The cost of cyberattacks on the world economy by the end of the next year may exceed $10 trillion. This shows that there is an increasing demand for cyber security at the individual, corporate, and governmental levels. Technological innovation has accelerated in many industries in recent years, and cyber risks are no exception. Continue reading to learn the top most common cyber security threats to take note of in 2024.
What are Cyber Security Threats?
Cybersecurity threats are actions carried out by someone with malicious intent to steal data, damage, or upset computer systems. Malware, social engineering, man-in-the-middle (MitM) attacks, denial of service (DoS), and injection assaults are common types of cyber threats.
Furthermore, cyber threats can come from a range of sources, including hostile nations and terrorist organizations, lone hackers, and reliable people who misuse their authority to carry out evil deeds, such as contractors or workers.
Common Sources of Cyber Threats
The following are a few typical sources of cyber threats that targets organizations:
#1. Nation-states:
Enemy nations—can initiate cyberattacks against regional businesses and establishments with the intent of obstructing communication, causing chaos, and causing harm.
#2. Terrorist groups:
Terrorists carry out cyberattacks with the intent to damage or misuse vital infrastructure, jeopardize national security, upend economies, and injure citizens.
#3. Criminal groups:
Hacking organizations and criminal gangs seek to breach computer systems to profit financially. These groups commit online scams, extortion, and theft of private information through the use of phishing, spam, spyware, and malware.
#4. Hackers:
Lone hackers use a range of attack methods to target businesses. Typically, they are for political activism, monetary gain, retaliation, or personal gain. To enhance their ability to commit crimes and elevate their status within the hacker community, hackers frequently create new risks.
#5. Malicious insiders:
An employee who improperly uses their access privileges to business property to steal data or harm computer systems for financial or personal benefit Insiders could be the target organization’s partners, suppliers, contractors, or workers. They might even be outsiders posing as the owner of a privileged account after it was compromised.
Types of Cyber Security Threats
#1. Malware
Malicious software or code are other names for malware. A software called malware is added to a system to jeopardize the availability, confidentiality, or integrity of data. It can have an impact on your operating system, apps, or data and is done covertly. One of the biggest external threats to systems nowadays is malware. Malware may disrupt and inflict extensive damage, and most businesses have to work very hard to combat it.
The National Institute of Standards and Technology (NIST) Guide on Malware Incident Prevention and Handling offers the following advice for preventing malware:
- Demand that email attachments be inspected and stored on removable media or local storage.
- Don’t enable the sending or receiving of specific file types over email, such as.exe files.
- Limit the use of removable media on high-risk systems, such as CDs and flash drives.
- Limit how many users have privileges or access equivalent to that of an administrator.
- Make sure that operating system and application updates and patches are applied to systems regularly.
#2. Ransomware
Via malware, ransomware restricts or stops people from accessing their computers. To recover access to your system or data, ransomware demands that you use online payment channels to pay a ransom. Virtual currencies like bitcoins are currencies for online payment systems. One of the most popular attack techniques is ransomware.
#3. Distributed Denial of Service (DDoS) Attacks
DDoS assaults overload an internet service with enormous traffic from multiple sources and locations, rendering it inaccessible. During a DDoS attack, a website’s response time slows down and access is blocked. By installing malware, cybercriminals create massive networks of compromised machines known as botnets. Usually, the main cybercrime may not be a DDoS attack. The attacks frequently serve as a diversion, while attempts are made at other forms of fraud and cyber infiltration.
#4. Spam and Phishing
Unwanted, unsolicited, or undesired emails and texts are considered spam. Phishing is a type of social engineering that involves efforts to get confidential data. Phishing attempts will seem to come from a reliable source, such as a company or individual.
Cybercriminals send you an email or message threatening your account information while posing as an official representative. Frequently, the message will request that you respond by clicking on a link that will take you to a phony email address or website asking for private information. Usually, the message structure will look official with the use of appropriate names and logos. Any data that gets into the fraudulent link is sent to the online criminal.
#5. Corporate Account Takeover (CATO)
CATO is a type of cybercrime where thieves assume the identity of a business and send wire and ACH transactions without authorization. The money that is not allowed is transferred to accounts under the cybercriminal’s control.
Furthermore, a CATO attack might happen to a lot of companies. Organizations with lax controls over Internet banking systems and inadequate computer security are easy targets. Losses from this type of cybercrime can be significant. Malware can be introduced onto a computer by websites, e-mail, or malware that looks like software, according to cybercriminals.
