- Protecting the threat environment has become challenging due to tremendous data growth, increased customer demands, and persistent cyber risks.
- There were 5,951,612,884 breached records and 1,404 data breach incidents in 2023, according to the IT Governance List of Data Breaches and Cyber Attacks in 2023.
Cybercrime is increasing, with threat actors targeting both organizations and individuals alike. In 2024, it is vital to be aware of the latest cyber threats and emerging cybersecurity challenges and adopt a proactive approach to security.
There are several areas to keep an eye on, from AI-driven security threats to evolving ransomware and supply chain attacks.
Here are three cybersecurity trends that companies need to be aware of in 2024.
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There Will be a Rise in Traditional Attack Methods and Ransomware
Phishing and other social engineering attacks are still the biggest threats to businesses. Firms deploy zero-trust architectures and more robust security tools to bridge security gaps. But, hackers are increasingly targeting end users to bypass account credentials and MFA to find their way in.
Moreover, Gen AI makes it easy for hackers to craft flawless native-language emails and create conceivable audio and video impersonations. This makes distinguishing between legitimate and fake emails or resources even harder for the victims. Due to this, the attack volumes and success rates are increasing.
In the coming year, there will be more cyber-attacks that use psychological manipulation to persuade victims into disclosing critical information, compromising their personal or professional security.
Also Read: Top Practical Steps to Mitigate Ransomware Attacks
As per a recent report by Palo Alto Networks, “2023 Unit 42 Ransomware and Extortion Threat Report,”
- Large, multinational organizations can be lucrative targets for threat actors.
- In 2022, 30 organizations on the Forbes Global 2000 list were publicly impacted by extortion attempts.
A report by Corvus, “Q2 Ransomware Report: Global Attacks At All-Time High,”
- Average ransom demands in Q1 2023 and Q2 2023 were USD 1.93 million and USD 2.51 million, respectively.
- Average ransom payment amounts in Q1 2023 and Q2 2023 were USD 580,314 and USD 608,418, respectively.
Solution:
To protect against phishing and social engineering, firms must focus on cybersecurity awareness, education, and training.
Companies need to have monthly training sessions that grab employees’ attention and teach them about potential threats.
Teach them how to identify threats and best practices for responding to them. In 2024, keeping security top of mind for employees can transform into a primary defense in the cyber battle.
To fight ransomware attacks, firms must prepare their defenses in advance, not only when the attacks occur. A well-prepared strategy will help firms understand how many days they can be down without causing a major business impact.
They will have ample time to address issues and queries. More importantly, they can set processes and deploy tech to remain resilient in the face of an attack.
In 2024, firms must-
- Develop and practice an incident response (IR) plan that deals with sophisticated ransomware attacks.
- Implement dedicated backup and recovery systems.
- Execute ongoing vulnerability management and patching programs.
- Analyze the traffic for anomalies and suspicious activity.
Use AI software to detect scams and avoid signing up for unauthorized or facial recognition apps.
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Supply Chain Attacks Will Escalate
Synk’s 2023 Software Supply Chain Attack Report states that the global cost of software supply chain attacks will reach nearly USD 138 billion by 2031, up from USD 60 billion in 2025.
In 2024, supply chain attacks will be among the most prevalent avenues for bad actors besides social engineering threats. High-profile attacks, like the Solar Winds breach were one of the big wins for hackers.
Cases like these have raised awareness about protecting the supply chain, vendors, and alignment with regulatory bodies. Due to this, adopting tools to manage the supply chain software will continue to rise in the coming years.
Solution:
Supply chain attacks occur due to two primary reasons. First, a firm could fall victim because they’re using software from an attacked vendor. The second reason would be that the company’s supply chain software is compromised.
Firms must integrate supply chain security tools with robust approaches to prevent such attacks. They must analyze their operations network by understanding which software, code, data, tech, and other assets are from third parties. This will help them prioritize their protection based on their risk level and align with high-security standards.
More importantly, ensure that developers use open-source, third-party code securely. In 2024, approaches and strategies like these will help secure the software development process from beginning to end.
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The Demand for Cybersecurity Skills Will Surge
Businesses struggle with high turnover rates even though the cybersecurity skills gap is starting to level off. It’s hard to find and keep good talent, especially with limited funds and benefits to offer candidates.
CISOs must address gaps in their organization’s culture to prevent IT from being a revolving door. In 2024, the firms will continue grappling with this significant challenge: the skills gap.
With sophisticated cyber threats, there is also a noticeable shortage of individuals equipped with the necessary skills to combat these evolving threats. Gaps like this pose a risk to individual organizations and to global cyber infrastructure.
Solution:
To address this issue, firms must put various initiatives in place. They must offer various training programs, workshops, and seminars to help employees stay abreast of the latest cybersecurity trends, tools, and techniques.
These programs must cover specific aspects of cybersecurity, such as network security, threat intelligence, or IR. In 2024, these educational and training initiatives will be crucial in narrowing the cybersecurity skills gap, leading to a more resilient digital ecosystem.
The Way Forward
Threats and trends in cybersecurity will change as technology continues to advance. Firms must constantly monitor emerging trends and update their security systems to stay ahead of the game.
They must ensure they are safe and secure by implementing critical measures and educating their employees on the value of adhering to cybersecurity best practices. This will lessen the likelihood of a breach and help build a secure environment.
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