 Million in 2021 and is expected to reach USD 5293.9 Million by 2028 with a CAGR of 28.5% over the forecast period. This type of malware takes over a victim's computer and uses its resources to mine for cryptocurrency without the user's knowledge or consent. This can not only slow down the affected device, but can also result in significant financial losses.

Supply Chain

In addition to these trends, there are a few specific types of threats to be on the lookout for in 2023. One of these is the rise of supply chain attacks, where attackers compromise a company's third-party vendors or partners in order to gain access to their networks. These attacks can be particularly difficult to detect and defend against.

To combat these threats, businesses should prioritize improving their cyber security posture and building up an incident response strategy. Just as a firefighting team has a plan in place to respond to a fire, businesses should have a plan in place to respond to a cyber incident. This plan should include steps to contain the incident, assess the damage, and recover from the attack. Incident response services can help businesses develop and implement a plan, as well as provide assistance during and after a cyber incident.

By investing in incident response planning and an incident response on-demand service like Blackpanda’s IR-1, businesses of all sizes can achieve the response capabilities of large organizations, as well as improve their cyber security posture in face of the evolving threat landscape of 2023.

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