Top Cybersecurity Challenges of 2024

Each year, cybersecurity becomes more complex as the sophistication of technology grows. In addition, cybercriminals are becoming increasingly savvy, and their access to resources seems to know no bounds. This combination can potentially give rise to the perfect storm, resulting in serious cybersecurity threats for the coming year. Let’s look at the top cybersecurity threats of 2024.

Ransomware

Ransomware attacks are nothing new, but they have become increasingly more common and expensive. This is thanks to the sophisticated attacks that can be launched easily using the latest technology and double and triple extortion tactics to pressure victims into compliance.

Malware-as-a-Service

We can’t talk about ransomware without mentioning Malware-as-a-Service (MaaS). These days, cybercriminals don’t need to be technologically savvy to be able to launch a sophisticated cyberattack. All they need is access to the Dark Web, where they can buy highly intuitive MaaS reasonably priced. Add to this the fact that hackers-for-hire is now the norm, and the technical barriers to cyberattacks that once existed no longer offer protection.

AI-Generated Phishing

Generative AI (Artificial Intelligence) has changed the phishing landscape. This technology has made it possible for attackers to make attacks highly personalized, using targeted details and genuine content that convince the target to click on malicious links, download malicious files, or provide sensitive information. Generative AI also makes it possible to create incredibly convincing deepfake attacks, which appear so real it is easy for the victim to be tricked.

Internet of Things

The rise of the Internet of Things (IoT) and industrial IoT has provided cybercriminals with more potential access points to a system or network. Every IoT device talks to the network and other IoT devices, and each of these connections can be exploited. And since IoT devices don’t tend to come with strong security protocols and passwords, they can easily become a weak point in an organization’s overall cybersecurity.

Third-Party Risk

Cybercriminals look for any weaknesses that can lead to your network and systems. Even if you have adequate security measures and protocols, you may still be at risk through any third-party partners, such as vendors and contractors you work with. It is common for third parties to have weaker security on their network and systems, which can provide a cybercriminal a pathway into yours and result in security breaches. Even social media accounts can be hacked and used as a way into your network.

Cloud Vulnerabilities

Despite the fact that the cloud as we know it today has been around for over a decade, it is not as secure as you might think. In fact, in the last five years, cloud vulnerabilities have increased by 150%. And since remote work is still alive and well in this post-COVID-19 world, the routine use of apps and other cloud services continues. Knowing how to shift to the cloud using the right framework is key to making a safe transition.

Mobile Device Vulnerabilities

Another result of the COVID-19 pandemic and the rise in remote work is the increase in the use of mobile devices that are connected to the company network. This increases the risk that an employee will download a malicious mobile application that will infiltrate the enterprise network. Cybercriminals also use the Mobile Device Management (MDM) system the company uses to manage corporate devices to hack into the network. This allows them to attack every device that is connected to the network at the same time.

OT-IT Exposure

The place where operational technology (OT) and information technology (IT) converge creates new vulnerabilities in cybersecurity for industrial and manufacturing facilities, critical infrastructure, and public service providers. Cybercriminals can launch an attack on OT via compromised IT systems, disrupting operations and potentially putting public safety at risk. OT-IT systems must be modernized, and layered security must be put into place, which includes segmentation and strong security measures.

State-Sponsored Cyberattacks

State-sponsored cyberattacks and cyberwarfare have been on the rise, particularly since the war in Ukraine began. Most commonly, phishing is used to gain system access, where attackers can conduct surveillance and launch denial-of-service (DOS) attacks to disrupt services such as communications, transportation, and public utilities. These attacks can also be used to disrupt democratic elections, which are scheduled in 2024 for the US, the UK, and India.

Bottom Line

Ultimately, the more advanced technology becomes, the more complex cybersecurity is. Cybercriminals have access to all the same technology that government agencies and corporations have access to, and that means they have the means to easily breach your defenses unless you develop a robust security posture that takes the above threats into account.

Platinum Technologies specializes in conducting security assessments with the goal of developing a robust action plan that is aligned with your business requirements and satisfies regulatory requirements. Contact us today to discover how we can help you assess your security vulnerabilities so you can mitigate the cybersecurity threats of 2024.

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