As 2024 unfolds, staying ahead of the ever-evolving cyber threats has become more crucial than ever. Amidst the constantly changing security landscape, these threats will continue to mold business systems and networks. Are businesses ready and armed?
Cyber security is always a threat, but the risks have become more sophisticated with maturing tech and tools. The past year was all about stringent cyber regulations, the convergence of Gen AI, social engineering, and ransomware attacks.
In 2024, simple endpoint attacks will become even more complex; ransomware attacks will become common. Adding to the list, there will be a rise in sophisticated Multi-Vector attacks and Cloud attacks.
Hence, firms must be aware of cybersecurity incidents to safeguard sensitive data from phishing attacks and breaches.
Expected cyber incidents to be aware of in 2024
Ransomware Attacks
The threat from ransomware is likely to continue in 2024, following the number of extortion incidents observed in the past years.
Hackers will largely diversify their targets, including small to medium-sized organizations. This is because they are more likely to rely on a legacy network infrastructure that often lacks sufficient cybersecurity awareness and expertise.
World Economic Forum’s report also states that-
- Only 15% of all firms are optimistic that cyber skills and education will significantly improve in the next two years.
- 52% of public organizations state that a lack of resources and skills is their biggest challenge when designing for cyber resilience.
The sophisticated ransomware groups will demonstrate proficiency faster using off-the-shelf tools that will help bypass the security guardrails. Ransomware groups used an array of new TTPs throughout 2023. They will continue using it in 2024, so companies must-
- Keep a backup of critical data on off-site or cloud servers.
- It is essential to compartmentalize sensitive or proprietary data to prevent aggregation or unnecessary accumulation.
- Set a process for managing software updates and security patches.
- Not disregard the vulnerabilities of a lower criticality, which may already be exploited.
- Maintain a clear and comprehensive incident response strategy that consists of continuity plans and incident reporting procedures.
Multi-Vector Attacks and Cloud Attacks
The majority of multi-vector attacks are Denial of Service (DDoS) attacks. In 2022, Google was the target of the first and most significant Direct DDoS assaults. The attackers targeted HTTPS, which impacted several IP addresses.
As per a recent report by Radware, “Multi-Cloud Application Protection Report 2023,”
- 31% of all firms experience DDoS attacks weekly
- Downtime due to a successful application DDoS attack costs organizations an average of USD 6,130 per minute
In 2024, hackers are expected to launch more sophisticated multi-vector attacks on new targets as DDoS-as-a-service platforms proliferate. Multi-attack vector attacks are warning signals that these could become more dangerous if coupled with cybercrime as a service.
Furthermore, firms have migrated to the cloud as more and more employees work remotely or hybrid. As firms move most of their assets to the cloud, cloud security needs have grown. But, due to the cloud’s complexity, it becomes hard to maintain its security.
Even a minor breach can have severe consequences as the attacker can quickly destroy all the data if they can access a small portion of the network. Firms must continually analyze and enhance security protocols to maintain cloud storage security. However, security gaps can lead to dangerous malware and online scams, resulting in a significant cloud breach.
In 2024, firms must-
- Update the systems regularly and use reliable firewall and antivirus systems.
- Enable multi-factor authentication (MFA) to add multiple security layers during logins.
- Encrypt the data
- Monitor Identity and Access Management (IAM) accounts regularly.
- Scan and test the cloud configurations.
- Set up rules for inbound traffic and Cloud-native application protection platforms (CNAPPs) that offer integrated security and compliance capabilities.
Hacking Via Smart Devices
According to a report by Statista, Internet of Things (IoT) connected devices will be installed base worldwide from 2015 to 2025
- By 2025, forecasts suggest that more than 75 billion Internet of Things (IoT) connected devices will be in use.
Considering these figures, it is no surprise that smart devices will be used more as cyberattack weapons in 2024. The attack through smart devices will affect autonomous devices through multiple attack points, for example, networks, codes, or cloning apps.
Moreover, the widespread use of Bluetooth and Wi-Fi networks on smart devices makes them ideal targets for hackers. The attempts to gain control of the devices will become easy as organizations deploy more autonomous devices.
Such attacks necessitate stringent cybersecurity safeguards. Security leaders should carefully and thoughtfully examine to protect and prevent substantial loss, both financially and in terms of assets.
Conclusion
Previously, hackers often engaged in malicious activities purely for the sake of chaos; today, they are driven by profit. This change in motivation has made predicting behavior easier, as actions are grounded in objectives.
As cybercrime becomes a source of income, it has enabled bad actors to execute sophisticated attacks to compromise business data and achieve different goals.
A report by the World Economic Forum,
- 29% of firms reported that they had been materially affected by a cyber incident in the past 12 months.
- 41% of the firms that suffered a material incident in the past 12 months say a third party caused it.
In 2024, firms must continue to remain cautious about the security of their networks and cloud infrastructure. Implement the zero-trust architecture, MFA, and high-quality cybersecurity software solutions, and conduct regular cybersecurity training to defend against dangerous threats.
