Cyber threats in 2024 are no joke and can devastate your business in the blink of an eye. A recent study revealed that an astounding 83% of businesses experienced multiple cyber attacks within a 12-month period. Each cyberattack can cost your company thousands of dollars. One cyberattack alone has the potential to bankrupt the business. The last thing you want is malicious cybercriminals to ruin your business.
Each year, cyber-attacks become more formidable and sophisticated. 2024 is no exception. Let’s take a look at the top cyber threats you need to be aware of in 2024.
1. AI-Powered Attacks
AI has revolutionized every corner of the earth and, in some cases, not for the better. Cybercriminals are taking advantage of this cutting-edge technology to carry out robust AI-powered cyberattacks, and they are only expected to increase. Let’s take a closer look at how cybercriminals are using AI to carry out these attacks:
- Deepfake technology – Uses AI to generate realistic videos of people but alters the content. Deepfake attacks can carry out a variety of malicious attacks, including:
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Committing financial fraud
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Executing social engineering attacks
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Spreading false information
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Committing identity theft
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Tricking others into providing sensitive information
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Gaining access to company servers and networks
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Automated malware – Uses AI technology to evade detection
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Evade Security measures – AI makes it easier for cybercriminals to bypass your company’s security measures
2. Ransomware Attacks Evolve
Ransomware attacks continue to evolve and are a serious threat to businesses in 2024. Let’s take a look at the latest trends in these dangerous cyberattacks.
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Double extortion – This type of ransomware attack involves your company’s sensitive data being encrypted and accompanied by a threat to release it to the public unless a ransom is paid. Although this is a one-off attack, your company actually will be hit twice.
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Supply chain attacks – There is an increasing trend of cybercriminals targeting supply chain partners with ransomware in an effort to reach larger companies.
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RaaS (Ransomware as a Service) – Cybercriminals rent their ransomware tools to other hackers. This business model expands the network of hackers and leads to more cyberattacks.
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Dark web auctions – This type of ransomware attack involves using the dark web to auction off stolen data. At this point, there is no stopping the spread of sensitive and confidential data. This can lead to negative repercussions for months to come.
It is important to note that ransomware attacks can put businesses in legal precarious situations. Local, state, and federal laws are putting laws in place that regulate how businesses can interact with ransomware attacks.
3. IoT Vulnerabilities on the Rise
The increase in IoT vulnerabilities is a product of AI technology coming onto the scene and the growing trend of remote work. With an ever-increasing number of companies allowing employees to work from home, data is no longer confined to secure company servers. Instead, sensitive data is often shared over the cloud between personal devices such as home laptops that are not secure.
Cybercriminals are exploiting these weaknesses and gaining access to sensitive and confidential company information. The most important IoT vulnerabilities to look for include:
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Insecure network protocols
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Unsecured communications
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Unencrypted data
It is crucial for companies to take steps to ensure all communications and data sharing are conducted through secure measures, even when employees are using personal devices for work.
4. Advanced Phishing Attacks
Phishing has long been a successful attack method in the cyber world. In 2024, you can expect phishing attacks to be more advanced than ever before. Cybercriminals are adept at bypassing traditional security measures. You need more robust authentication measures to protect your company’s data.
The ability of cybercriminals to impersonate legitimate people within your company has reached a new level of sophistication. Hackers are using advanced technology and cutting-edge techniques to trick victims into believing malicious messages originated from co-workers, supervisors, and even clients.
Keep Your Company Protected
Even one cyberattack can cost your company thousands, result in financial disaster, and ruin your reputation as a trustworthy company. Protecting your business by staying up-to-date on the latest cyber threats and putting a robust cybersecurity program in place is vital.
Trava helps businesses stay safe and grow through cyber risk management.
Sources
https://hbr.org/2023/05/the-devastating-business-impacts-of-a-cyber-breach