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5 Looming Threats for Business in 2023

What should companies expect for the upcoming year?

5 Looming Threats for Business in 2023
January 13, 2023 Joe Viola

As one year ends, it’s natural for business owners to look toward the new year — and while looking into the future can bring hope, it also brings fear. Fear of the unknown.

A whopping 85% of IT experts fear cybersecurity issues in 2023.

Business owners face a mix of old and new challenges as 2023 starts. After three precarious pandemic years, what transpires in 2023, will make a large impact on most. Businesses are concerned with the threats they may be facing in the upcoming year as many unexpected factors can occur and derail operations.

 

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Concern is good, as it is followed by action. Remember to be proactive about your data protection and security management.

War for Talent

Companies in all business sectors are facing knowledge gaps for future skills that are vital in their workplace. Required to reskill or upskill sections in most business operations, the “war for talent” is at an all-time high.

Since a shift in perspective with the Covid-19 pandemic, employees are much more willing to leave their jobs if unhappy. To attract top talent, employers must provide a work culture that is flexible, sustainable, diverse and lead with authenticity.

How should companies react? By hiring and training recently graduated individuals, employing low-code software for important needs and instilling a workplace of continuous learning can be done from scratch. Rather than “teaching an old dog new tricks”, businesses can find talent early, and build a repertoire between one another.

Increasing Customer Expectations

No matter how, companies must engage their clientele in 2023.

Every industry is saturated. Because of this, customers have corporations begging to use their services. A switch in momentum for the customer-business relationship, enticing the general consumer has become harder than ever.

In this landscape, the only way to stand out is individualism. Think of new avenues your business can explore, or how you can do operations differently in the hope of attracting more clientele. The average consumer is expecting all businesses to provide the best service possible, or they will find a replacement in a heartbeat.

Accelerated Digital Transformation

Already starting to impact businesses in a way never seen, AI is a tech trend that will surely continue into the new year. Rapidly creating a new frontier in a digital world, all business must respond proactively. Companies should attempt to prioritize their redesign processes and guarantee your business has the employees fit for constant machine collaboration.

Additionally, other strong technologies are pushing the technological envelope. Things like 5G, blockchain and the cloud are speeding up and enhancing each other’s capabilities. Be aware of the ever-evolving technology rapidly releasing.

If new technology affects business positively, then what does old technology do?

Find out here!

Pending Economic Downturn

Headlines across all media are chalk-full of pending economic uncertainty for 2023. Many economies are stagnating or slowly shrinking, and businesses need to prepare.

Because of this, small businesses may especially need financial help, even if it’s expensive. Instead of accepting a financial blow, try to get ahead of the curve and secure financing before it’s actually needed. If an economic downturn were to occur, applying for financial help in the middle of a recession would be problematic.

Protecting your cashflow, reducing unnecessary expenses and looking inward for new opportunities are also smart things to do regardless of pending difficulty.

Data and Device Security

It is obvious that businesses are integrating with technology more rapidly than ever, and this opens a large problem. While companies accumulate personal data, they are also accumulating cybercriminals’ attention.

With cybercriminals looking to cash in on monetary demands, businesses should take proactive measures to evaluate their data back-up. Additionally, executing vulnerability testing, checking recovery processes and protecting your cloud is all something that should be on top of the radar.

If you are looking for stronger cybersecurity for your business, be sure to contact Verity IT today and see how we can help. With a multitude of resources offered on this website, we have all the information you need to start protecting your data today.

With a New Year comes new threats, and you don’t want to be stuck in the past. Call us today and we guarantee that Verity IT can close gaps in your security!

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