Best 5 cybersecurity threats in 2024: Reviewed by Digimagg

The projected global annual cost of cybercrime is anticipated to reach $9.5 trillion by 2024. Additionally, damages incurred by organizations due to cybercrime are expected to rise to $10.5 trillion by 2025.

These figures underscore the ongoing challenge organizations face in safeguarding their systems and data from a multitude of cybersecurity threats.

In this article, we will delve into the best 5 cybersecurity threats that companies should remain vigilant of in 2024.

Intensified cybersecurity vulnerabilities: 13 cyberattacks per second

In 2023, ForeScout Verdere Labs reported 420 million cyberattacks, averaging 13 attacks per second globally. These attacks originated from 212 countries, with 28% originating from the United States. Additionally, there was a notable increase in attacks originating from China.

Best 5 cybersecurity threats

1. Cyber threats

A wide range of cyber threats presents a major risk to businesses, individuals, and government entities alike. These threats encompass various forms of malicious software such as malware, phishing, and ransomware.

Cyberattacks have the potential to inflict significant harm and disruption on targeted systems or networks. They can lead to operational disruptions, resulting in downtime and reduced productivity, particularly impacting organizations heavily reliant on technology.

Furthermore, the repercussions of cyberattacks can extend beyond the immediate target. For example, an attack on critical infrastructure like a power grid can pose a serious threat to national security and have widespread societal implications.

2. Geopolitical risks

The surge in cyberattacks has significantly altered the geopolitical landscape, with cyber warfare emerging as a potent tool for nations and non-state actors alike.

Such cyber assaults can carry substantial ramifications, including threats to national security, economic harm, and governmental destabilization.

The utilization of cyberattacks for political motives, referred to as cyberwarfare, represents a significant concern for global security. These attacks have the potential to cause substantial disruption and damage to financial institutions, government bodies, and critical infrastructure.

Furthermore, the dynamic evolution of technology has simplified the execution of cyberattacks by malicious actors, adding another layer of complexity to the already intricate geopolitical landscape.

3. Risks associated with deepfake technology

Deepfakes leverage artificial intelligence (AI) to fabricate highly realistic and convincing fake videos, audio recordings, and images. A primary concern with this technology is its potential to impersonate high-profile individuals, posing significant risks to both organizations and individuals.

For instance, malicious actors can exploit deepfake technology to create fabricated audio recordings or videos depicting executives divulging sensitive corporate information. This can severely tarnish the organization's reputation and wreak havoc on its financial standing.

Moreover, perpetrators can utilize deepfakes to manipulate stock prices by disseminating falsified videos of executives disseminating fraudulent information about a specific company, resulting in substantial financial losses for stakeholders and investors.

The use of AI by hackers to generate deepfakes exacerbates the challenge for organizations to detect and mitigate such threats. AI's ability to learn and adapt enhances the realism of deepfake images and videos with each iteration, rendering traditional detection methods less effective. However, as deepfake generation tools advance, so do the capabilities of deepfake detectors.

4. Cyber threats targeting cloud-based systems

Cloud-based threats specifically target systems, networks, applications, and data hosted in the cloud. These threats aim to compromise the availability, integrity, and confidentiality of cloud resources, potentially leading to data breaches, financial losses, and reputational damage for organizations.

Examples of common cloud-based cybersecurity threats include:

• Unprotected Application Programming Interfaces (APIs): APIs serve as the link between cloud-based services and applications. If inadequately secured, hackers can exploit them to gain unauthorized access to sensitive data.
• Insecure Cloud Configurations: Improperly configured and secured cloud-based systems and resources can expose organizations to cyberattacks.
• Malware and Ransomware Attacks: Attackers deploy malware to infect cloud-based systems, steal data, or disrupt business operations. Ransomware, a type of malware, encrypts an organization's data and demands a ransom for its release.

5. IoT security risks

The proliferation of IoT devices is projected to nearly double from 15.1 billion in 2020 to over 29 billion by 2030. With the continuous expansion of Internet of Things (IoT) devices, the potential for cyber threats escalates accordingly.

This heightened risk stems from cybercriminals having a broader array of devices to target and exploit, resulting in an uptick in cyberattacks.

The primary IT security threats to the IoT ecosystem include botnets and distributed denial-of-service (DDoS) attacks. Cybercriminals can leverage botnets, comprising compromised devices, to execute malicious activities like launching DDoS attacks, which can disrupt online services and websites.

Furthermore, many IoT devices are susceptible to well-known cybersecurity vulnerabilities due to a lack of regular software updates. This vulnerability allows hackers to exploit these weaknesses and gain unauthorized access to organizations' devices and networks.

What are the measures to safeguard against cyberattacks?

There are numerous recommended strategies that companies can adopt to safeguard their systems and data against cyberattacks.

• Enforcing stringent password policies: One of the key measures companies can take to safeguard their data is to enforce robust password policies. This involves mandating employees to create strong, unique passwords, change them regularly, and utilize multi-factor authentication for enhanced security.

• Employee education: Educating staff about cybersecurity best practices is paramount in mitigating cyber threats. This includes training them on creating strong passwords, installing VPNs, recognizing phishing attempts, and handling sensitive information securely.

• Data encryption: Organizations should encrypt sensitive data, whether it's in transit or at rest, to prevent unauthorized access by threat actors.

• Regular system and software updates: It is imperative for companies to regularly update their operating systems and software across all devices, including computers, tablets, mobile devices, and wearables. This includes updating web browsers, anti-malware and antivirus software, and all applications used by employees.

• Network traffic monitoring: Implementing intrusion detection and prevention systems enables organizations to monitor and analyze network traffic for suspicious activity.

• Multi-factor authentication: Employing multi-factor authentication adds an extra layer of security by requiring additional information, such as codes sent to mobile devices, to access accounts. This helps prevent unauthorized access in the event of compromised passwords.

• Third-party system monitoring and auditing: Regular monitoring and auditing of third-party vendors' systems and networks ensure compliance with security requirements outlined in contracts, helping identify potential vulnerabilities or breaches.

• Development of cybersecurity policies: Establishing formal cybersecurity policies outlining best practices and consequences for non-compliance is crucial for organizations.

• Routine security audits: Regular security audits help organizations identify weaknesses in systems and processes, enabling proactive measures to improve cybersecurity practices and protect corporate data.

In conclusion, with the escalation of cybercrime and cybersecurity threats, it's imperative for organizations to prioritize safeguarding their systems and sensitive data from cybercriminals.

This can be achieved through measures such as consistently updating software and systems, enforcing strong password practices, delivering comprehensive cybersecurity training to employees, maintaining up-to-date software systems, and conducting routine security audits.