Cyber threats have been on the rise lately, and a recent Gartner survey revealed that 80% of organizations mentioned that they look forward to increasing their spending on information security in 2024. Events like the COVID-19 pandemic, contested elections, and spiking socio-political unrest have led to an explosion in the severity of cybercrimes. Security threats have become more sophisticated over time.
Proactive protection serves as the key to avoiding a cybersecurity attack. It’s worth learning about the top cybersecurity threats facing the world in 2024 to protect yourself and your business from becoming targets.
Cybersecurity Threats Currently On The Rise
1. Social Engineering
Social engineering is one of the most dangerous hacking techniques cyber criminals employ because it relies on human error rather than technical vulnerabilities. These attacks become all the more dangerous. Tricking a human is a lot easier than breaching a security system. Verizon’s Data Breach Investigations report reveals that 85% of all data breaches involve human interaction.
Social engineering tactics have been key for obtaining employee data and credentials. Phishing is one of the top causes of data breaches, along with stolen credentials and ransomware. Incorporating new trends has only led to the evolution of phishing and email impersonation.
2. Third-Party Exposure
Cybercriminals get around security systems by hacking less-protected networks belonging to third parties with privileged access to the hacker’s primary target. Research by the Ponemon Institute reveals that 53% of companies have experienced a data breach related to third parties in the past year. Third-party breaches have become an even more pressing threat as companies increasingly turn to independent contractors to complete work that they once used to get done by full-time employees.
A 2021 workforce trends report also revealed that over 50% of businesses are more willing to hire freelancers due to the shift to remote work. In this regard, it can be said that remote or dispersed workforce will continue to present security challenges. Since COVID-19, the FBI has reported a 300% increase in cyberattacks. And the study also found that 53% of adults agree that remote work made it much easier for hackers and cybercriminals to take advantage.
3. Configuration Mistakes
Professional security systems, too, are vulnerable to containing at least one error in how the software is installed and set up. Cybersecurity software company Rapid7 conducted a series of 268 trials. Which revealed that 80% of external penetration tests encountered an exploitable misconfiguration. When the attacker had internal system access, the number of exploitable configuration errors rose to 96%.
Combined, the impact of the COVID-19 pandemic, socio-political upheavals. And ongoing financial stress are the reasons behind the occurrence of careless mistakes that employees make, creating exploitable opportunities for cybercriminals. Ponemon Institute reports have highlighted that about half of IT experts admit they don’t know the cybersecurity tools installed on the devices, which confirms that they cannot perform regular internal testing and maintenance.
4. Poor Cyber Hygiene
There’s a huge importance in maintaining regular habits and practices regarding technology use, including avoiding unprotected WiFi networks and implementing safeguards, including VPN or multi-factor authentication. According to Forbes, 45.3% of all threats involve malware or malicious software infecting a device, including phishing, deceptive emails, or messages tricking users into giving private information, coming in at 43.6%.
There’s easy access to the systems with weak passwords. In addition to that, sticky note passwords are making their way into public coffee shops. Also, one of the major aspects worth noting is that workers are logging in on personal devices with a higher chance of being lost or stolen. That said, Companies and individuals that don’t improve their cyber practices are now vulnerable to major risk.
5. Cloud Vulnerabilities
Businesses have a general notion that the cloud has become more secure over time, but the reverse is the truth. According to IBM reports, cloud vulnerabilities have increased by 150% in the last five years. Gartner reports also highlight that cloud security is currently the fastest-growing cybersecurity market segment, and there is a 41% increase from $595 million in 2020 to $841 million in 2021. There has been the adoption of a “Zero Trust” cloud security architecture.
Companies are increasingly adopting cloud computing, and that’s a move with significant security implications. However, most businesses are unaware of the best practices in cloud security, the cloud shared security model, and other factors making cloud environments more vulnerable to attack than on-prem infrastructure. Cybercriminals are targeting cloud infrastructure and are looking for new vulnerabilities. That said, it is becoming easier for cybercriminals to access their customers’ sensitive data and IT infrastructure.
6. Mobile Device Vulnerabilities
There has been a rising uptick in mobile device usage. Remote users rely more heavily on mobile devices, and in addition to that, pandemic experts encouraged large-scale adoption of mobile wallets and touchless payment technology to limit germ transmission. Mobile device vulnerabilities have risen mainly due to the increase in remote work, and companies have started implementing bring-your-own-device policies.
Check Point Software’s Mobile Security Report has also revealed that throughout 2021, 46% of companies experienced a security incident. It involved a malicious mobile application that an employee downloaded. Cybercriminals continue to target Mobile Device Management systems. And they are designed to allow companies to manage company devices to keep corporate data secure. MDMs connected to the entire network of mobile devices make it easier for hackers to use them to attack every employee simultaneously.
7. Internet of Things
IoT connectivity opens vulnerabilities for hackers. A mid-year update to the 2023 SonicWall Cyber Threat Report revealed that in the first six months of 2023, IoT malware globally was up by 37%, resulting in 77.9 million attacks. Smart devices create an even wider network of access points used to breach personal and corporate systems.
8. Ransomware
Ransomware attacks are not new threats but have become significantly more expensive in recent years. Headline Ransomware Statistics reveal that in the first half of 2022, there were an estimated 236.1 million ransomware attacks globally. In addition, Ransomware accounted for around 20% of all cybercrimes in 2022. Ransomware attacks will persist and evolve as criminal organizations look forward to evading the OFAC block list and applying pressure tactics for payment.
Cybercriminals now get the option to even subscribe to “Ransomware-as-a-Service” providers. Allowing users to deploy pre-developed ransomware tools to execute attacks in exchange for a percentage of successful ransom payments. Cybercriminal groups have been engaged in developing their tool kit for themselves and the customers that make the process of data exfiltration quicker and easier.
Mobile devices are giving rise to new threats with the major use of QR code readers, flashlights, and games common on official and unofficial app stores. There’s an increasing tendency for viruses to infect users’ mobile devices. This practice is growing prevalent with the use of fake apps to crack and custom versions of legitimate apps.
Cybercriminals are now looking for new ways to get their motives fulfilled. They are offering unofficial versions of apps as malicious APKs via direct downloads. And third-party app stores to take advantage of name recognition to slip malware onto employee devices.
Final Words
Businesses can adopt certain practices to keep away random attacks. For that, there is a need to stay aware of and protect against new cybersecurity threats. Millions of hackers have been working to develop new attack strategies more quickly. Businesses are thus finding it tough to get a well-fortified cybersecurity system to guarantee protection against attacks.
The need of the hour is to supplement your cybersecurity strategy with adequate insurance. To ensure that, even as the victim of a successful attack, you won’t get your organization crippled. Comprehensive cybersecurity defenses and the safety net that insurance provides let you rest easy knowing you’re protected.
