Ever heard of a “pig butchering” scam? How about a DDoS attack so massive it could fry your brain? The year 2024 cybersecurity roundup covers everything from government confrontations to insidious malware and a sprinkle of app store mischief. As technology advances, so does the potential for cybercrime to increase.
The number of cyber attacks is on the rise, and they are becoming more complex and harmful. The costs of cybercrime are increasing and are projected to reach over $24 trillion by 2027. In the meantime, here are some of the most significant cyber threats that rocked the digital world in 2024.
Top Cybersecurity Threats in 2024
AI Cyber Threats
Without any doubt, AI has brought about significant changes in the realm of cyber threats. AI-driven attacks leverage machine learning to swiftly assess security systems, pinpoint vulnerabilities and breach them. This has led to a surge in both the complexity and frequency of cyber attacks. A survey conducted by CFO.com in 2023 revealed that 85% of cybersecurity professionals attribute the increase in cyber threats to AI tactics.
Furthermore, reports in 2023 indicate that 90% of startup founders are apprehensive about the perilous nature of AI cyber-attacks. This has prompted a shift towards a more proactive approach to fortify systems and bolster security measures.
Notably, AI has revolutionized the landscape of phishing as well, with 95% of businesses concurring that phishing attacks have become more sophisticated and personalized over the past year. However, it’s worth noting that AI hasn’t solely brought negative implications for cybersecurity.
In fact, it has enhanced its capabilities in recent years. Security systems that harness AI have heightened threat detection, increased automation, and the ability to identify vulnerabilities in systems. Innovative technologies like IBM’s AI threat detection systems empower businesses to proactively combat AI-driven attacks with AI-powered security measures.
Social Engineering Attack
Social engineering remains a top hacking technique utilized by cybercriminals, leveraging human error rather than technical flaws. This makes these attacks particularly dangerous as humans are easier to deceive than breaching security systems. Verizon’s 2023 Data Breach Investigations report reveals that 74% of data breaches involve human interaction, with 75-91% of targeted cyberattacks starting with an email.
In 2023, social engineering was instrumental in obtaining employee data and credentials, with attacks becoming more sophisticated due to advancements like deepfakes and Generative AI. As a result, identifying and defending against these attacks has become increasingly challenging, prompting cybersecurity companies to enhance their systems rapidly.
Common Types of Social Engineering
Some common types of social engineering attacks include:
- Phishing: Cybercriminals use emails, texts, or social media messages to trick individuals into revealing personal information like bank account details, social security numbers, and passwords.
- Spoofing: Attackers disguise themselves as legitimate sources by faking email addresses or creating fake websites to deceive people into sharing sensitive information.
- Whaling: A targeted phishing attack aimed at high-ranking executives to gain access to confidential data or transfer significant amounts of money.
- Baiting: Scammers entice individuals with fake advertisements offering free products or discounts, which may lead to malware installation or the theft of personal information.
Insider Threats
An insider cyber threat refers to a situation where someone within a company or organization, like an employee or contractor, is responsible for a cyber attack. There are two main categories of insider threats: intentional and non-intentional. In the case of intentional insider threats, the individual purposely misuses their access to carry out harmful actions, such as leaking confidential information or disrupting systems. On the other hand, non-intentional insider threats occur when an individual unknowingly causes a security breach, like falling victim to a phishing scam or mishandling sensitive data.
Intentional insider threats are particularly challenging to identify since these individuals already have legitimate access to internal systems. The consequences of such threats can be severe, as evidenced by a 2018 incidentwhere a Telsa employee, who was upset about a denied promotion, intentionally shared valuable and damaging company data with external parties.
State Sponsored Attacks
One of the most dangerous cyber security threats in 2024 is state-sponsored attacks, where one nation targets another government or organization. These attacks have increased in frequency in recent years, often fueled by political tensions and conflicts.
For instance, the NSA, FBI, and CISA have warned of China-sponsored groups targeting critical American infrastructure. State-sponsored cyber attacks have also played a significant role in the ongoing conflict between Russiaand Ukraine.
These attacks can have various motivations, such as stealing sensitive information from military, businesses, and government entities, spreading propaganda or misinformation, or disrupting government and military operations by targeting key digital infrastructure.
Third-Party Exposure
Cybercriminals can bypass security measures by exploiting vulnerabilities in less secure networks owned by third parties with privileged access to the cybercriminal’s desired target. An alarming incident in early 2024 involved AT&T dealing with a significant breach through a third-party network, affecting over 70 million customers and exposing sensitive information such as call records, passwords, and more.
This type of cyber intrusion is particularly concerning as many third-party networks often have weaker security measures compared to the larger companies they collaborate with. The frequency of third-party threats has been on the rise, with 29% of all data breaches in 2023 stemming from third-party attacks.
Error in Configuration
It is highly likely that even professional security systems contain at least one error during installation and setup. An error in configuring a cyber security system can create a significant vulnerability. A report from security company Censys in 2023 revealed that over 8,000 servers were vulnerable to data breaches as a result of misconfigurations.
