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Cybersecurity in 2024: Threat Trends for Businesses

Business cybersecurity is facing increased challenges in 2024, due to the emergence of more sophisticated cyber-attacks. As technology improves, and cyber defenses with it, so too does the cybercriminal’s arsenal. Understanding these security concerns is crucial for businesses to enhance their cybersecurity measures and protect their valuable assets.

1. Ransomware Attacks

One of the most effective cyber threats, ransomware remains a significant problem facing businesses in 2024. This attack involves encrypting a company’s data, then demanding a ransom to avoid negative consequences. The ability to exfiltrate data makes this threat more effective, by allowing malicious actors to not only hold the data for ransom, but also threaten to release it.

The best ways to stop a ransomware attack are by utilizing strong backup procedures, performing regular security audits, and installing up-to-date security software.

2. Phishing Scams

Phishing scams continue to be a potent threat due to their simplicity and effectiveness. Cybercriminals use deceptive emails, messages, and phone calls (vishing) to trick individuals into revealing sensitive information or downloading malicious software, which is then used to launch further attacks. In 2024, phishing techniques are expected to become more personalized and convincing, leveraging AI to appear more legitimate. 

Businesses must invest in employee training programs to recognize and respond to phishing attempts, and implement email security solutions to detect and block malicious communications.

3. Supply Chain Attacks

Supply chain attacks, where cybercriminals target a company’s suppliers or partners to gain access to their network, are becoming increasingly common. These attacks exploit vulnerabilities in third-party software and services to infiltrate the primary target. In 2024, supply chain attacks are expected to grow in frequency and sophistication. 

Businesses should conduct thorough security assessments of their suppliers, enforce stringent security standards, and monitor third-party access to their systems to defend against supply chain attacks.

4. Cloud Security Threats

Cloud security threats are on the rise. Misconfigurations, inadequate access controls, and other vulnerabilities in cloud services can expose sensitive data to cybercriminals. In 2024, businesses will likely face increased threats targeting cloud infrastructure, including data breaches and account hijacking. 

Implementing strong access controls, regular security audits, and encryption of data both at rest and in transit are essential practices for cloud security.

5. Internet of Things (IoT) Vulnerabilities

The proliferation of IoT devices in business environments introduces new security challenges. These devices often lack security features, making them attractive targets for cybercriminals. In 2024, IoT-related attacks are expected to rise, with hackers exploiting vulnerabilities in connected devices to gain unauthorized access to networks. 

Businesses must implement strict security measures for IoT devices, including regular firmware updates, multi-factor authentication (MFA), and network segmentation.

6. Insider Threats

Insider threats, whether malicious or accidental, continue to pose a significant risk to businesses. Employees, contractors, or partners with access to sensitive information can intentionally or inadvertently compromise security. In 2024, insider threats are expected to increase, driven by factors such as hybrid work and the growing use of personal devices for business purposes. 

Businesses should implement comprehensive monitoring and auditing of user activities, enforce strict access controls, and foster a culture of security awareness to mitigate insider threats.

7. Advanced Persistent Threats (APTs)

APTs are sophisticated, long-term attacks launched by experienced cybercriminals, to covertly infiltrate a network. These attacks usually target specific industries or organizations, and make use of highly advanced tools to exfiltrate data. In 2024, APTs will likely become more prevalent, as attackers employ more advanced techniques in response to heightened cybersecurity measures.

To stay ahead of the curve, businesses will need to invest in threat detection and response solutions that are just as advanced as the malware being deployed against them. They will also need robust incident response plans.

8. Cryptojacking

Cryptojacking, where cybercriminals hijack computer resources to mine cryptocurrency, is an emerging threat. This type of attack can slow down business operations and damage hardware. If cryptocurrency prices experience another increase like the one that occurred in March, it is expected that cryptojacking could become far more common.

Businesses should deploy endpoint protection solutions, monitor network performance for unusual activity, and educate employees about the risks and signs of cryptojacking.

Take Your Cyber Defense to the Next Level

The ability to follow cybersecurity trends and threats is necessary for any business attempting to defend itself from cyber-attacks. By following the advice above, companies can bolster their defenses and protect themselves and their clients. 

Ascentient’s team of experts deliver comprehensive cybersecurity solutions designed to detect threats, prevent attacks, and mitigate harm in the event of a breach. Secure your business by exploring our services today.