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CHECK POINT SOFTWARE TECHNOLOGIES LTD.

(CHKP)
  Report
Real-time Estimate Cboe BZX  -  11:43:24 2023-01-31 am EST
126.87 USD   +0.46%
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Check Point Software's Cybersecurity Predictions for 2023: Expect More Global Attacks, Government Regulation, and Consolidation

11/11/2022 | 04:26am EST

Hacktivism, deepfakes, attacks on business collaboration tools, new regulatory mandates, and pressure to cut complexity will top organizations' security agendas over coming year.

Check Point Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cybersecurity solutions globally, has released its cyber-security predictions for 2023, detailing the key security challenges that organizations will face over the next year.

Cyberattacks across all industry sectors increased by 28% in the third quarter of 2022 compared to 2021, and Check Point predicts a continued sharp rise worldwide, driven by increases in ransomware exploits and in state-mobilized hacktivism driven by international conflicts. At the same time, organizations' security teams will face growing pressure as the global cyber workforce gap of 3.4 million employees widens further, and Governments are expected to introduce new cyber-regulations to protect citizens against breaches.

In 2022 cyber criminals and state-linked threat actors continued to exploit organizations' hybrid working practices, and the increase in these attacks is showing no signs of slowing as the Russia - Ukraine conflict continues to have a profound impact globally. Organizations need to consolidate and automate their security infrastructure to enable them to better monitor and manage their attack surfaces and prevent all types of threat with less complexity and less demand on staff resources.

Check Point's cyber-security predictions for 2023 fall into four categories: malware and phishing; hacktivism; emerging Government regulations; and security consolidation.

Hikes in malware and hacking exploits

No respite from ransomware: this was the leading threat to organizations in the first half of 2022, and the ransomware ecosystem will continue to evolve and grow with smaller, more agile criminal groups forming to evade law enforcement.

Compromising collaboration tools: while phishing attempts against business and personal email accounts are an everyday threat, in 2023 criminals will widen their aim to target business collaboration tools such as Slack, Teams, OneDrive and Google Drive with phishing exploits. These are a rich source of sensitive data given most organizations' employees continue to often work remotely.

Hacktivism and deepfakes evolve

State-mobilized hacktivism: in the past year, hacktivism has evolved from social groups with fluid agendas (such as Anonymous) to state-backed groups that are more organized, structured and sophisticated. Such groups have attacked targets in the US, Germany, Italy, Norway, Finland, Poland and Japan recently, and these ideological attacks will continue to grow in 2023.

Weaponizing deepfakes: in October 2022, a deepfake of U.S. President Joe Biden singing 'Baby Shark' instead of the national anthem was circulated widely. Was this a joke, or an attempt to influence the important U.S. mid-term elections? Deepfakes technology will be increasingly used to target and manipulate opinions, or to trick employees into giving up access credentials.

Governments step up measures to protect citizens

New laws around data breaches: the breach at Australian telco Optus has driven the country's Government to introduce new data breach regulations that other telcos must follow, to protect customers against subsequent fraud. We will see other national Governments following this example in 2023, in addition to existing measures such as GDPR.

New national cybercrime task forces: more Governments will follow Singapore's example of setting up inter-agency task forces to counter ransomware and cybercrime, bringing businesses, state departments and law enforcement together to combat the growing threat to commerce and consumers. These efforts are partially a result of questions over whether the cyber-insurance sector can be relied upon as a safety net for cyber incidents.

Mandating security and privacy by design: the automotive industry has already moved to introduce measures to protect the data of vehicle owners. This example will be followed in other areas of consumer goods that store and process data, holding manufacturers accountable for vulnerabilities in their products.

Consolidation matters

Cutting complexity to reduce risks: the global cyber-skills gap grew by over 25% in 2022. Yet organizations have more complex, distributed networks and cloud deployments than ever before because of the pandemic. Security teams need to consolidate their IT and security infrastructures to improve their defences and reduce their workload, to help them stay ahead of threats. Over two-thirds of CISOs stated that working with fewer vendors' solutions would increase their company's security.

Follow Check Point via:

Twitter: http://www.twitter.com/checkpointsw

Facebook: https://www.facebook.com/checkpointsoftware

Blog: http://blog.checkpoint.com

YouTube: http://www.youtube.com/user/CPGlobal

LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (/) is a leading provider of cybersecurity solutions to corporate enterprises and governments globally. Check Point Infinity's portfolio of solutions protects enterprises and public organizations from 5th generation cyber-attacks with an industry leading catch rate of malware, ransomware, and other threats. Infinity comprises four core pillars delivering uncompromising security and generation V threat prevention across enterprise environments: Check Point Harmony, for remote users; Check Point CloudGuard, to automatically secure clouds; and Check Point Quantum, to protect network perimeters and datacenters, all controlled by the industry's most comprehensive, intuitive unified security management; Check Point Horizon, a prevention-first security operations suite. Check Point protects over 100,000 organizations of all sizes.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHECK POINT SOFTWARE TECHNOLOGIES LTD. 0.30% 126.67 Delayed Quote.0.10%
TARGET CORPORATION 0.98% 170.4 Delayed Quote.13.06%
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Financials (USD)
Sales 2022 2 328 M - -
Net income 2022 781 M - -
Net cash 2022 3 604 M - -
P/E ratio 2022 20,6x
Yield 2022 -
Capitalization 15 838 M 15 838 M -
EV / Sales 2022 5,26x
EV / Sales 2023 4,76x
Nbr of Employees 5 642
Free-Float 38,5%
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Last Close Price 126,29 $
Average target price 139,00 $
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Managers and Directors
Gil Shwed Chief Executive Officer & Director
Roei Golan Vice President-Finance
Jerry T. Ungerman Chairman
Sharon Schusheim Chief Information Officer & VP-Information System
Tal Payne Chief Operating Officer
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