#6. Automated Teller Machine (ATM) Cash Out
ATM Cash Out is a kind of ATM fraud with high financial value. Cash-outs are when criminals use numerous ATMs to withdraw significant amounts of money at once. Large withdrawals from a single ATM may also be part of it.
Overdrawals exceeding the ATM’s cash limit or the customer’s account balance are permitted when the “Unlimited Operations” option is selected. It is common practice to withdraw money using a compromised debit card or ATM credentials. Your financial institution may incur significant losses as a result.
To stop ATM Cash Out attacks, the DOB advises examining your control over networks of information technology, card issuer authorization systems, systems that regulate ATM parameters, and fraud detection and response procedures.
Top Cyber Security Threats
#1. Scammers will target unsuspecting customers.
Norton predicts an increase in financial scams that use fictitious government aid programs to obtain personally identifiable information. Also, there will be lots of shopping deal scams that either fail to deliver the item or steal personal information; and romance scams target consumers who are easily afraid and beg for cash or gift cards.
#2. Businesses with a shortage of employees will be more vulnerable.
Businesses with limited staffing levels may see an increase in ransomware attacks and data breaches. Cybercriminals now easily target small and medium-sized firms (SMEs) with weak defenses, and supply chains as a whole are more vulnerable due to the digitalization of areas like healthcare and vital infrastructure.
#3. Artificial Intelligence will make scams easier.
According to Norton, as artificial intelligence (AI) becomes more widely available and user-friendly, scammers will employ it more frequently in their crimes. With the development of language and video AI models, con artists will be able to use deep fakes—instantaneous, lifelike imitations—to fool victims into divulging sensitive personal and financial data.
#4. Expect more breaches
Cybercriminals are developing strategies to get around multi-factor authentication systems that are standard. Businesses that stick with antiquated two-factor authentication procedures expose both themselves and their clientele to significant security breaches that may result in widespread disclosures of personal data.
#5. By 2025, damages from cybercrime are expected to reach $10 trillion globally.
Cybersecurity Ventures projects that during the next two years, the cost of cybercrime will increase globally by 15% annually, reaching $10 trillion by 2025. This will be more profitable than the worldwide trade of all major illegal drugs combined, constitute the biggest transfer of economic wealth in history, put incentives for innovation and investment at risk, and be tenfold larger than the damage caused by natural disasters in a year.
Furthermore, data damage and destruction, money theft, lost productivity, intellectual property theft, financial and personal data theft, embezzlement, fraud, disruption of regular business operations following an attack, forensic investigation, data restoration and deletion, reputational harm, and more are all costs associated with cybercrime.
#6. Vulnerabilities in the Cloud
Cloud storage has several benefits, including built-in firewalls, regular cybersecurity checks, and encrypted servers with restricted access. Even though storing files in the cloud is usually significantly safer than doing it on a hard disk, there are still certain hazards involved.
#7. Dangerous Remote or Hybrid Work Environments
Although remote and hybrid work arrangements provide many advantages for both companies and individuals, there are risks associated with them as well. Utilizing unsecured Wi-Fi networks to access sensitive data, utilizing personal devices for work, using weak passwords, and engaging in unencrypted file sharing are some of the most prevalent security hazards associated with remote work.
#8. Mobile Attacks
Smartphones are widely used, not just for personal communication and connections, but they are also frequently necessary for business, which increases their susceptibility to cyber threats. Similar to PCs and laptops, cell phones are vulnerable to a variety of security risks, such as malware, malicious software, weak password security, and phishing, particularly through text messaging.
#9. Phishing will get sophisticated.
Phishing attacks are getting increasingly complex. Its attacks involve sending carefully crafted digital communications to trick individuals into clicking on a link that can install malware or reveal personal data.
Hackers are increasing their game, for example, by using machine learning to much more quickly craft and distribute convincing fake messages in the hopes that recipients will unintentionally compromise their organization’s networks and systems. This is because employees at most organizations are now more aware of the risks associated with clicking on suspicious-looking links or falling for email phishing scams. Through these assaults, hackers can obtain private databases and steal credit card numbers, user login credentials, and other personal financial data.
#10. Ransomware attacks will evolve.
It is estimated that ransomware attacks cost victims billions of dollars annually because hackers use technology that allows them to take control of a person’s or an organization’s databases and demand a ransom for all of the data. Because ransom demands may be paid anonymously, the rise of cryptocurrencies like Bitcoin is said to have contributed to the increase in ransomware assaults.
