2023 Predictions: Will a Cyberattack Disrupt the Financial Markets?
The DRI International Future Vision Committee has released its 8th Annual Predictions Report, looking ahead to 2022 and its impact on the resilience community. Download the complete report free from the DRI Library, and read on for a prediction about next big cyber vulnerability.
Prediction 3: A major IT service provider will be hacked, disrupting financial markets, utility companies, and welfare services.
This forecast seems a question of when rather than if. All evidence indicates that cyber-attacks are increasing, with the most prevalent being credential theft, phishing, misconfigured cloud, and vulnerabilities in third-party software.
Our prediction assumes that both disruption and theft of customer data will occur concurrently. Both utilities and healthcare hold confidential data, including medical records.
In the financial services industry, disruption of payment platforms can lead to huge financial losses. Such disruptions also can cause serious operational problems if commercial banks and government agencies cannot link to central bank systems. It may prove impossible to provide timely payment of salaries, pensions, and benefits to large parts of the population with chaos as the result.
Electricity grids, oil/gas pipelines, and telecommunication cables are the main vulnerabilities of most nations. We can expect to see more hostile actions (cyber and direct) targeted at these vital resources. It is entirely plausible that attacks could be designed to take over the physical operation of power generating plants, rather than simply disrupt them.
Although likely a concern for later years, the emergence of quantum computing is another area of increasing IT risk, as current cryptology keys could be broken.
Join us for DRI2023 in Austin, TX, Feb. 26 – Mar. 1, 2023, where Future Vision Committee Chair Lyndon Bird will lead an interactive session where participants will have the opportunity to vote on a number of the key issues which have emerged from the reports. Bird will respond to voting as it happens, providing instant feedback and opinion. Please come to this session ready to participate, debate, and even argue if you wish. Challenging and controversial opinions are welcome.