Cyber Risk Trends: How to Stay Secure in 2024

Criminals are constantly developing more sophisticated weapons and methods of attack. IT security leaders must stay ahead of the curve and be aware of the innovations in the space. It will help them to safeguard their firm’s valuable assets and have a robust security posture.

According to the report Cybersecurity Statistics for 2023 by Cobalt

It is vital to stay up-to-date on the latest best practices and trends with the increasing sophistication of cyber threats and the proliferation of new techs.

According to the report, Gartner Forecasts Global Security and Risk Management Spending to Grow 14% in 2024

Cybersecurity is critical for enterprises. Its criticality will only increase in 2024, with newer technologies coming. So, firms must be aware of the latest cybersecurity trends and vigilant to tackle the threat quickly.

Here are the top cyber-security trends firms must be aware of in 2024.

Cyber Risk Trends for 2024

• AI-powered cyberattacks

In 2024, AI-powered cyberattacks are expected to increase. Cybercriminals are predicted to use AI to:

1. Rapidly develop new malware and ransomware variants
2. Apply deep fake techs to phishing and impersonation attacks
3. Create automated malware that intelligently adapts to evade detection
4. Evade security measures
5. Personalize social engineering attacks

AI-powered attacks can be harder for traditional defense mechanisms to detect and prevent.

• Quantum computing attacks

The increased use of Quantum computing is expected to be one of the cyber risks in 2024. Quantum computers can break classical encryption methods, leading to potential cyber threats.

In 2024, cybersecurity experts will need to:

1. Adopt quantum-resistant cryptographic algorithms to protect sensitive data from future quantum-enabled attacks
2. Transition to post-quantum cryptography to protect data integrity and confidentiality
3. Develop and deploy quantum-resistant cryptographic methods

• IoT vulnerabilities

In 2024, IoT vulnerabilities will be exploited to enhance impersonations. For example, deepfakes will imitate voices or tamper with videos. The rapid evolution of AI is improving the quality of deep fakery, making these scams harder to spot.

IoT vulnerabilities include:

1. Attacks on facilities and building management software that can hold the entire city’s electricity, water, and power to ransom. Attackers can carry out extremely harmful ransomware attacks, making IoT apps vulnerable.
2. Unsecured communications
3. Insecure network protocols
4. Outdated, unencrypted, or poorly configured network protocols

Cybersecurity professionals must protect and secure IoT devices, often requiring tailored solutions for each device type. They must also secure data transmission, storage, and lifecycle management.

To prevent IoT vulnerabilities, firms can:

1. Use the most secure authentication available on the device
2. Ensure the brand never uses the factory default password

• Deepfake technology

Deepfake tech is a cybersecurity threat that uses AI to generate realistic-looking videos and images of people. Deepfakes can:

1. Spread disinformation
2. Manipulate elections
3. Conduct social engineering attacks
4. Commit identity theft
5. Commit financial fraud
6. Convince people to reveal protected information
7. Convince people to participate in financial theft
8. Grant criminals access to firm networks

Some ways to protect against deep fake technology include:

1. Tightening compliance procedures around the authorization of payments
2. Using multi-factor authentication
3. Raising awareness and providing training

• 5G network vulnerabilities

5G networks present new security challenges. These challenges include:

1. Encryption: 5G networks use encryption to protect data in transit. However, if the encryption is not implemented correctly, it could be vulnerable to attack.
2. Authentication: Many IoT devices have weak legacy authentication mechanisms, which can make it easy for attackers to compromise.
3. Network-based attacks: The widespread adoption of 5G will require enhanced encryption and protection against network-based attacks.

To safeguard against these risks, we must implement strong encryption, authentication, and network segmentation measures.

Some other vulnerabilities in 5G networks include:

1. Theft of subscriber profile data
2. Impersonation attacks
3. Faking subscriber authentication

• Supply chain attacks

As supply chains become digital more than physical, supply chain attacks will increase in 2024.

These attacks exploit vulnerabilities in the interconnected network of suppliers and service providers. They can be more damaging and harder to detect than other attacks.

Supply chain attacks can have far-reaching consequences, as they can infiltrate multiple firms through a single point of compromise. Cybercriminals will continue to target the software supply chain, compromising updates and patches to infect many systems.

To protect against supply chain attacks, there needs to be complete awareness of the sensitive data and how it has to be handled. This information should be available to the vendors, users, and teams that oversee the supply chain. Training sessions can educate staff on all security aspects, including company policy, password security, and social engineering attack methods.

• Automated Malware that Adapts to Evade Detection

Automated malware that adapts to evade detection is one of the top cybersecurity trends for 2024.

Cybercriminals use AI and ML algorithms to automate attacks, increase attack velocity, and craft more sophisticated social engineering campaigns. AI-driven cyberattacks are particularly insidious because they can mimic human behavior and adapt in real-time.

To prevent automated malware from evading detection, firms can:

1. Check if brands have security software on the device
2. Download security software if you don’t have it
3. Make sure your software is up to date
4. Put your network behind a firewall

Also Read: Miscommunication Among the C-Suite – a Reason for Higher Cyber Risk?

Summing Up

In 2024, the cybersecurity landscape is poised for challenges.

Protecting against these threats is crucial. Vigilance, advanced encryption, and employee training are essential. Firms must adapt and stay ahead in a world of evolving cyber threats. Cybersecurity in 2024 is necessary for safeguarding critical infrastructure, preserving privacy, and defending against relentless adversaries. Firms can stay prepared and stay secure.

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