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:
Committing financial fraud
Executing social engineering attacks
Spreading false information
Committing identity theft
Tricking others into providing sensitive information
Gaining access to company servers and networks
Automated malware - Uses AI technology to evade detection
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.
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.
Supply chain attacks - There is an increasing trend of cybercriminals targeting supply chain partners with ransomware in an effort to reach larger companies.
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.
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.