Industry executives and experts share their predictions for 2023. Read them in this 15th annual VMblog.com series exclusive.
Economic Upheaval and Skyrocketing IT Spend
By Danny Allan, CTO, Veeam Software
Throughout the past year, uncertainty has rocked every aspect of the global economy. From skyrocketing inflation to mass layoffs, businesses have spent the better part of the year determining how the macroeconomic trends at play will affect their budgets.
Heading into 2023, it’s likely that continued upheaval will impact businesses across the globe. The skills gap we read about in the news every day will force companies to do more with fewer resources, and the continued ransomware threat will only exacerbate the issue. However, by sharing best practices with employees to ensure their due diligence, organizations can promote a culture that minimizes the threat.
Aside from the obvious rise in ransomware, there are several other trends I believe will impact the market in the year ahead, from an unstable economy to new forms of technological protest. Here are several of my top predictions for 2023 that we should all be aware of:
Citizen-led denial of service attacks will falter in favor of social media-led boycotting
Despite analysts’ belief that citizen-led denial of service (cDOC) attacks will increase in 2023, I expect that technology designed to prevent cDOC attacks will catch up with this form of protest rather quickly. Instead, look for social-led boycotting to grow in both scope and complexity in 2023, as activists find new ways to use social media platforms to protest individual companies. It is much more difficult to weaponize from a cyber perspective, and as cDOC prevention methods become more mature, I believe activists will respond by taking to social media.
Though job cuts will slow in 2023, unstable industries will be forced to continue laying off employees
One of 2022’s defining storylines was the wave of mass layoffs that haunted tech companies who grew too quickly during the pandemic. Though I believe cuts will slow down in 2023, we’ll continue to see layoffs from companies that over-hired and those in shaky markets, such as blockchain and Web3.
However, for tech companies experiencing solid financial performance, expect to see an increased focus on both cybersecurity and data protection and backup. I expect IT spend will continue to grow in 2023, and companies that have a solid foundation must take advantage by investing in their cyber infrastructures and security teams.
Expect the financial currency disparity to rock the world in 2023
Global uncertainty, including supply chain disruption and international conflict, has significantly impacted the way businesses across the globe are operating. This uncertainty will cause upheavals in a number of industries that will likely increase the financial currency disparity around the world, in part due to companies having to seek alternative sources of supply. Coupled with the continued growth of ransomware attacks, expect to see this disparity cause an increased reliance on cybersecurity to protect against nation-state bad actors.
The continued disruption caused nation-state bad actors will also force businesses to prioritize data backup and recovery as a key part of their cybersecurity plans. Ransomware is no longer a matter of if, or even when, but rather how many times an event will occur. With this in mind, data recovery is the best line of defense to ensure business continuity.
These trends are worth monitoring for all businesses, not just those in the technology sector. Continued ransomware growth and complexity is an issue that affects every employee and organization, and it’s critical to educate your team on how these issues will impact your cybersecurity strategy. Hiring and economic instability in the year to come only increases its importance, and businesses that follow best practices in the fight against ransomware will be better prepared to weather the storm.
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ABOUT THE AUTHOR
As Chief Technology Officer and Senior Vice President for Product Strategy, Danny is responsible for Veeam’s global product roadmap and strategy group, and for spearheading the company’s technology vision as the #1 provider for Backup solutions that deliver Cloud Data Management. He partners with global enterprise customers and large Service Providers to assess and ensure long-term industry success. With more than 20 years of software technology experience, he is passionate about solving customer problems and software innovation.
