The beginning of a new year offers organizations an opportunity for a fresh start. This is especially true when it comes to technology. It’s never too early for a small or medium-sized business to make changes to maintain its robust growth. Here are our top five IT trends and predictions for 2023.

Cyber Insurance Will Get Even More Expensive

Hacks, ransomware, and other cyberattacks are on the rise, and criminals have set their sights on businesses of all sizes. In response to the increased frequency — and escalating costs— of data breaches, insurance companies have been raising their premiums. Cyber insurance rose by 28% in the first quarter of 2022, compared to the fourth quarter of 2021, according to one insurance industry report.

In addition to becoming more expensive, commercial cyber insurance is likely to become more difficult to obtain in 2023. Insurers are placing more limits on coverage and requiring businesses to adopt multifactor authentication, employee training, and other security measures to qualify for coverage.

Supply Chain Issues Will Persist

Although pandemic-related supply chain disruptions are easing up, they will continue to affect businesses in 2023. Prices of computer components are likely to continue rising, and acquiring hardware products on time may continue to weigh down businesses. Remote and hybrid work arrangements have boosted the demand for computer equipment at the same time computer chipmakers are struggling to keep up with orders due to raw materials shortages and shipping issues.

Monitors and networking equipment are among the products that will likely remain in short supply. To avoid computing-related delays in your critical operations, your business should consider planning earlier for hardware purchases and network upgrades hardware. Other options include optimizing existing hardware, buying refurbished equipment, and switching to cloud solutions.

The Move to 6G Will Accelerate

Your business may already be taking advantage of the benefits of 5G technologies. Communication services technologies, however, are not standing still, so it’s a good idea to get a head start making plans for 6G. Industry experts predict that 6G communications services will start to be commercialized as early as 2028 with full deployment by 2032.

6G will offer even faster speeds — measured in terabytes per second — and latencies below 1 millisecond. Other benefits of the 6G platform include hyperpositioning (down to the half-inch level), the ability to connect an even greater number of devices per square mile, innovative use cases for augmented reality and artificial intelligence, and making on-device semiconductors and storage obsolete.

Adoption of Digital Immune Systems Will Increase

digital immune system (DIS) protects applications and services from anomalies — including the effects of software bugs or security issues — by making applications more resilient so that they can recover more quickly from system failures. A DIS helps ensure business continuity or mitigate the impact when critical applications or services are severely disrupted or stop working.

Speeding up digital delivery and maintaining resilient operating environments have become vital to providing a superior user experience. DIS will achieve more widespread adoption as more businesses begin to view it as a necessity. Gartner expects that organizations investing in building DIS will be able to increase customer satisfaction by reducing downtime by 80%.

Cloud Storage Will Continue to Expand

Cloud storage enables data to be stored and accessed on demand through the internet, usually via third-party service providers. Cloud storage is available as private (on-premises or outsourced), public, and hybrid solutions. The global cloud storage market is expected to grow from $83.4 billion in 2022 to $376.37 billion by 2029.

Cloud storage systems make it easier for remote employees to use web-based collaboration platforms such as Microsoft’s SharePoint to share, manage, and store documents. The business benefits of cloud storage solutions include scalability, flexibility, centralized storage, more efficient updates and backups, cost efficiency, and reduced deployment time.

Take a moment to look back at our 2022 IT Predictions. Did any of them come true for your business?

Since 1990, DWD Technology Group has helped our clients throughout Indiana, Michigan, and Ohio meet their IT needs. From comprehensive network security to data backup services, DWD helps small- and medium-sized businesses across a wide range of industries. For a free IT security consultation, contact us today!