The digital age has made cybersecurity a key concern for businesses and individuals alike. News stories about devastating cyberattacks seem like a daily occurrence, and cybersecurity has become extremely important for safety. In 2023, the UK had the highest number of cybercrime victims per million internet users in 2022 at 4,783 – this is a 40% increase on 2020 figures.
Preparing For Cybersecurity in 2024
In this article, we will look at trends and predictions for cybersecurity in 2024. We’ll look at the most likely cybersecurity threats for the coming year and ways we can protect ourselves against them. With global cybercrime damage predicted to hit $10.5 trillion per year by 2025, it is essential to get ahead of the potential risks.
9 Cybersecurity Risks, Trends and Predictions for 2024
1. The Rise in the Targeting of Collaboration Tools
With consumers getting wise to scams via social networks, we have seen an increasing prominence in cybercriminals focusing on communications tools. The use of such software increased during the pandemic, and cybercriminals are aware of the amount of sensitive data these tools contain.
Rather than seeking out technical weaknesses in collaboration tools, hackers are exploiting users by impersonating the tools themselves. It can happen on platforms and also in the form of phishing attacks.
#2. Known IoT Vulnerabilities Will Be Used to Enhance Impersonations
Deepfakes are becoming increasingly used to imitate voices or tamper with videos. The rapid evolution of artificial intelligence is improving the quality of deep fakery, making these scams harder to spot.
The use of AI for malicious purposes will continue to be focused on stealing identities. The technology can be used to sidestep certain algorithms that detect suspicious activity, and spoofing attempts are only going to keep evolving. Soon, AI will be simulating human activities on voice and video applications to bypass biometric analyses. With IoT devices now heavily embedded into daily life, it seems inevitable that vulnerabilities will be exploited further next year.
#3. The Role of Storage Will Increase
As we have observed in the past 12 months, storage solutions have been working hard to improve their defences against ransomware and other cyberattacks. There is a trajectory towards improving enterprise data storage solutions for:
- Earlier attack detection.
- Prevention of attacks on stored data.
- Improved methods of recovering stored data.
This is certain to continue being a prominent feature of cybersecurity in 2024. Increasingly advanced security mechanisms will be deployed at application, network and server levels to strengthen defences against cyberattacks.
#4. Changes to Cyber Insurance Contracts Will Gain Pace
There has been an increasing fear of a tidal wave of cyber insurance cancellations, followed by a desperate race to secure new coverage, probably at significantly higher rates. Companies will thus need to demonstrate very strong cybersecurity credentials to obtain coverage, as insurance underwriters raise the threshold of expectations.
But the market is predicted to grow, particularly as the need for such insurance increases and the amount companies have to pay keeps rising.
#5. The Targeting of Windows WSL and WSA Emulation Layers
There have been various sightings of malware targeting the WSL layer in major Windows in recent years. This layer is widely used by system administrators and developers, and the arrival of enhanced graphical support under WSP and Android WSA emulation is encouraging more Windows 11 users to activate these system layers.
This is increasingly likely to entice cybercriminals looking to find new outlets for Linux malware and botnets.
#6. Exploitation of Weak Supply Chains
The fragility of many company supply chains is becoming common knowledge for the cybersecurity industry, and has become a targeted attack vector causing diverse and crippling impacts.
Supply chain cyberattacks are on an upward trajectory, necessitating new regulations to help protect networks and solve this increasing problem. A global impetus to collaborate between governments and private sectors is growing as the need to identify and target threat groups increases.
Supply chains offer attackers the opportunity to implement a one-to-many attack, so they are likely to continue pouring resources into it. Expect to see more developments on this front in 2024.
#7. The Rapid Rise in IoT Botnet Capabilities
In 2023, we saw a record DDoS attack that peaked at 900.1 gigabits per second and 158.2 million packets per second. This surpassed even the wildest predictions at the start of the year, causing substantial economic pain.
Such attacks are liable to become more prevalent as the capabilities of attackers continue to advance. There is a very real risk of even more devastating attacks like this in 2024.
#8. A Rise in ‘Zero Trust’ Approach
We’re already seeing signs of it – the principle of a Zero Trust model is simple, but suppliers need to reach a clearer consensus on how to implement it holistically. There is no doubt that the Zero Trust approach is gaining momentum, with companies increasingly adapting their security strategies to the principle.
The core challenges are:
- How to implement technology cohesively across IT assets.
- How to enable remote employees to access networks.
This is a definite trend in cybersecurity, and 2024 could be the year that clear guidelines are developed to allow more stakeholders to be involved in the search for optimal solutions.
#9. The Threat of the So-called ‘Great Resign’
There is a worrying trend of experienced cybersecurity professionals leaving the industry. With around 1 in 10 walking away, the problem of extreme stress or burnout is not getting any better.
Alarming numbers of these professionals have spoken of thoughts about quitting their job due to stress, so cybersecurity is not immune to the global trend of people leaving high-stress jobs to pursue a better work-life balance.
Other Cybersecurity Trends for 2024
In addition to the predictions listed above, here are some other things to look out for:
- More financial-based attacks on vulnerable consumers.
- Continuing rise in global cybersecurity spending.
- A sustained rise in cryptocrime.
- A continuation in the increase of women in cybersecurity jobs.
- Rise in mobile-specific cyber threats.
- New data privacy laws rolling out around the globe.
Final Thoughts
All companies need to pay attention to the changes the market demands. The safety and satisfaction of users and consumers are paramount, and an awareness of cybersecurity trends for 2024 is a good way to keep ahead of things.
Continue to be diligent with regards to your tracking of cybersecurity threats. Try to be proactive instead of reactive, and you will be able to keep your company’s vulnerabilities low.
Why choose Eventura for your business cybersecurity?
With over 20 years experience in cybersecurity, we know our stuff. Our team of cybersecurity experts and complete a full audit of your business and identify any areas of weakness, which could leave you vulnerable to cyberattacks.
We were even mentioned in the Governments National Cyber Security Centre (NCSC) Annual Review 2020 when we were chosen to test their “Exercise in a Box” designed to help small businesses prepare and respond to cyberthreats.
There is a common misconception that cyberattacks don’t happen to SMEs but this couldn’t be further from the truth. With our expert knowledge, we can help you protect your business’s future from the ever increasing threat of cybercriminals.
If you would like to speak to one of our cybersecurity experts or request a cybersecurity audit, you can request a free call back here.
