Organizations will have a solid cybersecurity foundation to face the emerging challenges in 2024. It will be possible only if resources and accurate security solutions are allocated to secure key areas.
The top three cyber threats expected to increase in 2024 are:
– cloud-related threats
– Attacks on supply chains
– insider Hack-and-leak operations
PwC’s 2024 Global Digital Trust Insights survey has found the businesses that experienced losses of more than USD 1 million in their data breaches, rose from 27% in 2023 to 36% in 2024.
Moreover, the increased use of Internet of Things (IoT) devices creates new vulnerabilities and expands the attack surface. With this, the cost of attacks on companies will only increase.
So, here are three crucial issues that companies need to be ready for:
Key Cybersecurity Areas to Protect in 2024
Cloud Security
The PwC survey also says, 54% of the respondents have admitted to the cloud as their most pressing cybersecurity risk. It is one of the top cyber risk concerns.
Threat actors are finding smarter ways to enter the cloud infrastructure and network. The most common pathways they use are emails, Identity and access, customer interactions, and software. They mimic employees and use their IDs to enter the network.
As many companies use multiple cloud systems, they face higher threats and risks due to multiple users.
Hybrid cloud users are also the most likely to consider the cloud among their top three priorities for security investments in 2024.
While 97% of organizations have cloud risk management plans, they have up-to-date plans that address key cloud security needs.
Companies can employ solutions for cloud security by:
– Enabling Identity and access management (IAM) using zero trust strategy, automating risk protection using AI
– Update cloud data encryption keys
– Manage threats using AI, ML, and automated behavioral models to detect anomalies and respond to attacks
– Conduct audits, pen-testing, and vulnerability testing
– Deploy monitoring security logs.
Supply Chain Security
Cyber-attacks on supply chains can halt the processing system, which can cause significant operational challenges.
The 2023 Global Supply Chain Risk Report by WTW says that 65% of business leaders faced losses in their supply chain. The losses were higher over the last two years due to data breaches and network attacks.
Cybercriminals are increasingly penetrating supply chain systems through supplier networks, tools, data, and IoT devices. Risks like data manipulation and thefts, unreliable systems, the fall-out of malware, and unauthorized access within networks have been higher.
Also Read: How Blockchain Supports Enterprises to Strengthen Cybersecurity
Companies should also be aware that costs of vulnerable digital supply chain cyberattacks may exceed USD 80.6 billion globally by 2026, according to Juniper Research Study.
This business area is also witnessing increasing automation. As it advances, it also remains on the radar of threat actors. The risks are majorly from third parties, who are failing to integrate security solutions into platforms, software, and tools.
In 2024, the expected risk level will increase because of poor data and transparency: 73% of companies agree that they lack transparency in data insights. So, they are unable to see through how and what data is being used, leading to threat attacks at a continuous pace.
Here is a snapshot of the current situation:
– 57% of companies lack data knowledge to understand risks
– 75% do not have insurance solutions for risk coverage
– 67% count technological risks over networks and IoT devices
These vulnerabilities of digital supply chains are a multi-billion-dollar problem. These highlight the need for companies to mitigate and manage software elements of the supply chain.
To mitigate cyber-attacks, companies can:
– Implement a robust governance framework with AI and ML tools to detect threats over supply chain data continuously. Prediction and identification of data threats becomes easy using the technologies.
– Use MFA systems to implement strong passwords to access data and enter the networking system.
– Create transparency across supply chain processes by integrating IoT devices into systems.
It will provide insights into data flow, data usage, and its accesses, identity checks, network log-ins, and log-outs.
– Keep systems up-to-date and install firewalls and anti-virus occasionally to stop virus attacks.
Insider Threats
Insider threats are becoming more complex and frequent in 2024, says CEO Forecast: Navigating the 2024 Cyber Threat Landscape.
The report states that insider threats have increased by 47% since 2022, resulting in a loss of USD 15.38 Million.
The only way out is for companies to should keep in check the number of access to business assets given to past and present employees. They can create an attack base across the business using access to systems and networks.
To mitigate such attacks, companies must immediately block or remove access logs provided earlier to employees.
They should establish identity management security solutions and MFA to protect all types of threats posed by current and ex-employees.
As businesses are re-planning their core operations for 2024, it’s critical to address these key areas of enterprise cybersecurity that need to be added or updated as needed.
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