This creates an opportunity for cybercriminals to exploit weak security systems and access sensitive information. Common configuration issues that can lead to cyberattacks include using weak passwords and improper firewall setup. Here are some ways to avoid the most common configuration mistakes that lead to cyberattacks:
- Updating Device Default Configuration: It is imperative to change default security settings on devices such as printers and fax machines to prevent potential hacking risks. Ensure that the IT team configures strong passwords and security settings for these devices to enhance network security.
- Implementing Network Segmentation: To enhance data security, consider implementing network segmentation to separate sensitive information from the main network. This will help to limit access to company data and control the flow of information within the network.
- Maintaining Software Updates and Patches: Regularly updating computer software and patching operating system issues is crucial to protect your devices from cyber attacks. It is important to retire outdated systems and ensure that all software is up to date to prevent security vulnerabilities.
- Enforcing Strong Password Policies: Strengthen security measures by enforcing strict password requirements and complex criteria for all employees, especially those with high-level access. This will help to prevent unauthorized access to sensitive company information.
Ransomware
Ransomware, a type of malware that blocks access to software or files in a computer system until a specific sum of money is paid, is one of the most financially burdensome cyber attacks. While these attacks are not new, they have become more expensive and frequent in recent years. The average ransom fee between 2023 and 2024 increased by over 500% from $400,000 to $2 million.
Cybercriminal groups are constantly evolving their tactics, similar to legitimate software companies. They are always looking for ways to make data exfiltration quicker and easier, and may even rebrand their ransomware to make it harder to detect. As a result, companies not only have to pay the ransom to regain access to their systems, but also lose income during the downtime. In 2023, the average length of system downtime after a ransomware attack was 136 hours or 17 business days.
Cloud Vulnerabilities
The widespread adoption of cloud technology has revolutionized the digital landscape, offering improved efficiency and security for data storage. However, despite the potential benefits, recent reports indicate a significant rise in cloud vulnerabilities. According to Check Point, there has been a 154% increase in cloud security breaches over the past year alone.
While cloud computing is generally considered secure, even the smallest misconfiguration or oversight can leave sensitive data exposed to hackers. A prime example of this is the data breach experienced by Toyota in 2023, which compromised the personal information of 260,000 customers due to a cloud misconfiguration. Similarly, millions of AT&T customers were impacted by a breach that exploited a vulnerability in the third-party cloud service Snowflake, resulting in one of the largest data breaches in history.
These incidents serve as a reminder that while the cloud offers many advantages, organizations must remain vigilant in implementing robust security measures to protect their data from potential threats.
Mobile Device Vulnerabilities
Two decades ago, cell phones were not considered as much of a risk as they are today. Nowadays, these devices, often referred to as “miniature computers,” have become a significant cyber threat. The amount of sensitive data stored on mobile devices adds a new layer of security concerns. Many times, multi-factor authentication is directly linked to mobile phones, creating opportunities for cybercriminals to exploit.
In the most severe cases, criminals can hijack a phone’s SIM card, gaining access to a plethora of sensitive information including banking details, cryptocurrency accounts, and payment platforms like Google/Apple Pay. With 97% of American adults owning a smartphone, approximately 252 million people are potentially at risk. This large user base makes mobile devices an attractive target for cybercriminals.
Unlike other devices that often have security measures in place like firewalls, encryption, and Virtual Private Networks (VPNs), mobile phones lack the same level of protection, making them more susceptible to attacks. Additionally, hackers have started targeting Mobile Device Management (MDM) systems, which are designed to help companies safeguard corporate data on employees’ devices. Ironically, these systems can be exploited by cybercriminals to launch coordinated attacks on multiple employees within a company simultaneously.
Internet of Things Attacks
The Internet of Things (IoT) has emerged as a groundbreaking technological advancement in the 21st century. Composing a network of interconnected devices such as appliances, vehicles, and sensors, IoT offers unparalleled automation and control capabilities. However, this connectivity also exposes these devices to new and evolving cyber threats.
With the onset of the COVID-19 pandemic, the adoption of IoT devices skyrocketed as people sought remote solutions. Consequently, there was a sharp increase in cyber attacks on smart devices. By 2022, the number of attacks on IoT devices reached a staggering 112 million, a significant surge from just 32 million in 2018. This rise can be attributed to the rapid expansion of IoT technology, as well as the inherent vulnerabilities of these devices, which often lack robust security measures compared to traditional devices.
Stay Ahead of Cyber Threats: Secure Your Future with a Customized Cybersecurity Consultation
This year has shown us that cyber threats can emerge from unexpected sources, even within apps and networks we trust. The first step to staying ahead of evolving threats is understanding their complexity. For any organization aiming to thrive in the digital age, navigating the intricate cybersecurity landscape is critical.
The key takeaway? Stay sharp, challenge the norm, and never stop learning. Together, we can outsmart malicious actors. Connect with The SamurAI for a personalized cybersecurity consultation and see how our experts can help fortify your defenses for the year ahead.