Note that high-net-worth people are among the other potentially lucrative ransomware victims that hackers will increasingly target as businesses continue to concentrate on strengthening their defenses against ransomware intrusions.
#11. Cryptojacking
A popular practice known as “cryptojacking” involves cybercriminals taking control of other people’s computers at home or work to “mine” cryptocurrency. Because mining cryptocurrencies—like Bitcoin, for instance—requires enormous computer power, hackers might profit by surreptitiously using other people’s systems. Businesses may have significant performance problems and expensive downtime while IT attempts to identify and fix cryptojacked systems.
#12. Cyber-Physical Attacks
There is a risk that comes with the same technology that has allow us to computerize and upgrade vital infrastructure. Going forward, a significant risk is the persistent threat of cyberattacks that target water treatment plants, transportation networks, electrical grids, etc.
#13. State-sponsored attacks
Nation-states are now employing their cyber talents to attack vital infrastructure and penetrate other governments, in addition to hackers seeking to profit from the theft of personal and corporate data. Today, cybercrime poses a serious threat to the government, the commercial sector, individuals, and the country as a whole. State-sponsored attacks are predicted to rise as 2024 approaches, with strikes on vital infrastructure being of particular concern.
#14. IoT Attacks
The number of devices connected to the Internet of Things is predicted to reach 75 billion by 2025, according to Statista.com, indicating that the technology is becoming more and more commonplace every day. Normally, there are laptops and tablets, but so are routers, webcams, smart watches, medical equipment, autos, manufacturing equipment, appliances, and even home security systems.
IoT networks are more susceptible to infections and cyberattacks, though, since there are more risks that come with device connections. Additionally, they can use IoT devices to overwhelm networks, cause chaos, or take down vital equipment to profit financially.
#15. Risks Associated with Electronic Medical Records (EMRs) and Smart Medical Devices
Since the majority of patient medical records are online and medical practitioners are aware of the advantages of the developments in smart medical devices, the healthcare sector is still undergoing significant change.
However, there are a lot of worries about cybersecurity, safety, and privacy as the healthcare sector adjusts to the digital era.
Hackers are taking advantage of hospitals’ and medical facilities’ numerous security flaws as they continue to adjust to the digitalization of patient medical records. Additionally, because patient medical records are now almost exclusively available online and include sensitive data, hackers attack them frequently.
#16. Vulnerabilities of Third Parties (Vendors, Contractors, and Partners)
Businesses are at significant risk when dealing with third parties like contractors and vendors because most of them lack the staff or secure system to oversee these temporary workers.
Organizations are becoming more conscious of the possible threat posed by third parties as cybercriminals become more skilled and cybersecurity concerns keep growing.
#17. Privacy Issues with Semi-Autonomous and Connected Automobiles
The development of auto production and design presents hackers with yet another chance to take advantage of weaknesses in unreliable systems, steal confidential information, and/or cause harm to drivers. Not only do connected cars raise safety issues, but they also seriously compromise privacy.
Therefore, 2024 should witness a spike in the quantity and seriousness of system vulnerabilities found as automakers race to market with increasingly sophisticated vehicles.
Hackers are getting more and more proficient, not just with technology but also with psychology. According to Tripwire, social engineers are hackers who take advantage of human psychology, which is the one flaw present in all organizations. Through a range of channels, such as social media and phone conversations, these attackers deceive victims into providing them with sensitive data access.
#19. A shortage of cybersecurity experts
Since a robust, astute digital workforce is necessary to counteract the more frequent and complex cybersecurity attacks coming from all over the world, the acute scarcity of qualified cybersecurity workers remains concerning.
#20. Increase in digital supply chain attacks
New security vulnerabilities arise as supply networks rapidly modernize and digitize. Because supply chains weren’t online in the past, these kinds of attacks weren’t even likely to occur. However, supply networks must get adequate protection now that they are digital.
Therefore, updated cybersecurity configurations must be integrated into your technology stack if you have added new software supply chains or intend to do so in the upcoming year. Use personnel and procedures that are used to working with digital supply chains to guarantee that security precautions are applied accurately.
#21. Data privacy laws will get stricter.
In 2024, it would be impossible to discuss cybersecurity without bringing up data privacy legislation. It’s important to evaluate your present policies and processes to ensure compliance with the new data privacy laws in various states over the course of the next year. We recommend that companies should examine their compliance with these new state-specific laws, as it is just the beginning and additional states are likely to enact new privacy laws in the years to come.
