Top Cybersecurity Trends Impacting Businesses

The cyber threat landscape is evolving, with cybercriminals using advanced AI for attacks. New enterprise technologies and changing business requirements are expanding the attack surface for firms, leading to a rise in cyberattacks. Firms are adopting different solutions to manage the risks.

Here are some of the top security risks that will impact brands in 2024:

The Rise of Ransomware 2.0:

Ransomware has been a dangerous threat for several years. Its latest form- Ransomware 2.0 – is even more dangerous than its predecessors.

Traditional ransomware encrypts data and demands payment to unlock it. But Ransomware 2.0 uses a ‘double extortion’ model. It threatens to leak sensitive data and permanently delete it if payment is not made.

According to the report, 2023 Ransomware Stats: A Look Back To Plan Ahead, by IT Wire, almost 5200 cases of ransomware were reported in 2023. However, this number may have been higher since it excludes unreported attacks.

Several advanced detection tools have been developed to counter this threat. Tools such as EldeRan, RansomWall, and RansHunt, provide crucial features and capabilities for identifying and eliminating ransomware at an early stage.

Their powerful algorithms and real-time monitoring make detecting and neutralizing ransomware possible before it can wreak havoc on a system.

The Expanding Attack Surface:

The increasing adoption of cloud computing and IoT devices has significantly expanded the attack surface for firms. Hackers can now exploit various devices’ and systems’ vulnerabilities to access sensitive data. Hybrid workplaces have also added a new surface for cyber threats to act on.

According to the 2023 Unit 42 Attack Surface Threat Report Highlights the Need for ASM by Palo Alto Networks, cloud environments account for 80% of security exposures, while on-premises environments account for only 19%.

With dispersed working areas, the cloud is becoming critical for efficient enterprise operations. This is becoming one of the biggest threats to data and networks in 2024.

Firms need to implement a zero-trust security model. This will ensure strict security practices, assuming no device or user is inherently trustworthy. Every access then requires rigorous verification processes. This could be the critical defense from cyber threats that try to bypass security systems on a regular basis.

Also Read: Top 11 Biggest Cybersecurity Trends in 2023

The Weaponization of AI:

AI has grown in popularity recently, providing functions that mimic human intelligence. While AI has several beneficial applications, cybercriminals can also exploit it.

As a result, today, attackers and defenders are both using AI in cyber security- for attacking and also mitigating attacks.

Attackers use AI to develop more sophisticated malware and automate attacks, while defenders use AI to detect and respond.

As this threat expands, firms must clearly comprehend its risks and adopt strategies to reduce them.

Indeed, cybercriminals can utilize AI to locate targets and launch attacks in various ways. For instance, they may use this technology to:

• Create and spread malware through fake videos and chatbots
• Steal passwords and crack credentials
• Deploy convincing social engineering scams that deceive targets into sharing confidential data or downloading malware
• Identify software vulnerabilities that can be exploited (like outdated security programs or unpatched code)
• Efficiently distribute stolen data

To safeguard against these vulnerabilities, firms should implement effective risk management measures. This can lower the chances of cyberattacks and mitigate related losses. Here are some strategies that brands should consider:

• Encourage the safe handling of crucial workplace data and connected devices
• Employ automated threat detection software to monitor business networks for possible weaknesses or suspicious activity.
• Develop a complete cyber incident response plan and routinely practice it to defend against cyberattacks and decrease related losses.
• Have adequate coverage to provide financial protection against the weaponization of AI tech.

Some of the AI-powered security solutions for this can be:

• Threat detection:AI-powered tools can detect and respond to cyber threats in real time.
• Anomaly detection:Anomaly detection is a machine-learning algorithm that detects activity that doesn’t fit standard patterns.
• Intrusion detection and prevention:Monitors network traffic and spots patterns, including unexpected network activity or traffic flows, that point to an intrusion.
• Security Authentication AI:It uses advanced tools and technology to identify scams, such as face recognition, CAPTCHAs, fingerprint scanners, and more.

The Increasing Vulnerability of Supply Chains:

Cyber-attacks on supply chains are becoming more prevalent as hackers target third-party vendors to attack the process. This way, they can use vulnerabilities in third-party processes to gain access to a company’s data.

According to the report, The State of Software Supply Chain Security (SSCS) 2024, by Reversing Labs, over the last three years, the number of malicious packages discovered on popular open-source package managers has risen by 1,300%.

Firms must assess their vendors’ security posture before onboarding to secure themselves from third-party risks. They must implement all possible measures to ensure their data is protected in the event of an attack on a weaker secured third-party vendor.

The Increasingly Strict Regulatory Landscape:

As we look toward the future of cybersecurity, it’s clear that one of the most notable shifts is the growing emphasis on regulatory compliance.

Compliance agencies are introducing more complex regulations and enforcement mechanisms to ensure complete implementation and effective compliance. This should raise the overall standard of security across all industries and sectors. Firms have to stay up-to-date with these regulations and ensure that they are compliant.

This trend will likely continue well into the future as the importance of security grows with new and evolving tools.

Sophisticated Phishing attacks:

Phishing will continue to be a significant threat as hackers deploy more sophisticated tools and techniques. They increasingly target cloud storage and services, mobile devices, IoT devices, social media platforms, and even deepfake tech.

According to the Cyber Security Report 2024: An In-depth Analysis of the Microsoft 365 Threat Landscape by Hornet Security, phishing is the most common email attack method, accounting for 39.6% of all email threats.

The rising use of AI tools in phishing has enabled perpetrators to craft persuasive and personalized emails. This also makes it challenging for enterprises to identify and mitigate.

Companies must focus on heightened user vigilance to stay ahead of these evolving tactics. They can use phishing protection solutions such as IRONSCALES, Trustifi, PhishTitan, etc.

AI-powered Social engineering:

Social engineering will continue to be a threat as hackers exploit human vulnerabilities to access data.

In 2024, cybercriminals will increasingly deploy social engineering attacks using AI and automation, making them more challenging to detect. Gen AI has displayed expertise in the creation of convincing deepfakes. This can result in large-scale social engineering attacks that could increase the cost of the attack for enterprises.

Summing Up: What Brands Can Do to Stay Ahead of the Curve:

The way forward is a multi-layered security approach, utilizing several defensive measures such as firewalls, intrusion detection systems, and endpoint security tools.

All employees should be trained to recognize and avoid threats to ensure the security of the business.

Businesses can limit the risk of cyberattacks and maintain the safety of their operations by staying up-to-date with cybersecurity trends and taking proactive measures to secure their information.