By the end of 2025, the cost of cyber attacks on the global economy is predicted to reach $10.5 trillion. This data shows that organizations across industries must be prepared against new threats, with a focus on ensuring resilience and security.
Navigating this challenging landscape requires organizations to stay up to date on upcoming security challenges. In this blog post, we’ll delve into cyber threat predictions for 2024 and share valuable insights on how to protect your company from these threats.
We are living in the era of connected devices, providing many benefits for organizations of all industries. Yet, these connected systems possess risks related to cybersecurity due to vulnerabilities that can be exploited, leading to unauthorized access, data breaches, and potential compromise of personal or sensitive information.
That’s why cyber attacks are usually listed as one of the top threats with the potential to paralyze the global economy. Specific industries, especially financial services, retail, health care, utilities, and transportation are most exposed to the rising risk of a cyberattack.
So acknowledging possible threats and providing proactive network security, breach prevention, and comprehensive backup strategies are essential for organizations. Now, let’s move on to the top 10 threats that are shaping the cyber threat landscape:
The fusion of Artificial Intelligence and Machine Learning has improved threat detection and incident response capabilities, but it also navigates digital risks and the threat landscape.
AI and ML fusion can be employed to generate and spread large volumes of disinformation, making it harder to detect and combat. Generative AI tools are significantly more accessible and will be used to create deepfakes and disinformation, to shape public opinion and discredit opponents.
The use of generative AI tools, such as ChatGPT, DALL-E, and Stable Diffusion, is expected to add an extra level of complexity, especially for the 2024 elections worldwide. OpenAI has announced it will introduce tools to fight these disinformation threats during this year's numerous elections.
Ransomware is a persistent cybersecurity threat that demands payment to regain access to compromised data. It is often deployed through phishing or social engineering.
Ransomware attacks generally target high-profile organizations. Incidents like the Colonial Pipeline attack, where a $4.4 million ransom was paid, highlight the seriousness of these attacks.
As we approach 2024, ransomware attacks are expected to involve complex, multi-layered extortion schemes, including data encryption and psychological tactics. Attackers are predicted to use zero-day attacks to deliver ransomware or implement brute-force attacks to gain access to systems and deploy ransomware.
According to IBM, phishing is one of the top attack vectors, accounting for 16% of attacks, and it will remain a significant cyber threat in 2024.
Phishing is a cybercrime where individuals are tricked into sharing sensitive data, such as personal information, banking details, and passwords. There are two main types of phishing attacks: spear phishing, which targets specific individuals, and whaling attacks, which target senior figures in organizations.
Phishing attacks are expected to become more sophisticated and harder to detect in 2024 as AI-enabled phishing attacks are on the rise. Using AI tools makes it easier for cybercriminals to craft realistic phishing messages and deploy them at scale.
The rapid growth of IoT (internet of things) and IIoT (industrial internet of things) has revolutionized our interaction with the world, but it has also brought significant cybersecurity challenges.
In 2023, a 400% surge in malware attacks targeting IoT devices was reported. Additionally, there was a notable increase in attacks on IIoT devices, where attackers exploited vulnerabilities to carry out distributed denial-of-service (DoS) attacks, steal data, and disrupt operations.
IoT and IIoT attacks will evolve into new methods, such as targeting supply chain vulnerabilities and compromising firmware updates, reminding us of the importance of implementing stronger security measures.
Zero-day exploits and advanced persistent threats (APTs) refer to a form of cyber attack that takes advantage of exploiting zero-day vulnerabilities in software or hardware.
The use of zero-day exploits and APTs is expected to pose a risk in the future as they can steal confidential data, disrupt critical infrastructure, or inflict various forms of harm.
In May of 2023, for example, a Russian ransomware ring launched a zero-day attack on MOVEit Transfer, a managed file transfer software. These types of attacks can impact any organization using such software.
Nowadays, vehicles are more connected than ever. Therefore, there are increasing risks, such as unauthorized access, data theft, and remote control of vehicles. The integration of technologies, like autonomous driving and vehicle-to-vehicle communication, further amplifies these risks.
The automotive industry will continue to be considered a critical infrastructure sector, and enhancing software, supply chain components, and communication systems will become increasingly important.
Cryptojacking, also known as malicious cryptomining, is a cybersecurity threat that involves covertly using the computing resources of devices to mine cryptocurrencies.
Detecting malware associated with cryptojacking can be challenging since the symptoms, such as decreased performance or overheating, can easily be overlooked. However, a noticeable spike in CPU usage without a clear cause may indicate a potential cryptojacking attack.
In the first half of 2023, cryptojacking incidents surged by 399% compared to previous years, and it is expected to continue in the following years.
Unlike classical computers that use bits (0s and 1s), quantum computers utilize quantum bits or qubits. Qubits have the unique property of existing in multiple states simultaneously, which helps quantum computers perform numerous calculations concurrently.
Quantum computing has the potential to break current encryption standards, such as RSA and ECC. Quantum computers can greatly compromise data privacy and security, as these algorithms could be cracked within seconds.
Supply chain risk management will be a top priority in cybersecurity this year, with organizations investing heavily in evaluating the resilience of their supply chains and scrutinizing suppliers' cybersecurity practices.
Global supply chain security concerns include data protection, data locality, fraud prevention, data governance, and third-party risk, due to the impact of remote systems and increased reliance on cloud computing.
Recent events in 2023 are proof that organizations need to thoroughly examine the cybersecurity protocols of their suppliers. It is essential to ensure that their final products are not affected by cybersecurity threats within the supply chain.
Insider threats, which refer to cybersecurity risk that comes from within an organization, are expected to rise in both frequency and complexity in the new year. As connected devices and remote work become more common, insider threats will continue to present risks to organizations worldwide.
Insider threats can pose increased risks to sensitive company data, intellectual property, and internal systems in various industries. In 2024, organizations should focus on improving their monitoring and detection capabilities, as well as providing employee training to mitigate risks.
To deploy successful threat prevention in the new year, consider starting by incorporating the following cybersecurity strategies into your organization's structure:
These processes can help your organization identify threats, assess the capabilities of unknown entities, and prioritize risks to resource allocation.
Trends of cybersecurity threats will constantly keep challenging organizations in the upcoming years, and it is important to stay updated with the latest developments to maintain a robust security posture.
At Logsign, our unified security operations platform can help your organization identify and respond to emerging threats, such as ransomware attacks or data breaches.
By analyzing network traffic and user behavior, Logsign's USO platform can help your organization detect anomalies and alert security teams to potential threats.
Logsign also provides advanced features that help organizations maintain compliance while bolstering their security posture.
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