Furthermore, data privacy rules frequently compel businesses to make changes to the way they store and process data, and if these new changes are not implemented appropriately, they may expose you to additional risk. Make sure your company is adhering to the appropriate cyber security measures, such as the previously mentioned zero trust.
#22. Cyber Security in the Boardroom
By 2024, cybersecurity will be a top strategic issue, and the IT department cannot continue to operate in silos. According to Gartner’s prediction, by 2026, at least one member with specialized knowledge will be present on 70% of boards. Because of this, businesses can move past reactive defense and take advantage of the new business opportunities that come with being ready.
The Latest Cyber Security Threats
#1. Phishing Attacks
The sophistication of social engineering assaults, which entail deceiving users into granting attackers access to networks, will also rise. Deepfake attacks will proliferate as generative AI tools, like ChatGPT, allow more attackers to devise more cunning, tailored strategies. While AI and zero trust will also play an increasingly important role, organization-wide awareness-raising, and education will be the main strategies to address this.
#2. IoT Cyber Attacks
There are more potential “ins” for cybercriminals to exploit when more gadgets are connected to the Internet of Things. The hazards associated with employees connecting to or exchanging data over inadequately secured devices will not go away as long as the work-from-home movement persists. These gadgets are frequently more for convenience and simplicity of use than for security, and poor security passwords and security protocols put household consumer IoT devices at risk.
#3. Cyber Warfare and State-Sponsored Cyber Attacks
It is highly probable that in the future, cyber warfare operations will be conducted in tandem with military operations conducted anywhere in the world. The most popular strategies include distributed denial-of-service attacks, which are used to take down communications, public utilities, transportation, and security infrastructure, and phishing assaults, which aim to compromise systems for disruption and espionage.
Aside from combat, there will be significant elections in the US, UK, and India in 2024. As a result, we should anticipate a rise in cyberattacks targeted at undermining democracy.
Solutions to Cyber Security Threats
Let’s review and take a look at some individual strategies you may use to completely prevent a cyberattack.
- Use strong, difficult-to-crack alphanumeric passwords and change them frequently. Avoid using too-complex passwords that you could find difficult to remember. Never use the same password more than once.
- Update your apps and operating system regularly. This is the main defense against any cyberattack. Vulnerabilities that hackers frequently take advantage of will be no more. Make use of reputable and authentic antivirus software.
- Make use of a firewall in addition to other network security solutions like application security, access control, intrusion prevention systems, etc.
- Never open an email from a sender you don’t know. Examine the emails you receive carefully for flaws and serious mistakes.
- Put a VPN to use. This guarantees that the communication between your device and the VPN server is encrypted.
- Make regular backups of your data. Having three copies of your data on two different media types plus an additional copy off-site (in cloud storage) is recommended by several security experts. As a result, you can remove all data from your system even during a cyberattack and restore it from a recent backup.
- Workers ought to understand the fundamentals of cybersecurity. They need to be aware of the many kinds of cyberattacks and how to defend against them.
- Make use of multi- or two-factor authentication. Users must validate their identity using two distinct authentication factors when using two-factor authentication. We refer to it as multi-factor authentication when you need more than two additional authentication methods in addition to your password and log in. This turns out to be an essential step in protecting your account.
- Protect your Wi-Fi networks and stay away from utilizing unprotected public Wi-Fi without a VPN.
- Protect your smartphone because it can be a target for cyberattacks. Install programs only from reputable and legitimate stores, and make sure your device is updated.
These are the steps you need to take to defend your networks and systems against online threats.
What is a threat to cyber security?
In cybersecurity, a threat is a potentially harmful action or incident that could affect a computer system or application unintentionally and is made possible by a vulnerability. Cybersecurity threats are malicious actors’ actions intended to steal data, impair computer systems, or interfere with their operations.
What are the cyber threats in 2023?
Here’s a list of common cyber threats that have been prevalent in 2023:
- Ransomware Attacks
- Phishing and Social Engineering
- Internet of Things (IoT) Vulnerabilities
- Supply Chain Attacks
- Artificial Intelligence (AI) Threats
- Cloud Security Risks
- Mobile Malware and Vulnerabilities
- Advanced Persistent Threats (APTs)
- Data Breaches and Identity Theft
- Emerging Technologies (e.g., 5G, quantum computing, blockchain)
How do you identify cyber security threats?
