2024 Cyber Threat, cyberattack news, cybersecurity insights

As businesses move towards 2024, cyber threats continue to be a major concern, with millions of attacks recorded in 2023

Dealing with any form of cyber-attack is complex and costly. In fact, IBM has recorded that an average data breach takes 227 days to recover and costs around USD 4.45 million in 2023.

IT experts predict that 2024 cyber threats will be even more severe than those in 2023. These evolving threats are expected to use the latest technology to create innovative and smarter attacks. In 2024, cyber-attacks will impact companies worldwide and increase in frequency.

Businesses need to stay informed and knowledgeable about the cyber threat predictions for 2024. By being mindful of current cyber threats, companies can take adequate cybersecurity measures to avoid them and ensure a safe and secure business.

Hence, the article will explain the 2024 cyber threat predictions and how a business can prevent and deal with specific attacks. It is crucial to stay ahead of the game and have the proper protection in 2024 to avoid millions in losses.

Top 2024 Cyber Threat Predictions

Generative AI Attacks 

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Artificial intelligence is a topic that has been on everyone’s mind in the past few years. The technology is getting smarter and more innovative. AI technology can be fascinating but is also a threat used in cyber-attacks.

A 2024 cyber threat prediction is that AI will play a big part in cyber-attacks. Google Cloud Cybersecurity Forecast 2024 explains cybercriminals will use generative AI to make phishing, deepfakes, and any social engineering operations (including voice and video) seem more legitimate. 

Most phishing attacks were caught in the past due to obvious spelling mistakes and poor graphics. However, cybercriminals in 2024 will trick chatbots into creating well-written emails and malicious codes. The 2024 cyber threats will make defending harder as AI cyber-attacks are still new and unknown to most.

These attacks may be harder to spot by most businesses. However, a company can prepare by having high-quality cybersecurity software and investing in cybersecurity training. The software can detect attacks, while training can help employees study each email and question its legitimacy.

In addition, the better news is many cybersecurity experts have also begun to use the powerful technology for good. AI-powered cybersecurity will help quickly identify and respond to possible attacks before it’s too late.

Cloud Attacks 

Most businesses have a large amount of data they prefer to store on cloud servers. Firms use cloud computing for its accessibility, performance and cost-efficient storage. However, not all cloud computing is as secure as many businesses believe.

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PwC’s 2024 Global Digital Trust Insights report stated that cloud attacks will be a top cyber risk concern in 2024

A cloud attack is when cyber criminals target vulnerabilities in cloud computing systems and servers to gain access to all saved data. Cloud computing attacks occur due to poor cybersecurity softwares, weak passwords, simple access processes, lack of encryption or even insider threats. The 2024 cyber threat will be more common due to the vast data access. 

The best way to prevent cloud computing attacks is to regularly audit security measures, backup data offline, encrypt sensitive data and apply zero trust security.

Zero Trust security will be vital in 2024 to prevent many attacks. The security procedure implies that no one is trusted from inside or outside the network, and all company systems require multiple verifications from everyone trying to gain access.

Increase in Ransomware Attacks

cyber threat- ransomware attack 2024

Ransomware attacks are one of the most common cyber-attacks that affect businesses. Ransomware attacks have risen by 13% in the last five years, with an average cost of recovery being USD 1.85 million per attack. Unfortunately, the numbers are predicted to increase in 2024.

The main reasons ransomware spreads through businesses are phishing emails containing malicious links or downloading through unsecure websites. The malicious software infects a computer/server and restricts users’ access until a ransom is paid. The ransom is typically paid in cryptocurrency.

It is a 2024 cyber threat that can and may affect every business worldwide at some point in the year. Companies can prevent ransomware cyber-attacks with the proper cyber security measures, such as software, firewalls, verification processes and most importantly, employee training. 74% of cyber-attacks were due to a human error in 2023, which proves if every employee is well trained, the chance of ransomware can drop drastically.

Supply Chain Attacks

Every business deals with many other companies to provide their service or product. The other companies are part of the supply chain and could be suppliers, vendors or clients. The supplier or client company communicate through email or has access to the business network. Regrettably, there is a chance suppliers or clients may bring malware into a business.

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Experts expect supply chain attacks to increase in 2024 and affect even more organisations. A supply chain attack is when a cyber-attack infects a supplier or partner and spreads through the supply chain network. Therefore, the attacks quickly spreads and affects connected organisations that were not at fault.

Supply-chain attacks are 2024 cyber threats that are harder to prevent because attackers exploit relationships between vendors and clients and electronic communication channels.

A secure access management strategy is the best way to prevent supply chain attacks. Limited access management allows the supplier access to a limited amount of data, and the spread of malware stays in a limited server.

Man-In-The-Middle Attack

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With the new era of remote working, many employees work in cafés and public places. The café may come with a great view and food but also with cyber risks. There is always a chance a public WIFI has been hacked or even fake for malicious reasons.

A man-in-the-middle (MITM) attack is when an attacker positions themselves between a user and an application. The attacker can observe everything being inputted on websites and steal login, account and credit card details without the user knowing.

MITM attacks typically use public WIFI to execute them; they either create a password-free public WIFI or hack into an existing WIFI. The 2024 cyber threat has been on the rise and will increase in frequency in 2024.

Thankfully, businesses can prevent MITM attacks easily with the right mindfulness. Therefore, employees and managers must avoid joining any public WIFI without password protection. In addition, employees should also avoid logging into company servers or sharing sensitive data while working in public.

Working from home rather than in public places is a better option, as home Wi-Fi is more likely to be secure and encrypted.

Why Cyber Insurance Is Crucial to Deal With 2024 Cyber Threats?

The above 2024 cyber threats are frightening and can affect any company. There is always a chance human error or an innovative attempt may lead to a severe cyber-attack. Even with prevention knowledge and cybersecurity, some attacks may still get through and damage a business.

When hit by a cyber-attack, there is not much a business can do without expert help. Dealing with a cyber-attack can be incredibly expensive and stressful. However, companies can reduce the stress and financial damage with the assistance of cyber insurance.

Every company should purchase cyber insurance to cover the chance of being hit by a cyber-attack. Cyber insurance will cover cyber experts’ advice, threat removal, data recovery, third-party communication, ransom costs and financial loss. 

Cyber insurance in 2024 is essential to recover from cyber-attacks, preventing huge losses and data damage that could disrupt business operations.

Businesses must prioritise cyber safety in 2024 by implementing proper security measures, gaining knowledge, and obtaining cyber insurance.

 

 

To Learn More about cyber insurance and get the best coverage against 2024 cyber threats, contact Red Asia Insurance.