The ever-evolving digital landscape is bringing both solace and trouble to people. Cyber advancement has made both our professional and personal lives easy. But at the same time, the invasion of threat actors at every level is indeed a serious concern. In 2023 alone, there has been a staggering 6.06 billion malware attacks across the globe. Threat actors are coming up with sophisticated tactics that are hard to crack or detect. They are giving a hard time to individuals as well as organizations by deploying phishing attacks, ransomware campaigns, and so on. Cybersecurity experts have been struggling to safeguard sensitive data as well as maintain operational efficiency, even after deploying state-of-the-art security mechanisms. The annual cost of cybercrime has surpassed 8 million in 2023.
2024 has seen nothing better. Threat actors have gotten more advanced with their tactics and are inching towards precision with every passing day. Experts believe that global cybercrime expenses will go as high as $10.5 trillion USD by 2025.
Let’s explore and understand 8 major cybersecurity trends that have redefined the digital landscape in 2024.
1. AI-driven cybersecurity attacks
Artificial Intelligence is like a double-edged sword. Although it is transforming various industries, it is also serving as a potent tool for threat actors. With AI, cyber criminals are capable of refining their attacks. They are actively using AI to automate and escalate cyberattacks like malware distribution, phishing as well as brute-force attacks.
The worst part is that AI-driven attacks can adapt, learn from defenses and come up with creative strategies to bypass security checks. AI has the ability to analyze and evaluate massive databases within a few seconds. This helps the hackers to pinpoint vulnerabilities and come up with hyper-targeted attacks.
2. Ransomware evolution and double extortion
Ransomware attacks are eventually becoming the new normal. In 2024, threat actors are seen leveraging advanced techniques like double extortion. Such types of cyberattacks involve the encryption of the victim’s data by the hacker, as well as the threat to make the data live until and unless the victim pays the ransom.
As per a report on Cyberscoop, 50 new ransomware variants were detected in 2023. Top global companies, educational institutes, and critical infrastructures are facing extortion as well as reputational damage if they refuse to pay the ransom.
In order to tackle this concerning situation, enterprises must strengthen their backup and recovery strategies. Also, 24/7 data encryption of sensitive information and minimal sharing of critical data can significantly reduce the rate of ransomware attacks.
Implementing SPF, DKIM, and DMARC is crucial in protecting email security by authenticating senders and preventing email spoofing, phishing, and other malicious activities in the ever-evolving digital landscape.
3. Zero trust architecture as a standard
The traditional network security model is gradually becoming obsolete. 2024 is more about the “Zero Trust” model. As per this model, no one is trusted, whether they are inside or outside the network. Be it a device or a user, verification has to be made mandatory. Authentication and authorization are a must in order to gain access to any resources or sensitive data.
The global Zero Trust security market is expected to grow upto $60.7 billion by the year 2027.
This modern security model is proving to be highly efficient, especially in the remote work setup. The Zero Trust model majorly grants access based on a “need to know” basis. This significantly lowers the risk of insider threats and prevents any kind of lateral movement within the networks.
4. Cloud security concerns
More and more organizations are relying blindly on cloud service providers and shifting their operations to the cloud. In the absence of a robust security mechanism, there has been a sudden upsurge in cloud-based data breaches, identity theft incidents and misconfigurations.
Gartner believes that by 2025, 99% of cloud-based data breaches will be the result of customer’s ignorance or carelessness in terms of access management and inadequate safety preparations.
Threat actors consider misconfigured cloud services as a backdoor to get entry into the systems of an organization. The recent attack on Fortinet is an example of how a lack of security measures can impact your cloud-based data.
5. Increase in supply chain attacks
Supply chain attacks are emerging as one of the biggest trends in 2024. Threat actors are increasingly targeting third-party service providers and vendors with the ultimate goal of gaining illegitimate access to a company’s systems. Even a tiny but weak link in the supply chain can put the companies at risk by exposing the larger networks.
A report by ENISA suggests that supply chain attacks have increased significantly (almost 300%) between 2021 and 2023. Half of these attacks were designed to get access to customer details.
To combat the risk of supply chain attacks, organizations must deploy strict vendor risk management processes, monitor third-party security compliance and conduct security audits at regular intervals.
6. Staggering increase in deepfake attacks
Deepfake attacks are becoming a menace that is too hard to control as of now. Threat actors use deepfake technology to manipulate stock markets, impersonate C-level executives, and carry out social engineering attacks.
As per a KPMG report, deepfake attacks have increased by a whopping 900% between 2021 and 2023.
7. Rise in state-sponsored cyber-warfare
2024 is the year when the world realized that cybersecurity and geopolitics are deeply interconnected. With increasing geopolitical tensions escalating across the globe, nations have been witnessing the digital landscape turn into a battleground.
State-sponsored cyberattacks target critical infrastructures, sensitive data, and so much more. The motive of these attacks is to create a sense of chaos and panic in the target country.
8. Prioritize cyber resilience
2024 is the year when enterprises, individuals, authorities, and cybersecurity experts are putting in extra effort to secure their data by establishing a fail-proof security mechanism. Countries are prioritizing cybersecurity and formulating policies and frameworks for it.
In order to beat the malicious attempts of threat actors, one needs a deeper understanding of the cybersecurity landscape. Constant vigilance, proven strategies, and cyber awareness are the three absolute non-negotiables to protect your data in 2024. Studying these emerging cybersecurity trends of 2024 will help individuals as well as enterprises safeguard their data and have peace of mind.