To identify cyber security threats, you need to follow the steps below:
- Determine the most crucial information technology resources for the company.
- Determine which data leak would affect the company the most.
- Determine the risks to cyber security
- Consider the possible effects of any danger.
- Draw attention to both internal and external weaknesses.
- Determine the probability that each threat will be exploited.
- Determine the kinds of attacks that could have an impact on the operation of the company.
- Determine the amount of risk that the company is willing to accept.
An expert IT security company can do this, or your IT staff can handle it.
Signs that Your Business Might Be Vulnerable to Cybersecurity Attacks
Although it’s not always possible to detect issues until it’s too late, there are indications that your company may have cybersecurity weaknesses.
#1. There is no cybersecurity strategy in place.
Your company will probably be far more susceptible to cybersecurity threats if you don’t have a cybersecurity plan. It’s easy to assume that your small business won’t be targeted while reading about hackers and significant data breaches because these stories often concern large corporations. Sadly, that is untrue, and everyone can become a target.
The only way to reduce the danger is to plan and implement the appropriate measures.
#2. Your operating system is outdated
Trying to keep up with technology can be confusing. As soon as you become accustomed to one operating system, a new one replaces it. Although it could be tempting to stick with what you know, security is one of the factors driving change. Your continuous download of updates has a big impact on security.
Software vulnerabilities are patched by publishers as soon as they are discovered by cybercriminals. The fact that those updates are no longer being produced for operating systems that are obsolete increases your risk of cyberattack.
#3. Your data is not properly backed up.
Your data is more vulnerable to a cyberattack if it is not adequately backed up. This is due, in part, to the fact that ransomware assaults, one of the most widespread types of cyberattacks, impede access to data and demand payment to restore it. The value of the ransomware assault increases with the amount of data you lose and the length of time since your last backup.
You always have access to a recent copy of your data when it is properly backed up, which lowers the risk.
#4. Your employees use their own devices to work.
You have less control over security settings, antivirus software, software upgrades, and other issues when employees use their devices for work. You no longer have any influence over who can use the gadget.
Additionally, even though your employee could be fairly cautious about security, what happens if their kid uses the laptop and unintentionally downloads a tainted file?
The short answer is that risk rises since it is much harder to regulate what occurs on personal devices.
#5. Your system is getting slower.
A denial-of-service (DoS) attack may be the cause of your systems appearing to be running slower or your internet intermittently stopping and starting.
Feeling uneasy can occasionally be a clue that you’re vulnerable to cyber security risks. Although your software may eventually get slower, if there appears to be a rapid change in its functionality, it may be an indication that you should contact your IT support.
What Businesses should protect themselves from Data Security Threats?
All businesses need to safeguard themselves against attacks on their data security.
The question for cybercriminals is not how big the organization is that they are targeting, but rather, how easy is it to target them? Whether your company is large or small, if you don’t have the proper measures in place to guard against cyber security risks, you will become an easy target.
What is the #1 cybersecurity threat today?
Phishing gets more sophisticated.
Phishing attacks are getting increasingly complex. Note that phishing attacks involve sending carefully crafted digital communications to trick individuals into clicking on a link that can install malware or reveal personal data.
What is the biggest cybersecurity threat right now?
Malware, an acronym for “malicious software,” is the most prevalent kind of cyberattack and encompasses viruses, worms, trojans, spyware, and ransomware. Malware typically enters a system through an unwelcome software download, a link on an unreliable website, or an email.
What is the biggest vulnerability in 2023?
Human error: One of the main reasons for security flaws is when end users fall prey to phishing and other social engineering schemes.
Are there any serious security threats currently?
Ransomware attacks have been a serious issue, affecting people, companies, and even vital infrastructure. Files are encrypted in these attacks, and the attackers demand a fee to unlock the files.
Conclusion: The war against cyber security threats
Getting the right cybersecurity education is one of the best ways to stop and lessen cybersecurity risks and attacks. Webinars and other training resources are widely used by businesses and organizations to educate staff members on appropriate procedures and best practices.
To bolster their cyber defenses, businesses can also deploy new technology, conduct security audits, and hire knowledgeable cybersecurity specialists and/or consultants.
The innovative, online Master of Science in Cyber Security Operations and Leadership and Master of Science in Cyber Security Engineering, which are offered both on campus and online, is the result of the University of San Diego’s focus on the most pressing issues facing cybersecurity professionals today.
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